Interventionism in the era of globalization

Abstract

The authors analyze the need and possibilities of increased state involvement in the market mechanism, i.e. the perspective of interventionism in the era of globalization. The beginning of interventionism dates back to ancient times, and the last period of increased state participation in economic processes started during the Great Depression, which ended in the 1970s. The need to restore state involvement in the market was reiterated and written in connection with the first global economic crisis of the 21st century. A crisis that exposed the weaknesses of neo-liberal concepts, their effectiveness in solving problems in the field of economic development, eliminating crises and limiting market turbulences. The authors distinguish such models of contemporary interventionism as: the globalization model, regional (EU) and authoritarian model, as well as the Scandinavian (Nordic) and continental (German) models. They also analyze the most desirable level of intervention (global versus state) and the tools of contemporary intervention (fiscal policy, structural policy, investment policy).