Globalization of World Economy: Trends and Contradictions

385
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

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


REFERENCES

  1. Bernholz P. Globalisierung: ein neues Phanomen? Theurl T., Smekal C., Hrsg. Globalisierung. Tubingen, Mohr Siebek Verlag, 2001. 326 S.
  2. World Development Report 1995: Workers in an Integrating World. World Bank. New York, Oxford University Press, 1995. 125 p.
  3. Stiårle M. Globalisierung und Globallitat: Schrittmacher, Merkmale, Reversibilitat. Berlin, INFER, 1999. 23 S.
  4. Friedrichs J. Globalisierung – Begriff und grundlegende Annahmen. Aus Politik und Zeitgeschichte. Bonn, Bundeszentrale fur Politische Bildung, 1997, vol. 47, SS. 3-11.
  5. Feigin G. F. Zakonomernosti globalizatsii i razvitie natsional’nykh ekonomik [Patterns of the globalization and the development of national economies]. St. Petersburg, St. Petersburg state university of economy and finance, 2009. 235 p.
  6. Ambrosius G. Globalisierung. Geschichte der internationalen Wirtschaftsbeziehungen. Wiesbaden, SpringerVerlag, 2018. 479 S.
  7. Gronholz M. Kulturelle Globalisierung und internationale Kooperation. Wiesbaden, SpringerVerlag, 2013. 344 S.
  8. World Bank Open Data. World Bank. Available at: https://data.worldbank.org/ (accessed 10.05.2020).
  9. COVID‑19 and International Trade: Issues and Actions. OECD. Available at: https://www.oecd.org/coronavirus/policy-responses/covid-19-and-international-trade-issues-and-actions-494da2fa/ (accessed 10.05.2020).
  10. World Investment Report 2018. Investment and World Industrial Policy. UNCTAD. Available at: https://unctad.org/system/files/official-document/wir2018_en.pdf (accessed 10.05.2020).
  11. Foreign Direct Investment Flows in the Time of COVID‑19. OECD. Available at: https://read.oecd-ilibrary.org/view/?ref=132_132646-g8as4msdp9&title=Foreign-direct-investment-flows-in-the-time-of-COVID-19 (accessed 10.05.2020).
  12. James E., McLoughlin K., Rankin E. Crossborder Capital Flows since the Global Financial Crisis. Reserve Bank of Australia Bulletin, 2014, June Quarter, pp. 65-72.
  13. World Investment Report 2019. Special Economic Zones. UNCTAD. Available at: https://unctad.org/system/files/official-document/wir2019_en.pdf (accessed 10.05.2020).
  14. World Intellectual Property Indicators 2018. WIPO World Intellectual Property Organization. Available at: https://www.wipo.int/edocs/pubdocs/en/wipo_pub_941_2018.pdf (accessed 10.05.2020).
  15. Measuring the Information Society Report, vol. 1, 2018. ITU. Available at: https://www.itu.int/en/ITU-D/Statistics/Documents/publications/misr2018/MISR-2018-Vol-1-E.pdf (accessed 10.05.2020).
  16. Bieber F. Is Nationalism on the Rise? Assessing Global Trends. Etnopolitics, 2018, vol. 17, no. 5, pp. 519-540.
  17. Breuss F. Die Globalisierungs und Erweiterungsstrategie der EU. Wirtschaftspolitische Blatter, 2018, no. 3, SS. 343-358.
  18. Veiga P., Rios S. MERCOSUR Experience in Regional Integration: what Could Africa Learn from It? Available at: https://www.policycenter.ma/sites/default/files/PCNS-PP1907.pdf (accessed 10.05.2020).
  19. Multinational Enterprises in the Global Economy. OECD. Available at: https://www.oecd.org/industry/ind/MNEs-in-the-global-economy-policy-note.pdf (accessed 10.05.2020).
  20. Herrero A.G. From Globalization to Deglobalization: Zooming into Trade. Available at: https://www.bruegel.org/2020/02/from-globalization-to-deglobalization-zooming-into-trade/ (accessed 10.05.2020).
  21. Stiglitz J. Die Schatten der Globalisierung. Berlin, Siedler Verlag, 2002. 304 S.
  22. Stadt Wien, Wirtschaftsuniversitat Wien. Gutes Leben fur alle braucht eine andere Globalisierung. Werkstattbericht 173. Available at: https://www.wien.gv.at/stadtentwicklung/studien/pdf/b008513.pdf (accessed 10.05.2020).
  23. Protectionism in the 21st Century. Kommerskollegium. Available at: https://www.kommerskollegium.se/globalassets/publikationer/rapporter/2016/publ-protectionism-in-the-21st-century.pdf (accessed 10.05.2020).
  24. Carfagno B., Ker M. Trends in Trade: U. S. China Goods Trade 2012–2017. Available at: https://www.uscc.gov/sites/default/files/Research/Trends%20in%20Trade%20Staff%20Report.pdf (accessed 10.05.2020).
  25. Alvaredo F., Chanel L., Piketti T., Saez E., Zucmann G. World Inequality Report 2018. Available at: https://wir2018.wid.world/files/download/wir2018-full-report-english.pdf (accessed 10.05.2020).
  26. Obolenskiy V. Kamni pretknoveniya na puti reformirovaniya WTO [Stumbling stones in the way of WTO reformation]. Mirovaya ekonomika i mezhdunarodnye otnosheniya, 2019, vol. 63, no. 8, pp. 13-20. Available at: https://doi.org/10.20542/0131-2227-2019-63-8-13-20
  27. Bhasin N., Gupta S. Reforms in International Monetary Fund (IMF). Challenges and the Road ahead. Management and Economics Research Journal, 2018, vol. 4, no. 1, pp. 19-29.
  28. Fagerberg J., Shrolec M. National Innovation Systems, Capabilities and Economic Development. Research Policy Elsevier, vol. 37 (9), Oct. 2008, pp. 1417-1435.
  29. Popov V. Catching up: Developing Countries in Pursuit of Growth. Available at: https://pdfs.semanticscholar.org/77cc/19959ae77fd85b8cc7e885197b10f49ff0fd.pdf (accessed 10.05.2020).
  30. KOF Globalization Index. ETH Zurich KOF. Available at: https://kof.ethz.ch/en/forecasts-and-indicators/indicators/kof-globalisation-index.html (accessed 10.05.2020).

Registered in System SCIENCE INDEX

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



Comments (0)

No comments

Add comment







Indexed

 

 

 

 

Dear authors! Please note that in the VAK List of peer-reviewed scientific journals, in which the main scientific results of dissertations for the degree of candidate and doctor of sciences should be published for the “MEMO Journal” the following specialties are recorded:
economic sciences:
5.2.5. World Economy.
5.2.1. Economic Theory
5.2.3. Regional and Branch Economics
political sciences:
5.5.4. International Relations
5.5.1. History and Theory of Politics
5.5.2. Political Institutions, Processes, Technologies

 

Current Issue
2024, vol. 68, No. 3
Topical Themes of the Issue:
  • Bretton Woods 2.0: Towards a New Global Financial Architecture
  • Transformation of the EU Political Party System on the Eve of the 2024 European Election
  • South Asia in Regional and World Politics
Submit an Article
INVITATION FOR PUBLICATION
The Editorial Board invites authors to write analytical articles on the following topics:
  • changes in the processes of globalization in modern conditions
  • formation of the new world order
  • shifts in civilization at the stage of transition to a digital society

The editors are also interested in publishing synthesis articles / scientific reviews revealing the main trends in the development of certain regions of the world - Latin America, Africa, South Asia, etc.