Suchergebnisse

In this paper, we propose a political-economic approach towards globalization and economic theory. We dialectically arrive to the conclusion that globalization is a process of transforming territorial (national) states into a market state dominated by transnational (or mega) corporations and international (or mega) financial institutions. This represents a new stage in the development of capitalism, a stage we call cybernetic mega-capitalism or capitalism III (Adam Smith's free market capitalism would be capitalism I and Keynes's state interventionism would be capitalism II). Within such a context, we suggest that the existing economic theory is lost in the labyrinth of such a transition. We are afraid that the dynamic of globalization might transform the existing neoclassical economic theory into neuro-neoclassical economic paradigm that might raise many outstanding issues for both economists and politicians such as the issue of global governance or the issue of democratic deficit.

In this paper, we propose a political-economic approach towards globalization and economic theory. We dialectically arrive to the conclusion that globalization is a process of transforming territorial (national) states into a market state dominated by transnational (or mega) corporations and international (or mega) financial institutions. This represents a new stage in the development of capitalism, a stage we call cybernetic mega-capitalism or capitalism III (Adam Smith's free market capitalism would be capitalism I and Keynes's state interventionism would be capitalism II). Within such a context, we suggest that the existing economic theory is lost in the labyrinth of such a transition. We are afraid that the dynamic of globalization might transform the existing neoclassical economic theory into neuro-neoclassical economic paradigm that might raise many outstanding issues for both economists and politicians such as the issue of global governance or the issue of democratic deficit.