Deglobalization and the Transition towards a New Global Economic Cycle

Abstract

The current stage of the world economic system, which has gone through four industrial revolutions, is in deep crisis. Deglobalization threatens to set back the process of economic development around the world by decades. The World Economic Order, established after the Second World War, is also jeopardised. What are the reasons, and what measures should be taken to avoid a collapse of the global economy? Questions that we try to answer in this article based on the fundamental laws of societal development. Firstly, we refer to the need for permanent re-alignment of the level of development of relations (interdependencies) between the subjects of the world economic system to the level of development of the forces of production at the basis of which technical and scientific progress lies. The imbalances and instability that have become so frequent in the world economic system are primarily due to man's inability to act in accordance with objective economic laws, man's inaction in the sense mentioned, and the necessity of which human society does not always consider. DOI: https://doi.org/10.53486/cike2023.25; UDC: 339.9; JEL: F1, F4