Social Sciences in China, 2018

Vol. 39, No. 4, 2018

The Historical and Present Dimensions of Consensus on New Global Governance

(Abstract)

Li Bin

The experience and lessons from the development of market economy since the 19th century and the experience of successful socialism with Chinese characteristics show that the free development of the market needs corresponding governance to match up with it, or the other way round it will inevitably enlarge the negative influence of the market and lead to the intensification of social contradictions. In order to promote the healthy development of economic globalization, it is necessary to adjust the previous neoliberal order and establish a new global governance model, for the old order is oriented towards complete marketization, privatization and Westernized political system in terms of governance. This model is the crux of many problems in the current economic globalization. For this reason, the new global governance should be based on the following consensus: The balance between the market and the state recognizes a diversified national governance mode, but such pluralistic mode should be premised on win-win cooperation and mutual benefits, and boosting development provides a basis for guaranteeing the smooth development of current economic globalization. At present, it is urgent to find a global approach to the improvement of development to cope with the undercurrents of de- and anti-globalization. So, the author holds that on the basis of the “Belt and Road Initiative,” the construction of global infrastructure should be used as a new growth point for promoting global economy. This solution can alleviate the difficulties of employment loss and weak growth in some developed countries in the West, improve the development capacity of developing countries, and meanwhile enhance the production capacity and capital exports of countries like China.

Keywords: economic globalization, anti-globalization, global governance, neoliberalism, Belt and Road initiative