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Globalization of World Economy: Trends and Contradictions

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Rubric: The World at the Beginning of Millennium
DOI: 10.20542/0131-2227-2021-65-4-5-13
G. Feygin (fgrig@list.ru),
St. Petersburg State Economic University, 21 Sadovaya Str., St. Petersburg, 191023, Russian Federation;
St. Petersburg University of Humanities and Social Sciences, 15 Fuchika Str., St. Petersburg, 192238, Russian Federation
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Received 01.11.2020.

Abstract. The interpretation of the term “globalization” and differences to other terms characterizing the development of the world economy (internalization of the world economy, internal division of labor, regional integration) is given. The main signs of globalization (dynamic of trade volumes, FDI inflows, portfolio investments and international credits; internalization of technical progress; digitalization of economy; development of regional economic integration, global migration; TNC activities; transformation processes in the former socialistic countries) are summarized. The focus is on differences between long trends (since 1970) and actual development after the crisis (since 2010). The legitimacy of introduction of the term “deglobalization” is discussed. The modern model of the globalization (global capitalism) is analyzed. Based on some characteristics of this model (global competition, market fluctuations, unbalanced trade flows, social differences, fragility of the global governance), the critical arguments are considered and opportunities of transition to the new model of globalization in the next future are estimated. The relation of catch-up development and polarization in the era of the globalization is analyzed. The dynamics of GDP development of countries in 1972–2018 are summarized. The focus is on the relation between GDP per capita for countries with high income and countries with both law and middle income. The influences of global activities of countries on the level of GDP per capita are highlighted. The empirical basics are data of KOF-Index. The sample includes countries with both middle and low income which held positions in the ranking in KOF-Index from 27 till 182. The positive interdependence between (based on the KOF-Index) and level of GDP is identified. The conclusion about the potential future of the globalization is given.

Keywords: globalization, international trade, foreign direct investments, international portfolio investments, regional integration, model of the globalization, catch up development, KOF-Index


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For citation:
Feigin G. Globalization of World Economy: Trends and Contradictions. World Eñonomy and International Relations, 2021, vol. 65, no. 4, pp. 5-13. https://doi.org/10.20542/0131-2227-2021-65-4-5-13

Contents World Eñonomy and International Relations. 2021, vol. 65, no. 4

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