World economy and international economic relations Shchenin. World economy and international business
The material is systematically presented on a new scientific and educational direction - the world economy and international business, the science of modern trends in the development of the world economy and the most important directions and factors in the development of international business. This is the first textbook that fully complies with the new State educational standard in this area. Numerous specific examples are used to examine the main trends in the development of the world economy, methods of regulation, research, forecasting and modeling of the world market and international business. The features of modern international financial business, international exchange of intellectual property, international trade in goods and services for various purposes (telecommunications, insurance, tourism and philatelic) are analyzed. Updated statistical data is provided, as well as information about the peculiarities of running a philatelic business in Russia, and about innovative research in a number of economic sectors. > For students, graduate students, teachers of higher educational institutions, students of the postgraduate education system, as well as for specialists involved in issues of the global economy.
SECTION 1 MODERN TRENDS IN THE DEVELOPMENT OF WORLD ECONOMIES
COMPETITIVENESS IN INTERNATIONAL BUSINESS
OUTSOURCING IN INTERNATIONAL BUSINESS
SECTION III INTERNATIONAL BUSINESS IN THE MAIN SECTORS OF THE WORLD ECONOMY
INTERNATIONAL INSURANCE MARKET AND INSURANCE BUSINESS
Books and textbooks on the discipline World Economy:
- Sharapova O.A.. Budget and budget process in the European Union. 2013 - 2013
- Models of post-crisis development - global war or new consensus2010 -126c - 2010
- Roman Klyuchnik. First World War. The roots of the modern financial crisis. St. Petersburg: LLC "SPb SRP "Pavel" VOG", 2009 286 p. - year 2009
Genre: Economics, business
Publisher:"KNORUS"
Format: PDF
Quality: OCR
Number of pages: 688
Description: The textbook “World Economy and International Business” for economics students in the course “World Economy and International Business” was prepared by the team of authors of the State University of Management (SUM) with the participation of specialist scientists from the Institute of World Economy and International Relations of the Russian Academy of Sciences, the All-Russian Academy of Foreign Trade, the Russian State Humanitarian University, Diplomatic Academy of the Ministry of Foreign Affairs of Russia, Institute of Business, Law and Information Technologies, Moscow State Academy of Law, Moscow Road University, as well as the Central Bank of the Russian Federation, OJSC NK Lukoil, etc. The textbook “World Economy and International Business” corresponds to the state educational standard in the specialty “World Economy”, including specializations “International Economic Cooperation”, “Management of Foreign Economic Activity”, “International Business”, etc. The textbook material can be used in the educational process in related economic specialties “Marketing”, “Organization Management” , “Financial Management”, “Corporate Management”, “Commerce”, “Logistics” and “Entrepreneurship”.
The world economy, considered in the textbook from the point of view of the goals and objectives of the effective organization of international business, is a relatively young area of scientific research that has been formed since the last quarter of the 20th century, when intensive internationalization and globalization of economic activity required the development of new theories and concepts that immediately found practical application in solving tactical and strategic problems in the process of deep integration of the economies of the leading countries of the world in conditions of increased competition in the world market, its liberalization and the information revolution. The growth and close intertwining of their economic interests has led to an urgent need to study the latest trends and patterns of development of the world economy.
The course “World Economy” acts today as a comprehensive scientific discipline that studies methods for studying trends in the development of the world economy, covering international business and the main aspects of regulation, as well as the development of the world's main production complexes, the financial and banking sector and, of course, the field of international trade in goods and services.
For the first time, the textbook “World Economy and International Business” combines the general theory of the world economy with the practice of organizing and conducting international business in the context of increasing globalization of world economic relations.
The fourth (revised and expanded) edition differs from the previous ones in that it contains a new chapter dedicated to the growing role and importance of small businesses in the global economy in the context of new competition between economic entities in the world, some chapters have been shortened, while others, on the contrary, have been supplemented and expanded . All chapters have been carefully checked by the author and editor, the formulation of the main scientific provisions has been clarified and, most importantly, the information and statistical material contained has been updated in accordance with the current state of the world economy.
The textbook consists of five sections.
Section I “Modern trends in the development of the world economy” is devoted to the analysis of the world economy as a sphere of international business, the interaction of the main subjects of the world economy, the role of leading international organizations in the regulation and development of international business, partnership between states and international business, as well as approaches to the use of foreign economic forecasts in the process development of optimal behavior (tactics and strategy) of a company in the world market, practical application of methods of economic and mathematical modeling of world economic relations in order to more effectively manage foreign economic activity.
