The modern banking system is no longer an auxiliary structure in the economy designed to facilitate the conduct of economic operations. Today, the banking sector is its own special world, and the money that circulates on it is not just a means for mutual settlements, but a real product that is bought and sold. Due to the enormous importance of the banking sector and capital as a factor of production, the global market for loan capital simply could not help but form, and, having formed, go to the stage of active development.
In addition, do not forget that money is the most mobile product. In the era of electronic money, there is nothing difficult in transferring even the largest amount of money to the other end of the world, so the only thing that holds back the world market for loan capital today is bureaucratic formalities. It is with these very artificial barriers that the so-called international financial organizations are actively fighting , explaining their aspirations by the fact that a single financial market will help all countries without exception to develop. However, such statements are rather doubtful.
Despite the fact that the world market for loan capital claims to be equal for all parties involved in the money movement, it is absolutely clear to everyone that the whole world has been divided into two camps: creditors and debtors. The first group includes the most developed countries that have managed to reach the stage of their development when there is an excess of capital in the country, which means that there is no room for growth. Debtors, on the contrary, are constantly lagging behind and are in dire need of borrowed funds for economic development. In theory, both of them should receive benefits from participation in the global movement of loan capital, but in reality everything comes out a bit differently.
Consider the impact of such processes on creditor countries. The largest private investors in these countries, focusing on the profitability of invested capital (that is, return on invested funds), mass transfer production to developing countries or simply allocate funds to local entrepreneurs. One way or another, the economy of the creditor country is losing jobs, which is fraught with the development of the economic crisis in the country. A similar development of the event can be observed in Spain, Italy, USA.
In such a situation, it would seem that the one-sided world market of loan capital should be beneficial to debtor countries, however, and they find themselves in a kind of trap. The fact is that while receiving huge loans, neither the government nor private entrepreneurs have the slightest idea how to give these loans in the future. And this applies not only to impoverished African countries, but also to such seemingly successful economies as the Greek one. Caught in a hopeless credit trap, a sovereign state loses its independence and is forced to submit to the demands of creditors.
Thus, the world market of loan capital in its current form does not suit almost anyone, and the destructive effect of globalization on the national economy sooner or later is noticed by each state, regardless of the degree of its development. The fact is that the return on equity, which foreign investors are guided by, cannot serve as a good guide for the national economy, and the pursuit of abstract global interests further erodes the prospects for its development.
By the way, one of the few economies that have shown significant growth in recent years is the PRC economy, which is distinguished by a sharp national orientation. This at least makes you think.