CIVILIZATIONAL AND INSTITUTIONAL FACTORS OF GLOBAL ECONOMIC TRANSFORMATIONS OF THE XXI CENTURY

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CIVILIZATIONAL AND INSTITUTIONAL FACTORS OF GLOBAL ECONOMIC TRANSFORMATIONS OF THE XXI CENTURY

Journal Title: Зовнішня торгівля: економіка, фінанси, право - Year 2019, Vol 2, Issue 103

Abstract

Background. At the beginning of the XXI century the new megatrends of the development of the world economy, which are connected with global economic transformations, are quite clearly outlined. The world economy is increasingly turning into arena of fundamental transformational processes that actually lead to a change in its nature, spontaneously generating future economic forms that go beyond the usual perceptions of the world order. The influence of civilizational and institutional factors on the transformational processes taking place in the world economy becomes fundamentally important and decisive. Analysis of recent research and publications. The works of many foreign and domestic researchers are devoted to the issues of theory, methodology and practice of global economic transformation. However, many issues of the transformation of the world economy remain controversial (civilizational aspects of formation of new contours of the world economic order, formation of new institutional forms of interaction of subjects of the global economy, challenges and threats associated with future directions of global transformational shifts). Theaim of the article is to reveal theoretical and methodological approaches to the analysis of civilizational and institutional factors of future global economic transformations. Materials and methods. In the course of the research, a collection of traditional and the newest scientific methods of civilizational and institutional analysis was used: systematic and structural-functional methods, scientific abstraction and logical approach, methodological methods of economic futurology. Results. XXI century will create new opportunities, open up new perspectives for the transformation of the world economic order. The world economy is constantly experiencing the impact of acute challenges, as socio-economic and political problems and risks are constantly occurring. The main centers of the global economy are formed by the United States and the EU, and their external management strategies are the basis of the policy of development of peripheral countries. Although, of course, there are boundaries in which the centers of power are able to influence the financial and economic processes and phenomena in the periphery and semi-periphery countries. The process of global economic transformation can be considered in the context of the rules of the game, which are used by the centers of power. Under current conditions, these rules are most consistent with non-dismissive institutional norms. A model of polycentric world economic order, based on deepening the mutually agreed policy of the countries-leaders, can be considered as alternative to transit of global leadership. The countries of the periphery as small open economies essentially depend on the state of a globalized economy. Any troubles and problems of the globalized world directly and immediately negatively affect the state of the national market of these countries. The future of Ukraine, primarily because of geopolitical factors, is integration into the EU. In this regard, it is important not only the external extension of the European institutional rules to Ukraine, but also the active domestic desire of our civil society to implement the standards of interaction between government and citizens commonly accepted in Europe. Conclusion. Among the civilizational and institutional factors that have a significant impact on global economic transformations in the 21st century first of all, are as follows: the aggravation of problems and contradictions in the implementation of the liberal (neo-liberal) ideology; contradictory effects of technological innovations and new socio-economic institutions; the expansion of the phenomena of separatism and «new nationalism» in many countries of the world; strengthening the financial and economic potential of Chinese civilization; the migration crisis in the EU and the US.

Authors and Affiliations

Vasyl LAGUTIN

Keywords

EP ID EP566580
DOI 10.31617/zt.knute.2019(103)01
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