Structural trends of globalization and new accents of economic science

Abstract

The article analyzes significant shifts in the structure of the balance of power and global leadership associated with the rapid growth of China's financial and economic power and the US infrastructure initiatives in the Indo-Pacific aimed at containing China. The key structural trends of globalization in the context of competition between liberal and communitarian paradigms have been identified. On this basis, the probable shifts in accents of contemporary economic thought are predicted. It is substantiated that due to strengthening the global role of China, particularly in the economic, financial, and infrastructural spheres, today there is a tangible influence of Confucian values and East Asian models of successful modernization of the economy and society on the socio-economic policy of some countries of Central and Eastern Europe against a backdrop of a relative consolidation of their economic positions in the EU. With this regard, the heritage of the German Historical School of economic thought is becoming more relevant. The need to revise the dominant approaches in economic science towards greater focus on ethical, socio-political and other specific historical conditions and factors of economic activity is emphasized.