Section II “The most important directions and factors in the development of international business” analyzes the role of science in the development of innovative business, and also examines in detail the main aspects of international business. We are talking about marketing, outsourcing, the features of modern global pricing, the assessment of competitiveness, the role of small businesses and the basics of logistics as a factor in enhancing the competitiveness of a company in the global market.
Section III “International business in the main sectors of the world economy” characterizes the state and leading trends in the development of the main areas of economic activity, in which a significant part of the world GDP is created.
The main sectors analyzed in this section include complexes - agro-industrial, fuel and energy, chemical, metallurgical, engineering and transport.
Section IV “International Financial Business” highlights the state and features of the organization and effective conduct of international business in the financial and credit sector, including banking activities and financial and credit operations.
Section V “International trade in goods and services is the most important area of international business” is devoted to the analysis of current trends in the development of international trade in goods and services, as well as the practice of international trade operations using the example of the exchange of intellectual property, insurance and telecommunication services, international tourism, and philatelic business. Until now, the latter type of services on the world market has not been properly described in Russian scientific and educational literature.
The textbook material is two-level: all issues are considered at the macro level and at the level of individual sectors of the economy and the most representative corporations of large industrial, commercial, financial, insurance and other businesses. The analysis is carried out not only in retrospect, but also taking into account the latest trends in the development of the world economy and international business, and the prospects for their development.
Considerable attention is paid to the role of Russia in the modern system of world economic relations and the process of its effective entry into the international economic community.
The textbook “World Economy and International Business” provides extensive statistical material presented in tables, graphs and figures. For better assimilation of the material, control questions are given. Each chapter is accompanied by a list of recommended literature, so the textbook will be useful for both collective and independent studies. Each chapter highlights key terms and definitions.
The logical continuation of this textbook will be the textbook “World Economy and International Business. Workshop”, prepared by the team of authors for publication. Contents of the textbook
MODERN TRENDS IN THE DEVELOPMENT OF THE WORLD ECONOMY
World economy as a sphere of international business
- Multidimensional economic space
- Changes in the socio-economic picture of the world
- Main directions of industry shifts
- The emergence of a global economy
- Transnational corporations - generators of international business
- Transnational banks - the financial basis of international business
- The European Union and the formation of a pan-European economic space
- North American Free Trade Agreement
- Integration associations of Latin America
- Association of Southeast Asian Nations
- Asia-Pacific Economic Cooperation
- The Commonwealth of Independent States and its general economic space
- United Nations and its specialized agencies
- Organization for Economic Cooperation and Development - business club of developed countries
- World Trade Organization: global trade regulation
- The concept of economic partnership between the state and international business
- Forms of partnership between the state and international business
- World experience of partnership between the state and international business
- Specifics of national regulation
- Types of interstate regulation
- Features of agreements on the elimination of double taxation
- Main objectives of bilateral investment agreements
- The essence of the concept of “world market forecast”, its main types
- Methodological approaches to the tasks of medium- and long-term forecasting of world commodity markets
- Forecasts as the initial basis for making effective tactical and strategic decisions on market behavior
- Standard model of international trade
- Gravity models
- Global model of international trade - LINK project
- Analysis of the structure of the world economy using the input-output method
Science and innovative business
- National innovation systems
- Science, innovation and government
- Innovative business
- Globalization trends
- Innovative business in Russia
- The concept and essence of competitiveness
- Enterprise competitiveness
- Management as a system for ensuring competitiveness
- Intangible factors for increasing competitiveness
- Reducing costs is a factor in increasing competitiveness
- The time factor is a source of competitive advantage
- Place and trends in the development of small businesses in the global economy
- The influence of new competition on the SME sector in global economic relations
- Forms and schemes for the participation of small businesses in international business in the context of new competition
- The concept of world price
- Pricing principles and types of prices
- World prices in the context of globalization and electronicization of world economic relations
- Main trends in the development of the global natural gas market
- Main trends in the development of the global coal market
- The role and place of the chemical complex in the global economy
- Innovation activities and scientific and technological progress
- Regional production structure
- Regional specialization of production
- Production restructuring
- Entrepreneurial Capital Overflow
- Organizational structure
- Foreign trade in chemical products
- Chemical complex of Russia
- Ferrous metallurgy
- Non-ferrous metallurgy
- Main problems of development of the metallurgical complex
- World market of metal products
- Metallurgy of Russia
- Main mechanical engineering centers
- General mechanical engineering
- electrical and Electronics
- Transport engineering
