Model Nearshoring the Concept of the New Economy of the Latin America

47
DOI: 10.20542/0131-2227-2023-67-2-93-103
EDN: WYCAAE
Institute of Latin America (ILA) RAS, 21/16, B. Ordynka, Moscow, 115035, Russian Federation;
Plekhanov Russian University of Economics, 36, Stremyanny lane, Moscow, 117997, Russian Federation.

Received 19.10.2022. Revised 28.11.2022. Accepted 02.12.2022.

Abstract. In the vocabulary of world economics, the term “nearshoring” has become increasingly common. It implies the spread of business in its most diverse manifestations (e.g. foreign trade, cross-border investment, technology transfer, outsourcing, formation of value chains, etc.) mainly to neighboring countries. This growing trend was a response to the many problems that arose in the global economy and world trade during the coronavirus pandemic and the subsequent geopolitical upheavals. In fact, the process of neoliberal globalization, which for four decades was determining the development vector and the content of world economic relations, switched to low dynamics mode. Latin America, as an important part of a complex international economic hub, has actively participated in the globalization process, but has not become its beneficiary, unlike Asian states. Most of the Latin American economies based their development models on the intensive exploitation of vast natural resources in the interests of world markets. However, this neither brought the region to the forefront of the global economy, nor did it solve the acute social problems of Latin America. Therefore, in the conditions of the ongoing crisis, a growing number of Latin American states are ready to make adjustments to their development models, and focus on the strategy of “nearshoring” in order to maximize intraregional cooperation that would stimulate accelerated economic growth.

Keywords: “nearshoring”, globalization crisis, world economy, Latin America, development models, points of economic growth, neobanks, integration reboot, the region in the system of world economic relations


REFERENCES 

1. Yakovlev P.P. Risks of world recession in the context of the crisis of globalization. World Economy and International Relations, 2020, vol. 64, no. 2, pp. 5-14. (In. Russ.) Available at: https://doi.org/10.20  542/0131-2227-2020-64-2-5-14

2. Yakovlev P.P., Yakovleva N.M. Protest potential of Latin America: regional slice of the global phenomenon. World Economy and International Relations, 2020, vol. 64, no. 7, pp. 89-99. (In. Russ.) Available at: https://doi.org/10.20542/0131-2227-2020-64-7-89-99

3. Simonova L.N., ed. Latin America in the system of international economic relations. Moscow, ILA RAN, 2020. 486 p. (In. Russ.)

4. Krugman P. Technology and the Triumph of Pessimism. The New York Times, 28.06.2022. Available at: https://www.nytimes.com/2022/06/28/opinion/technology-progress-innovation-satisfaction.html (accessed 18.10.2022).

5. Legge S., Lukaszuk P. Regionalization vs globalization: what is the future direction of trade? WEF, 15.07.2021. Available at: https://www.weforum.org/agenda/2021/07/regionalization-globalization-future-direction-trade/ (accessed 30.09.2022).

6. Vargas-Alzate L.F. Latin American Integration: The Dilemma. E-International Relations, 10.10.2019. Available at: https://www.e-ir.info/2019/10/10/latin-american-integration-the-dilemma/ (accessed 10.10.2022).

7. O’Neil S. Por que America Latina perdiό con la globalizaciόn – y cόmo puede ganar ahora. Americas Quarterly, 26.07.2022. Available at: https://www.americasquarterly.org/article/why-latin-america-lost-at-globalization-and-how-it-can-win-now/ (accessed 22.09.2022).

8. Yakovlev P.P. Economic chances of Latin America in the post-COVID world. World economy and international relations, 2021, vol. 65, no. 5, pp. 5-13. (In Russ.) Available at: https://doi.org/10.20542/0131-2227-2021-65-5-5-13

9. Dempsey C. Nearshoring in Latin America ‘could up exports by $78B’. Biz Latin Hub, 09.06.2022. Available at: https://www.bizlatinhub.com/nearshoring-latin-america/ (accessed 13.10.2022).

