2024 Volume 21 Pages 35-70
The globalization trend became quite notable in the 1990s, driven primarily by the globalization of the American economy. It corresponded to the breakdown of the postwar “sustained growth” system, which had thrived in the post-World War II period, especially in the 1950s and 1960s, led by the United States. The late 1960s marked the decline of this system, leading to massive innovation and institutional transformation in corporate management and the financial system, coupled with the accelerating advance of IT innovation. Beyond the domestic sphere in the United States, globalization of corporations, finance and information, propelled by a neoliberal shift in government, subsumed the developed world of Western Europe and Japan, as well as the BRICs and “growing Asia.” As a result, a new global economic system emerged with the United States at its core, characterized by a “global growth nexus” involving the multifaceted development of “global cities” and their networks, along with a global capital circulation structure centered around the financial center of New York, forming a “new imperial circulation.” This can be generally understood as a transformation of the economic system driven by institutional and organizational innovation in corporations, finance, IT and government functions.
