Economic Globalization: An Irresistible Trend Despite Imperfections
Chinese Academy of Social Sciences (CASS), Beijing, China
Abstract: The world is entering into a new era of economic globalization. Realizing the benefts of globalization depends on a host of realistic conditions including technology and infrastructure, geopolitical pattern and the structure of market power, and international institutional arrangements, i.e., the global governance structure, among others. In this new era of economic globalization, international competition boils down to the “good governance” of countries rather than the use of force and hegemonism. Most importantly, a country must promote the vibrancy of innovation in order to stay competitive and creative. In this sense, China’s position in the new era of economic globalization hinges upon its transition from being the “leader of world economic growth” to being a future “leader of good governance and vibrancy.” Interests of various economies become interlocked, intertwined and overlap. Despite the inevitability of conficts and frictions, more inclusive and balanced global development serves the interests of most nations. For great powers with extended boundaries of interests across the world, the maintenance of the new balance of power in economic globalization is consistent with their respective national interests. Hence, in the new era of economic globalization characterized by the inevitability of intricate interests and inevitable conflicts, the world is likely to be more peaceful, competitive and inclusive than any previous age of economic globalization.
Keywords: economic globalization, Industrial Revolution, “Belt and Road” Initiative, global governance