The Policy-driven Institutional Drift and the Structural Imbalance in Global Wealth Distribution

DOI: https://doi.org/10.62517/jel.202514531

Author(s)

Lingxi Liu

Affiliation(s)

Department of International Tourism and Management, City University of Macau, Macau, China *Corresponding Author

Abstract

In the process of globalization, policy-driven institutional drifting interacts profoundly with the structural imbalance in global wealth distribution. Neoliberal policies have restructured global economic rules through paths such as capital account liberalization and relaxation of financial regulation, leading to the solidification of the "center-periphery" pattern of wealth distribution between the North and the South. Developed countries have achieved wealth siphoning through currency hegemony and intellectual property monopoly, while developing countries are trapped in a dual predicament of capital dependence and ecological poverty. The root cause of institutional imbalance lies in the inherent regulations of the capitalist mode of production on the global wealth distribution mechanism. Through the three logics of capital primitive accumulation, capital concentration and virtual economic expansion, it continuously intensifies the polarization of wealth distribution. To break through this predicament, it is necessary to reconstruct the global governance system and promote institutional innovation in developing countries in areas such as technological sovereignty, financial inclusion and ecological capital accounting.

Keywords

System Drift; Neoliberalism; Global Wealth Distribution; Structural Imbalance; Capitalist Mode of Production

References

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