ECONOMIC INTERDEPENDENCE: NATIONAL AND INTERNATIONAL ECONOMIC SECURITY

The modern world is characterized by the rapid growth of transnationalization processes in production, international exchange and geographical movement of capital. Economic activity is becoming more interdependent, interconnected and is taking over a predominantly global character. Globalization is a process of transforming the world economy into a single market for goods, services, capital, labor and knowledge. To date, the process “Globalization” is becoming a major trend in the development of the modern world economy, as it affects all countries regardless of their level of economic development. The foundation of globalization is located in the sphere of economy and finance, which are also the basis of global processes in other areas. Economic globalization is the main source, main propeller of globalization processes. It is the product of the modern international economy and development of scientific and technological progress. Consequently, the content of economic globalization is reduced to those processes that occur in modern times in the world economy and lead to the rapid integration of the world into a single one economic space, as a result of the expansion of international trade, internationalization, production and financial markets, as well as the internationalization of commodity culture, the expansion of which is facilitated by a united network of global telecommunication system. In order to strengthen ones standing among other countries, governments are to focus on geoeconomic security. A countries economic state dictates the wellbeing of a nation as a whole. Therefore to improve the economic security, more attention should be paid to the enforcement of a countries geoeconomic strategy and the development and implementation of an effective financial control system among others. Addressing these issues will improve the geoeconomic security and lead to economic stabilization and growth. The article investigates economic interdependence and its impact on international relations. A set of instruments and mechanisms aimed at ensuring the economic security of the states from external threats applicable in the global economy are studied. The article aims to analyze the key threats to the current world order. The focus is placed on the importance of forming geoeconomic strategies and their implementation.