From the News (fondsk.ru/news): “Since Lenin gave as one of the hallmarks of the contemporary stage of the development of capitalism, the dominance of capital export over the export of goods, a hundred years have passed. All this time the trend continued. The export of capital was carried out from the developed capitalist countries to the periphery of world capitalism. At the beginning of the twentieth century – in the colonies and semi-colonies, in the past decade – from the area of the ‘golden billion’ in the so-called developing countries, which are adjacent to the ‘economies in transition’ or the former socialist.
“The export of capital to the ‘periphery’ can solve the problem of the relative over-accumulation in economically developed countries and maintain a satisfactory rate of return. A country’s ‘golden billion,’ obtained by the export of capital investment income (dividends and interest), turned into a rentier state.
“The first wave of economic and financial globalization (the ‘internationalization of economic life’) swept the world in the early twentieth century. It was an unprecedented build-up of the export of capital from a small group of … states (the UK, France, Belgium, Germany, USA, Holland, and two or three other countries) to the colonies, semi-colonies and dependent countries, including Russia.
“The second wave of economic and financial globalization … started in the 80-90s of the twentieth century. … Today the second globalization has ended, and the pressure ‘in the pot’ of world capitalism is growing rapidly. The important feature of this – at first the slow down and then the stoppage of the movement of capital out of the zone of the ‘golden billion’ to the periphery, and even a reversal of capital flow in the opposite direction. …
“The globalization process has been completed. Capital has mastered the entire planet. There is a leveling of profitability and investments. Against the background of the growing over-investment of capital in the world, this yield tends to zero. Interest rates in some countries of the ‘golden billion’ fell to zero and even went to negative. Something similar already took place in the early twentieth century. … the resulting explosion, … received the name of the Great War …”
My Comment: For what happened in the first half of the 20th century not to recur, there is only one way out, to halt the mutual capitalistic relationships, replace them with mutual spiritual relationships and ascend to the next level of development, and what will remain will be only the supply of material necessities and maximum spiritual growth.