Global Transformations from the Perspective of Technological and Economic World Order Change

Abstract

At the heart of the ongoing global turbulence, there is a deep structural crisis caused by the synchronous shift in the dominant technological and economic world orders. The core of the new (sixth) technological order is expanding at the annual rate of 35 % and comprises nano-, bio-engineering, and additive technologies,according to our estimates. The development of these technologies revolutionizes the global economy and determines the technological trajectories of the new long wave of economic growth. The subject of the study is the technological revolution and its consequences. The technological revolution leading to the change of technological orders boosts the efficiency of the key areas of economic development. The technological revolution runs parallel to the socio-political revolution — the transition from the imperial to integral global economic system, which determines the change from the American to Asian cycle of capital accumulation. US leadership in the global economy, which until recently has underpinned the rapid growth of the US economy, no longer supports the development of its production forces. The global dominance of the United States is now challenged by the system of institutions of a new Asian model that emerged at the periphery of the US-centred imperial world order and enables the harmonization of diverse economic interests to improve social wellbeing. The results and conclusions of the research are based on the analysis of the ongoing technological and institutional transformations from the perspective of Kondratiev’s long wave theory. The technological and institutional shifts are analyzed within the conceptual framework based on the theory of capital accumulation cycles and the corresponding economic world orders.