The Challenges of Armenia in the Context of the Transformation of the Global Development Paradigm

Abstract

The paradigm of modern global development, largely determined by the unipolar world order, is currently going through a period of transformation. The nature and content of the world politicaleconomic system is influenced not only by global globalization and geopolitical processes, but also by various social and national movements at the global and regional levels, the attitude of the population of countries to certain values, as well as the state of the world economy and finance, especially in those parts that traditionally are the drivers of its growth. The modern paradigm, as we know, finally took shape after the end of the Cold War and is distinguished by a clearly expressed neoliberal content, defined by many political scientists as neoliberal-libertarian monetarism. It is characterized by adherence to the neoliberal-libertarian value system, designed to ensure maximum individual freedom, with its own understanding of democratic transformations, interpretation of universal human norms of behavior based on the omnipotence of market relations. The latter are presented as a panacea for all negative phenomena both in the economy and in other areas of public life. Highlighting the concept of “monetarism” in the name of the global paradigm emphasizes the exceptional role of financial and economic policy in determining the vector of global development.