Global Value Chains as a Transformational Indicator of Changes in the Global Economy

Perskaya, Victoria V.; Khomyakova, Lyubov I.

doi:10.2991/aebmr.k.210218.004

Cited by 1 publication

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References 8 publications

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“…Global value chains are a factor in strengthening the globalization development of the world community since ensuring the internationalization of the creation of world GDP [17].…”

Section: Discussionmentioning

confidence: 99%

Polycentrism in International Relations and Globalization Processes

Perskaya¹

2023

Capitalism - Theories and Empirics in a New Dawn [Working Title]

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The development of the world economy in modern conditions is being transformed under the influence of a number of factors that are not only man-made but also due to the imperfection of the system of economic relations that have developed as a result of the absolutized denial of state regulation and attempts to replace it with supranational rules. The basic determinants were the recommendations of the Washington Consensus (1992), which were aimed at an attempt to ensure an accelerated transition to the market rails of the states of the transformational economy after the collapse of the USSR, and they extended to all developing economies. This led to the formation of the world capitalist economic system in the form of a pyramid. The economic globalization of the world economy is based on the internationalization of reproduction value chains. The main drivers of world globalization have become TNCs or MNEs, which have launched active activities in developing countries, de facto ignoring national legal norms, and pursuing solely the goal of making a profit. As a result, the world economy has received by now the highest degree of disproportionality in the incomes of the population in both developed and developing countries; population aging in developed economies, deindustrialization of developed economies, lack of social mobility for young people, climate change in African countries and the weakening of internal incentives for the development of national economies, as well as local wars, have led to an influx of nonregulated migration from Africa, which, for the most part, does not want to accept the rules of public life in the developed countries. The pandemic that disrupted the GVC contributed in no small part to the factor contributing to the transformation of the global economy, and the introduction of unilateral and large-scale sanctions, including secondary ones—to an acceleration of the transition to polycentrism. Polycentrism is based on ensuring the full-fledged sovereignty of the state, the fulfillment of its international obligations, noninterference in the internal affairs of foreign states, and the formation of more equal conditions for international cooperation. The marginal prices for Russian oil or natural gas trade was an indicator of an attempt to introduce a command-administrative model into world trade under capitalism, thereby undermining its basic foundation—competition. Capitalism in the twenty-first century should also be based on private property and the inviolability of its legal basis, the inviolability of private property, the development of fair competition, including at the interstate level, on the basis of reaching a consensus of interests, on the need to promote the alignment of development levels in the world community, stimulating and supporting entrepreneurship in developing countries, including helping to implement the principles of responsible business conduct, but not imposing their social-mental or spiritual values on them as the basis of the socioeconomic formation of social development. It is polycentrism in international relations that makes it possible, while preserving the foundations of the capitalist economic model, to ensure the progressive development of national economies that use their competitive advantages on a global scale.

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“…Global value chains are a factor in strengthening the globalization development of the world community since ensuring the internationalization of the creation of world GDP [17].…”

Section: Discussionmentioning

confidence: 99%

Polycentrism in International Relations and Globalization Processes

Perskaya¹

2023

Capitalism - Theories and Empirics in a New Dawn [Working Title]

View full text Add to dashboard Cite

show abstract

Global Value Chains as a Transformational Indicator of Changes in the Global Economy

Cited by 1 publication

References 8 publications

Polycentrism in International Relations and Globalization Processes

Polycentrism in International Relations and Globalization Processes

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