The Globalization of Economic Ties and Developments in Mongolia’s Position

Abstract

Subject The article reviews the globalization of economic ties and respective issues. We also focus on Mongolia's position in globalization, and opportunities for the multilateral cooperation with Russia, China and Kazakhstan. Objectives The study examines theoretical aspects of optimistic and pessimistic views of globalization and reveals possible risks arising from economic development today. Methods We conduct the content analysis of the Russian and foreign sources, index analysis and comparative analysis, referring to statistical data. Results The article unfolds the substance and milestones of the globalization of economic ties and their specifics, focusing on the financial globalization and virtualization of economic ties, possible risks threatening to national sovereignty. We also delved into opposite concepts of the end and new wave of globalization and unveil the assumption on institutional conflicts in the effective international laws. Conclusions and Relevance The globalization of economic ties is an undeniable process, which all countries unavoidably face at the current phase of their development. Mongolia is involved in globalization, establishing the cooperation with the neighboring States, such as Russia, China and Kazakhstan. Mongolia's exports include a lot of mining products. The new industrialization of Mongolia, thriving IT and the servicing sector will help it leverage its participation in the global economy.