Former Socialistic Countries: Integration into the World Economic Connections

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DOI: 10.20542/0131-2227-2015-7-53-62

G. Feigin, St. Petersburg State Economic University, 21, Sadovaya Str., St. Petersburg, 191023, Russian Federation; St. Petersburg University of the Humanities and Social Sciences, 15, Fuchika Str., St. Petersburg, 192238, Russian Federation (fgrig@list.ru)

Abstract. The article deals with the integration of the former socialist countries into the system of global economic transactions. The most important features and trends of this process during the last three decades are identified. The author makes a comparison between the foreign economic policy within the planned economy and that within the market economy. On the basic of this comparison two elements of market reforms (internal and external) are defined. The external element is considered as the integration into the world economic connections. The basic topic is the reform of foreign economic policy during the stage of transformation which began at the end of 1980th (in China at the end of 1970th). The author focuses on two indicators: international trade and foreign direct investments. The different groups of countries such as CIS, Central and Eastern Europe, Asia, China and Russia are considered. Dynamics of volumes of the international trade and foreign direct investments are analyzed and compared. The research covers practically the whole period of market reforms (until 2012). For identification of some trends the author considers and compares the data relating to 1993 (beginning of market reform period in most countries), 2000 and 2012. At the end a general assessment of the current positions of the former socialistic countries is proposed. The author identifies the key trends and gives explanations of them. The most important conclusion is that only China has become the important “global player”. Other former socialist countries still have major deficits that have to be overcome.

Keywords: former socialist countries, globalization, integration, international trade, foreign direct investments


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For citation:
Feigin G. Former Socialistic Countries: Integration into the World Economic Connections. World Eonomy and International Relations, 2015, No 7, pp. 53-62. https://doi.org/10.20542/0131-2227-2015-7-53-62



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