The Crisis of Economic Globalization as a Factor of the Emergence of a Multipolar World. Part 2

Abstract

The global crisis of 2008–2009 put an end to the upward trend of globalization, while accelerating the transition to a multipolar world. The purpose of the article is to clarify and detail the current manifestations of the globalization crisis and to show its impact on the US foreign policy course and the transformation of the international order.

A convincing expression of the crisis under consideration was the rivalry between the United States and China, initiated by President Barack Obama in 2011 in 2018. It has escalated into an open trade war between the world's leading economies. Today, the United States continues to follow the same strategic course. In an attempt to outplay China, they are using new restraints against it, designed to stop its economic growth. At first glance, many of these actions are irrational. However, in fact, they hide the attempts of the Donald Trump administration to ease the burden of the 37 trillion national debt and its servicing, reduce the foreign trade deficit, and resume innovative economic growth. It is in this vein that the Americans should consider the reduction in funding for specialized agencies of the United Nations and other organizations, including NATO, as well as their incessant forceful attempts to weaken trade and economic ties between the participants in foreign economic activity with China and Russia. It is important to note that the US attempts to control dollar transactions based on geopolitical expediency actually accelerate the de-dollarization of the global economy and the “nationalization” of the dollar. This leads to the transformation of the United States into an ordinary state, albeit with all the hallmarks of a great power. In other words, deglobalization occurs not only in the economy, but also manifests itself at the political level. In fact, the United States is abandoning its support for a liberal rules-based order and is transforming into one of the most powerful centers of the multipolar world. Beijing and Moscow welcome these changes in American policy and declare their readiness to cooperate with Washington based on the principles of peaceful existence, mutual trust and respect, as well as mutually beneficial trade.