THE PROSPECTS OF ECONOMIC GLOBALISATION IN THE CONTEXT OF THE WAVY NATURE OF DEVELOPMENT (A THEORETICAL APPROACH)

Abstract

Abstract. The evolution of the world economy at the outset of the 21st century has revealed
the features of its wavy nature when the period of its peak intensity has to be inevitably substituted
by the period of recession, and then crisis, with a partial regressive trend of the process.
Every wave of globalization goes through four phases: incipience and institutional formation,
expansion, recession, and crisis accompanied with partial regressive trend (deglobalization). The
advent of partial deglobalizationis necessary to create prerequisites for future formation of a
qualitatively new character of the globalizing process on a new structural and institutional basis.
The world economy manifested the signs of plunging in the phase of recession in 2001, and
its transition to the crisis phase of the contemporary neoliberal format of globalization was
caused by the 2008-09 global financial and economic crisis, the Eurozone crisis and the crisis
of the global political order under the impact of the Russian expansionism. Simultaneously, we
witness the formation of prerequisites for a qualitatively new globalizing process of the future,
which is to be based on the priorities of nonmaterial, human development values, the model of

sustainable development, the leading role of education and science, the prevalence of network
relations, and multi-level coordination and harmonization of public interests. Globalizing
processes are to be focused on finding solutions for genuinely global challenges, being organically
linked with national, regional and local formats of organization of social and economic
life.
Key words: globalization, economic development, the waves of economic development, economic
crisis, economic restructuring.