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Journal: University Economic Bulletin (Vol.1, No. 33)

Publication Date:

Authors : ;

Page : 7-15

Keywords : globalization; globalization processes; the newest trends; ‘neoprotectionism’; liberalization; ‘economy openness’; risks; threats; countries relying on export; financial globalization; ‘Industry 4.0’;

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Subject of this article investigation is theoretical and methodological aspects as well as applied ones of the newest trends formation of globalization processes development, systems challenges the world countries face as its result. Object of the article is to highlight the core and investigate into general and newest trends of globalization processes development within the 2000s and 2017, substantiate the essence of challenges the world countries face with as the result of transition from ‘openness' to ‘protectionism' as well as of transition to the higher level of postindustrial growth, Methodology. When in use for article preparation the following general scientific research methods were used: historical and logical methods while investigating into general trends of globalization processes development; abstract and specific methods, methods of analysis and synthesis were applied to define the newest trends of financial globalization modification and production processes reformation (‘Industry 4.0', ‘creative economy'). Causal (cause-and-effect) method of scientific research was used to highlight the general trends of globalization effect on ‘neoprotectionism' policy shaping and grounds for expected consequences. Synergetic approach allows to summarize the challenges the countries face in the sphere of social relations. Results. The newest trends of globalization processes development affect the every country's national economy, regional integration communities' economic development, world economy in general. In the article the general trends of globalization development affecting the world economy growth at the beginning of the 21st century and continuing to influence at the up-to-date stage of development are investigated. The peculiarities and the newest trends of financial globalization modification, basic trends of production processes reformation (‘Industry 4.0', ‘creative economy') are highlighted. The challenges social sphere faces with at the contemporary stage of globalization processes development are grounded. The situation of uncertainty and turbulence is of being characteristic for globalized world economy, one is reflected by external obligations, structural crisis, countries' stratification by income (including the sharpened problem of polarization between the rich and the poor within the borders of each single country). Globalized world production is shaped in the 21st century, alongside the core of world economic ties is being changed including the following: rate of international trade runs ahead of production growth rate, monetary service capacity in GDP runs ahead of real production capacity, monetary amount of financial flows runs ahead of transaction concerning goods and services export. Accelerated drastic and qualitative changes in finances happen based on ‘financial globalization' which is grounded on progressive growth of currency, stock and loan markets and penetration of their transactions into all national economy spheres as well as into the world economy spheres. Transition from national economy ‘openness' to ‘neoprotectionism' aggravates system problems of world economy development, and combining with challenges regarding the transition to ‘Industry 4.0' and reformation of social relations system in postindustrial period it launches new system of production, economic and social relation defining the human civilization development level in the 21st century. Range of results application. International economic affairs and world economy. Conclusions. At the turn of the 21st century globalization development has led to domination of national economy ‘openness' concept and practice. Meanwhile post-crisis period and world economy recession have caused ‘neoprotectionism' idea wide spreading.

Last modified: 2019-05-17 05:44:55