The Financial and Economic Basis of the Global Development Paradigm

Abstract

The modern paradigm of global development is characterized by a pronounced neoliberal content, where the main emphasis is placed on liberal values, ensuring maximum individual freedom, accepting the Western model of democracy, as well as norms of behavior based on the market relations. At the same time, the special role of financial and economic policy is emphasized in determining the vector of global development. The Bretton Woods and Jamaican monetary systems became the basis for this paradigm. On the background of the strengthening of some actors in world politics the prerequisites are being formed for the transformation of a unipolar world into a multipolar one, which stimulates the transformation of the vector of global development. The possibilities of socio-economic development based on the existing system of institutions and technologies are being exhausted. New alternative centers of power are based on the ability of the new system of production relations to concentrate resources and activate human potential in the breakthrough directions of the new technological order.