Financial globalization and its socio-political consequences...

Financial globalization and its social and political consequences

Economic globalization is based on the emerging world unity of the market, financial and information flows. The "trigger mechanism" that started both the very economic globalization and the emergence of its ideology (neo-liberalism) was the Washington Consensus, which is a list of recommendations for reforming world trade formulated in 1989 by economist J. Williamson, including: tax discipline and tax reform; minimization of public expenditure; minimum customs tariffs promoting exports; export orientation of the exchange rate of currencies in developing countries; refusal of state regulation of industrial development; encouragement of foreign direct investment; encourage privatization of state-owned enterprises; all-round protection of private property rights.

Financial flows and securities markets in the late XX century. began to lose their nationality and focus on the rapid transfusion of funds to those regions and areas of the economy, where the maximum profit is provided (as opposed to the traditional orientation to guarantee deposits). The USA's rejection of the gold standard and the introduction of the floating dollar rate became an important milestone in separating finance from national production and turning them into a self-sufficient global force. The independent market of currencies and securities has turned finance into a virtual economy, truly a global force, qualitatively different from any national financial system and seeking to undermine it. Virtual, essentially a simulation economy of finance, acquires a special role in the modern world, freeing itself from market exchange. According to the calculations of the French researcher R. Passes , the total volume of purely speculative currency transactions is $ 1,300 billion a day, which is 50 times higher than the amount of trade exchanges and is almost equal to the aggregate foreign exchange reserves of all national banks of the world amounting to $ 1,500 billion. The game of the floating exchange rate of the international speculative currency is capable of bringing down any real economic sphere and any national economy ("defaults" of Asian currencies, the United States ruble in the 1990s).

The global availability of information makes it not only the most important resource of the global culture, but also serves as a very effective barrier to attempts to isolate itself from the global economy. F. Fukuyama in the well-known book "The End of History" wrote: "Today, no country can truly protect itself from global media, from external sources of information; a trend that develops in one corner of the globe, quickly finds a response in places that are tens of thousands of kilometers away. A country that tries to isolate itself from the global economy by abandoning foreign trade and investing foreign capital will nevertheless have to take into account that the aspirations of its population are formed by knowledge of the living conditions and cultural achievements of the outside world. "

Economic globalization has unprecedented political consequences. While in the liberal society of classical modernity, politics and the economy sought maximum independence from each other within national states, now there are other trends.

On the one hand, economic processes easily cross state borders and violate sovereignty, transnational economic actors demand maximum openness of those countries where they see their interests. From this point of view, they are interested in breathing new life into the old liberal concept of the "minimal state" that does not interfere in the economic life, do not pretend to regulate it or take protectionist measures against its own, national production that does not levy high taxes in to ensure social and cultural, scientific and technological, and even more defense, capabilities. Thus, the political institutions of the modern society - primarily the state, security agencies, etc. - lose their former significance. Political parties from the speakers of the interests of various social strata of society and real representation become the spokesmen of the interests of various financial and industrial groups, transnational corporations. The territorial integrity and inviolability of borders as the most important sign of the modern state in the context of globalization is being questioned and significantly weakened, as transnational economic ties permeate space regardless of territorial boundaries and do not tolerate any obstacles in their way; and if they arise in the form, for example, of a rigid tariff customs policy, then global actors have enough methods of pressure - both purely economic, and political, ideological, social and civil, etc. - on sovereign governments in order to achieve their own interests. And in the overwhelming majority of cases in national political systems there are people who represent the interests of TNCs as opposed to national interests. The Portuguese writer J. Saramagh, Nobel Prize winner in literature for 1998, in the article "Why I support antiglobalists" notes that economic globalization is a new form of totalitarianism: "One can not seriously talk about democracy, when real power is not in the hands of governments elected by citizens, but from transnational monopolies that no one has elected."

On the other hand, W. Beck notes that with economic globalization is associated "subpolitization" modern societies, i.e. "an additional chance for the activity and usurpation of power outside the political system, the chance that enterprises operating in the entire space of the world society increasingly receive". Political roles are acquired by actors they have never directly had before: enterprises and firms, tax and audit institutions, pension funds, international financial and trade organizations, etc. To realize their own political interests, they no longer need to address governments, parliaments, judicial and other bodies of the legal political system, and even more so to the opinion of the voters (which, incidentally, has become as easily manipulated in the information society as consumer behavior ).

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