- Improvement of technology
- Sea transport
- Inland water transport
- Railway transport
- Automobile transport
- Air Transport
- Pipeline transport
- Marketing concept: concept, goals
- Features of international marketing
- Outsourcing concept
- The emergence and development of practical outsourcing
- Global market for outsourcing services
- Orientation of the organization's development strategy towards outsourcing
- National and international logistics
- Forms and methods of organizing logistics in international business. Concepts for its development
- National and international legal regulation of international logistics
Agro-industrial complex
- general characteristics
- Main trends in agricultural development
- Latest trends in agriculture
- Forms of ownership in the agro-industrial complex
- International trade in food and raw materials for its production
- Regulation of the agricultural sector
- Agroindustrial complex of Russia
- Global food problem
- Main trends in the global primary energy market
- Features of the development of the world oil market
International financial business: essence, participants and market as an economic environment
- International financial business: concept, evolution and participants
- Structure and development of international financial markets as an economic environment for business
- International Monetary Fund: Impact on International Business
- World Bank: partnership with international business
- Bank for International Settlements: interaction with central banks
- Development banks: financing regional business
- Russia and international financial organizations: trends in cooperation
- Spot and forward operations
- Futures contracts
- Currency options
- Optimal strategies for behavior in the securities market
- The essence of internationalization of banking and banking systems
- Modern organizational and legal forms of international banking activities
- Types of services and operations in international banking business
- Regulation of international banking
- Offshore banking business
International trade in goods and services
- The place and role of international trade in goods and services in the modern system of world economic relations
- Main trends and features of the development of international trade
- Foreign trade policy in the era of globalization
- Russia in international trade
- Countertrade in goods
- Trade of finished products
- Auction trade in goods
- International bidding
- Intermediaries in foreign economic activity
- International trade in engineering and consulting services - engineering
- Licensing agreements for knowledge transfer in international trade
- Classification of license agreements
- Know-how transfer agreements
- Technology transfer agreements
- Main areas of business in the global intellectual property market
- Forms of technology transfer
- Development trends in the global telecommunications services market
- Peculiarities of pricing for telecommunications services in the global market
- Prospects for the development of the global telecommunications services market
- Insurance Institute and Industry: Parameters, Functions and Characteristics
- Insurance markets globally and regionally
- Market participants: largest international insurance corporations and leading companies in Russia
- The evolution of international tourism in the second half of the 20th century
- World tourism market
- World philatelic market and international philatelic business
- International philatelic programs and exhibitions
- International pricing policy and features of pricing in philately
- International philatelic business organizations
- Features of running a philatelic business and features of teaching it in Russia
The material is systematically presented on a new scientific and educational direction - the world economy and international business, the science of modern trends in the development of the world economy and the most important directions and factors in the development of international business.
Numerous examples are used to examine the main trends in the development of the world economy, methods of regulation, research, forecasting and modeling of the world market and international business. The features of modern international financial business, international exchange of intellectual property, international trade in goods and services for various purposes (telecommunications, insurance, tourism and philatelic) are analyzed. For students, graduate students, teachers of higher educational institutions, students of the postgraduate education system, as well as for specialists dealing with issues of the global economy.
- World economy as a sphere of international business
- Transnational corporations and banks in international business
- International integration associations in regional spaces of the world
- The role of international organizations in the regulation and development of international business
- Partnership between the state and international business
- Interstate regulation of international business
- Forecasting the world market is the most important function of effective management of foreign economic activity
- Economic and mathematical modeling of world economic relations
- Science and innovative business
- Competitiveness in international business
- Small business in the modern system of international competitive relations
- Pricing in international business
- International marketing - the philosophy of modern business
- Outsourcing in international business
- Logistics as a factor in increasing the competitiveness of companies
- Agro-industrial complex
- Fuel and energy complex
- Chemical complex
- Metallurgical complex
- Mechanical engineering complex
- World transport
- International financial business: essence, participants and market as an economic environment
- International financial organizations in the global economy
- International financial business development strategies
- International banking business
- International trade in goods and services
- Modern forms and methods of international trade
- International trade in services
- International exchange of intellectual property
- Telecommunications services in the global economy
- International insurance market and insurance business
- international tourism
- International philatelic business
5th ed., erased. - M.: 2008. - 688 p.
