The Road To Comprehensive Development

Based on the knowledge of global markets take root in the international system,this paper demonstrates the dual attributes of globalization: At the productivity level,globalization manifests as cross-border flows of factors of production,goods and services,which is driven by technological progress and international production division,the profit-seeking nature of capital makes the development of globalization inherently inevitable;At the level of production relations,Economic globalization manifests itself in the rules,international order,and social structures of nations that affect and regulate this cross-border flow,which is determined by the state of competition between sovereign states and the results of political games within a country.Productivity plays a decisive role,means that the supply of rules and order needs to adapt to the cross-border flow level of economic factors.The technological conditions and the level of economic development determine the evolution direction of rules.Relations of production are counterproductive to productivity,which means that when rules,international order and social structure are out of step with the development of the global economy,the cross-border flow of economic factors will be hindered,and the process of economic globalization will show periodic fluctuations.The dual attributes of globalization provide a theoretical framework for the analysis of the first two waves of globalization.During the first wave of globalization,the competitive balance of power between the two hostile camps jointly shaped the international order.Under the influence of the jungle law,the first wave of economic globalization was a one-way and passive globalization based on colonial expansion.The gold standard system served as the core safeguard mechanism.With the escalation of trade protectionism,the global market gradually formed a central-peripheral division of labor system.European imperialism,as the main political structure of globalization,completely dominates the development direction of the latter.However,the success of the balance of power order in Europe sowed the seeds of globalisation's self-destruction.In the analysis of the second wave of globalization,this paper emphasizes that the rules and the institutional basis of their construction are the most significant features of globalization from a century ago.The developed countries headed by the United States have shaped a “liberal international order” based on security alliances,relatively open economic policies,and multilateral cooperation systems through the design of complex international mechanisms,which provided a stable institutional environment for the development of the global economy.The cross-border cooperation of production factors with transnational corporations as the main body and FDI as the carrier have become the essential feature of world economic operation.The international production network based on global value chain has gradually taken shape,and for the first time,developing countries have successfully realized their comparative advantages in products and services by using their cheap labor.This paper holds that it is a series of mutually supportive international institutional arrangements that provide a standardized path for developing countries to actively participate in globalization and integrate into the international division of labor system.However,in the subsequent analysis of the current development dilemma of globalization,this paper confirms that rules,on the one hand,act as the “automatic stabilizer” of globalization,on the other hand,they are the source of its instability.The non-neutrality of rules has led to an imbalance in the distribution of rights and benefits at the international level,coupled with the lack of development capacity of developing countries,which has led to the these countries being locked in the low value-added links of global value chains for a long time.In addition,this imbalance has also spread into a country.Under the influence of neoliberal ideas,ordinary people who lack a sound social security system are exposed to the periodic fluctuations of the international economy and the impact of foreign competition.Economic inequality is widespread,which has become the economic source of the rise of populism.In developed countries,inequality has given rise to a political response to globalization through the outbreak of the global crisis,and populism has become the primary factor threatening economic globalization.This article argues that the continuing global crisis has weakened the legitimacy of vested interest groups,and the dilemma of globalization has raised the demand for new ideas.Therefore,the promotion of a new type of globalization with the idea of comprehensive development will help ease the international and domestic imbalances.The thesis defines the specific connotation of the new type of globalization,and points out that at the international level,comprehensive development manifests itself as a good path for countries to participate in globalization,and at the national level,the benefits of market openness can benefit every class more equal.At the same time,this article also explores the path of building a new type of globalization,which involves strengthening institutional construction at the country level,improving global economic governance at the regional level,and shaping an inclusive international order at the global level.In addition,the wide spread of new ideas requires promoters,and the rising of China has provided the economic foundation for itself to assume more global leadership responsibilities.Therefore,in the discussion of the construction of the new globalization,this article will also focus on how to turn the reality of China's rise into a driving force for globalization.The following chapters focus on the specific construction path of the new globalization.This paper holds that to carry out the new type of globalization,it is necessary to strengthen the institution construction of north and south countries at the country level.The empirical analysis of China's economic growth shows that the improvement of institution quality can enhance the promotion effect of trade opening on economic growth,and market liberalization that precedes institutional change will inhibit long-term economic growth prospects.The main problem facing developing countries is the lack of ability to participate in economic globalization.Therefore,it is necessary to strengthen institutional construction to promote the participation and rank of their countries in global value chains.Institutional construction should start with the management of rules,including establish the comparative advantages of domestic factor endowments,relax market access and enhance investment capacity,improve the level of trade infrastructure,and strengthen the rule of law and standard construction.Developed economies need to solve the problem of populism,increase employment opportunities to cope with stagnating income,promote the embedding of globalization to alleviate economic inequality,and adjust overly close relations between the public and private sectors.At the regional level,this paper argues that the smooth development of the new globalization also depends on improving global economic governance by managing the supply level of regional public goods.The cross-border flow of public inferior goods increases the necessity of global economic governance.However,due to the dilemma of global public goods supply,the current economic governance system lacks effective coverage at the regional level,which affects the effectiveness of restraining the adverse consequences of globalization.In enriching the connotation of the regional public product theory,this paper argues that to provide a Chinese solution for global economic governance is a key part of the globalization under Chinese narrative.Considering the regional public goods attribute of the Belt and Road Initiative,China should unite the region Members increase the supply of public goods in scarce regions,integrate surplus public goods,and promote reform of the international system at the global level.At the global level,an inclusive international order needs to be shaped to provide an institutional environment for the development of the new type of globalization.Considering that globalization and the development of the international order show a considerable degree of synchronization,this article holds that the formation and deepening of globalization depends on a stable international order,and its development characteristics and benefits distribution results are deeply influenced and restricted by the international order.The paper then constructs the theoretical mechanism of the impact of international order on economic globalization.The elements of the international order,international norms,leading values and international institutional arrangements,combined with the expansion of capital and technological revolution,characterize the development characteristics of globalization.The current decline of the liberal international order has brought about the dilemma of globalization.China should work with other countries to promote the inclusive development of the international order,shape an inclusive value norm and an unbounded international order composed of open and pluralistic international economic arrangements.