Reflection on global economic aggregate balance，st...
To rethink about the development of economic globalization is of course inseparable from the reflection on mainstream economics that have dominated for decades.As mentioned above，the current globalization is blocked，and the slowdown in international investment and trade growth，the impact of the international financial crisis and economic crisis are direct causes.According to mainstream economic theories，it seems that the Keynesian short-term aggregate management policy can be directly applied to solve the problem effectively.After the crisis，in response to the development of economic globalization and economic slowdown，many countries conduct management based on such aggregate and demand management policy paradigm.
However，the problem is that there is a “paradox of quantitative easing monetary policy and sustained low growth” in the current world economic recovery and growth[4].After the crisis，countries all over the world have adopted anti-crisis adjustment and stimulus policies，and generally used the quantitative easing monetary policy.For example，the United States has implemented four rounds of quantitative easing policies successively，Japan has also carried out large-scale quantitative easing （Abenomics），and the European Central Bank has adopted zero interest rate and even negative interest rate later.On the contrary，the recovery and growth of GDP around the world，as well as in countries like Europe and Japan did not show a significant rise and recovery trend.From the perspective of economic analysis，the counter-cyclical loose monetary policy should be adopted to stimulate the short-term economic recession and depression.However，the current world economic growth is deviating from the loose monetary policy，that is，the globalization-driven world economic growth appears a new situation that is different from the previous economic development generated by high investment and loose monetary stimulus，which were both caused by low interest rate.Now，the interest rate is continuously decreasing，people ’s willingness to invest is declining，and the traditional Keynesian aggregate policy paradigm is losing its effect.The fundamental problem is that traditional macroeconomics only focuses on economic growth but fails to pay attention to the structural evolution in the process of economic growth.There is no doubt that economic globalization，international trade and investment development have greatly promoted the rapid growth of the world economy.However，they have also brought about the imbalance of global supply structure，especially the efficient production methods of globalization，resulting in structural overcapacity across the world，that is，a surplus on the one hand and a shortage on the other hand.Because of this，the Keynesian macroeconomic policy aimed at highlighting aggregate and demand management cannot effectively solve structural problems in economic growth.This is worth rethinking for the macroeconomic theory[5].Faced with today ’s confusion of economic globalization，we need to strengthen global macro-policy coordination and collective action，and most importantly，we should carry out collective action on the supply-side structural management.While realizing the balance of economic aggregate，we must pay more attention to structural rebalancing.