Globalization AND Russia: Do We Need New Priorities?

76
DOI: 10.20542/0131-2227-2024-68-1-74-84
EDN: ISKDSB
Saint-Petersburg State University, 62, Chaikovskogo Str., Saint-Petersburg, 191123, Russian Federation.
Institute of Economics RAS, 32, Nakhimovskii Prosp., Moscow, 117218, Russian Federation.

Received 10.04.2023. Revised 07.06.2023. Accepted 10.07.2023.

Abstract. This paper contributes to a discussion on globalization and its prospects. Authors argue that the existing definition of globalization is, at least, incomplete as it focuses too much on macroeconomic aspects while ignoring the role played by international businesses in global trade and investments. Linking globalization with production and distribution decisions made by multination companies would alleviate ambiguity surrounding populist proclamations that globalization is over. Research argues that globalization is far from over because multinational companies are far from retreating from their global activities, but the nature of this activities is undergoing fundament changes in response to new technological trends. In the coming years services, data, rise of production robots will change the way global trade and investments are done and thus, will change how globalization is viewed at. Geopolitical developments challenge Russia’s participation in globalization, and the country has to seek answers for how position itself in the world economy. This search is complicated by the fact that in the previous 30 years a lot of efforts has been spent on the so-called integration into the world economy that has resulted in an excessive dependence of parts of the national economy on foreign markets. New sources of economic growth need to be uncovered. Authors suggest that rather then retreating from the global scene, Russia needs to refocus its efforts away from external trade for the sake of external trade towards an active participation in global economic governance and propose its own vision on how to face the new global trends.

Keywords: globalization, deglobalization, world economy, multinational business, Russia, international trade, FDI


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For citation:
Sutyrin S., Korgun I. Globalization AND Russia: Do We Need New Priorities?. World Eonomy and International Relations, 2024, vol. 68, no. 1, pp. 74-84. https://doi.org/10.20542/0131-2227-2024-68-1-74-84 EDN: ISKDSB



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