On Big Cycles in Development of Global Capitalism
Following the literature on variety of capitalism, this chapter discusses the general trends in the evolution of models of capitalism with special focus on developmental state as specific form of organized capitalism. Key advantages, drivers, and challenges of the current liberal phase of global capitalism are considered. Attention is paid to the contradictions between opportunistic incentives of global market players and limits of national-level organized capitalism. The necessity of new global governance mechanisms is argued. However, such mechanisms of global governance can emerge only in response to serious threats for the global order. New ideas for development shared by elites and broader social groups in major developed and developing countries is another crucial precondition for emergence of new global governance architecture to foster international cooperation in response to all challenges faced by humankind now.