THE IMPACT OF GLOBALIZATION AND INTERNATIONAL TRADE ON ECONOMIC DEVELOPMENT
Abstract
The established approach to defining the essence and assessing the phenomenon of globalization is ambiguous in the concept of its positive or negative impact on modern economic development. The article examines the specifics of economic development against the background of globalization processes and intensification of international trade. It is established that the phenomenon of international trade depends on the influence of a number of factors, in particular, integration and internationalization, as well as the activities of transnational companies. The author outlines the current trends in the development of international trade, including the growth of the cost and weight of information resources, the development of a class of new electronic currencies. The importance of the influence of modern globalized economic relations in the concept of integration for economic development is identified. It is proved that entering the international market environment determines not only higher profitability but also an increased level of risks. At the same time, it is established that the process of globalization is actively shaping the economic environment with a single international market for the unimpeded movement of goods, services, capital and labor resources. The article examines the socio-economic problems of globalization. The advantages and potential opportunities of globalization's impact on economic development, as well as related challenges and risks are analyzed. The study also examines the consequences of active integration between the economies of different countries in crisis situations. It is proved that globalization contributes to the active economic development of the country, as it ensures the free flow of innovations and technologies, opens up equal opportunities for access to information resources, and provides opportunities for the exchange of skills through cooperation on joint projects. At the same time, globalization requires a number of institutional changes in the national field to build an effective infrastructure with a high degree of formalization of social relations. Such an approach will allow for successful adaptation to the conditions of development of the post-industrial global environment and the conditions for successful participation in the international integrated market community.
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