10. Lerner A. Swap, energia, mineria y alimentos: plan de integraciόn que Scioli les acercό a Lula y Bolsonaro. Ambito, 06.10.2022. Available at: https://www.ambito.com/economia/lula/swap-energia-mineria-y-alimentos-el-planintegracion-que-scioli-les-acerco-y-bolsonaro-n5553222 (accessed 13.10.2022).

11. Yakovlev P.P. Trends that change the economy of Latin American countries. Outlines of global transformations: politics, economics, law, 2022, vol. 15, no. 1, pp. 77-101. (In Russ.) DOI: 10.23932/2542-0240-2022-15-1-4

12. Gonzalez Fajardo D. Neobancos: sus ventajas, y desventajas frente a la banca tradicional. 07.04.2020. Available at: https://blog.cobistopaz.com/neobancos-ventajas-desventajas (accessed 15.09.2022).

13. Yakovlev P.P. Russia and Latin America: constants and variables of trade and economic relations. Outlines of global transformations: politics, economics, law, 2021, vol. 14, no. 3, pp. 209-226. (In Russ.) DOI: 10.23932/2542-0240-2021-14-3-12

SOURCES 

1. Benefits and Challenges of Globalization. G-P, 06.02.2020. Available at: https://www.globalization-partners.com/blog/benefits-and-challenges-of-globalization/ (accessed 30.09.2022).

2. Countering the Cost-of-Living Crisis. World Economic Outlook. Report October 2022. IMF. October 2022. 186 p. Available at: https://www.imf.org/en/Publications/WEO/Issues/2022/10/11/world-economic-outlook-october-2022 (accessed 25.09.2022).

3. Exportaciones de Mercancias. Datosmacro.com. Available at: https://datosmacro.expansion.com/comercio/exportaciones/ (accessed 25.09.2022).

4. A new macroeconomic era is emerging. What will it look like? The Economist, 06.10.2022. Available at: https://www.economist.com/leaders/2022/10/06/a-new-macroeconomic-era-is-emerging-what-will-it-look-like (accessed 18.10.2022).

5. Government and media fuel a vicious cycle of distrust. Edelman, 18.01.2022. Available at: https://www.edelman.com/news-awards/2022-edelman-trust-barometer-reveals-even-greater-expectations-business-lead-government-trust (accessed 16.10.2022).

6. Tokayev says "global dysfunction" in global economy. RIA Novosti, 13.10.2022. (In Russ.) Available at: https://ria.ru/20221013/tokaev-1823574424.html?ysclid=l96p4qoev2983987415 (accessed 17.10.2022).

7. ITC. Trade map. Trade statistics for international business development. Available at: https://www.trademap.org/Index.aspx (accessed 25.09.2022).

8. Colombiana ISA invertira mas de US$4.800M en Chile hasta 2023. El Universal, 11.12.2020. Available at: https://www.eluniversal.com.co/colombia/isa-invertira-mas-de-us-4850-millones-en-chile-hasta-2023-EI3921305 (accessed 10.09.2022).

9. Propone Lopez Obrador crear en Latinoamerica “algo semejante” a la UE. Lopez-Doriga Digital, 24.07.2021. Available at: https://lopezdoriga.com/nacional/lopez-obrador-latinoamerica-union-europea/ (accessed 13.10.2022).

10. Peru: MEF crea comisiόn multisectorial para impulsar inversiόn publica. 07.10.2022. Available at: https://andina.pe/agencia/noticia-peru-mef-crea-comision-multisectorial-para-impulsar-inversion-publica-913113.aspx (accessed 18.09.2022).

11. Sobre o Nu. Available at: https://international.nubank.com.br/pt-br/sobre/ (accessed 19.09.2022).


For citation:
Yakovlev P. Model Nearshoring the Concept of the New Economy of the Latin America. World Eonomy and International Relations, 2023, vol. 67, No 2, pp. 93-103. https://doi.org/10.20542/0131-2227-2023-67-2-93-103 EDN: WYCAAE



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
2023, vol. 67, No. 5
Topical Themes of the Issue:
  • “The Uncanny Valley” of Sustainability: Will World Economy Keep Growing?
  • Crisis-Containing Factors of the PRC’s Development
  • On the Role of Europarties in the Formation of a Pan-European Political Space 
  • Introducing Principles and Standards for Responsible Investment
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.