The material is systematically presented on a new scientific and educational direction - the world economy and international business, the science of modern trends in the development of the world economy and the most important directions and factors in the development of international business. This is the first textbook that fully complies with the new State educational standard in this area. Numerous specific examples are used to examine the main trends in the development of the world economy, methods of regulation, research, forecasting and modeling of the world market and international business. The features of modern international financial business, international exchange of intellectual property, international trade in goods and services for various purposes (telecommunications, insurance, tourism and philatelic) are analyzed.
Updated statistical data is provided, as well as information about the peculiarities of running a philatelic business in Russia, and about innovative research in a number of economic sectors.
For students, graduate students, teachers of higher educational institutions, students of the postgraduate education system, as well as for specialists dealing with issues of the global economy.
Format: pdf
Size: 7.1 MB
Download: yandex.disk
Table of contents
Preface to the Fourth Edition 12
SECTION I MODERN TRENDS IN THE DEVELOPMENT OF THE WORLD ECONOMY
Chapter 1. World economy as a sphere of international business 17
1.1. Multidimensional economic space 17
1.2. Changes in the socio-economic picture of the world 23
1.3. Main directions of industry shifts. 31
1.4. The emergence of a global economy 35
Basic terms and definitions 43
Questions for self-control 43
Literature 44
Chapter 2. Transnational corporations and banks in international business 45
2.1. Transnational corporations - generators of international business 46
2.2. Transnational banks - the financial basis of international business
Basic terms and definitions 59
Questions for self-control 59
Literature 60
Chapter 3. International integration associations in regional spaces of the world 61
3.1. The European Union and the formation of a pan-European economic space 62
3.2 North American Free Trade Agreement 69
3.3. Integration associations of Latin America 71
3.4. Association of Southeast Asian Nations 74
3.5. Asia-Pacific Economic Cooperation 76
3.6. The Commonwealth of Independent States and its general economic space
Basic terms and definitions 81
Questions for self-control 82
Literature 82
Chapter 4. The role of international organizations in the regulation and development of international business 84
4.1. United Nations and its specialized agencies. 84
4.2. Organization for Economic Cooperation and Development - business club of developed countries 92
4.3. World Trade Organization: Global Trade Regulation 94
Basic terms and definitions 103
Questions for self-control 104
Literature 104
Chapter 5. Partnership between the state and international business 106
5.1. The concept of economic partnership between the state and international business 106
5.2. Forms of partnership between the state and international business.... Software
5.3. World experience of partnership between the state and international business 115
Basic terms and definitions 118
Questions for self-control 118
Literature 119
Chapter 6. Interstate regulation of international business 120
6.1. Specifics of national regulation 120
6.2. Types of interstate regulation 124
6.3. Features of agreements on the elimination of double taxation 126
6.4 Main objectives of bilateral investment agreements 128
Basic terms and definitions 133
Questions for self-control 133
Literature 134
Chapter 7. Forecasting the world market is the most important function of effective management of foreign economic activity 135
7.1. The essence of the concept of “world market forecast”, its main types 136
7.2. Methodological approaches to the problems of short-, medium- and long-term forecasting of world commodity markets. 142
7.3. Forecasts as the initial basis for making effective tactical and strategic decisions on market behavior... 167
Basic terms and definitions 179
Questions for self-control 179
Literature 180
Chapter 8. Economic and mathematical modeling of world economic relations 181
8.1. Standard Model of International Trade 182
8.2. Gravity models 190
8.3. Global model of international trade - LINK project... .192
8.4 Analysis of the structure of the world economy using the input-output method 196
Basic terms and definitions 203
Questions for self-control 204
Literature 204
SECTION II IMPORTANT DIRECTIONS AND FACTORS OF INTERNATIONAL BUSINESS DEVELOPMENT
Chapter 9. Science and innovative business 207
9.1. National innovation systems 207
9.2. Science, innovation and state 209
9.3. Innovative business 212
9.4 Globalization trends 216
9.5. Innovative business in Russia 219
Basic terms and definitions 223
Questions for self-control 224
Literature 224
Chapter 10. Competitiveness in international business 225
10.1. The concept and essence of competitiveness 225
10.2. Competitiveness of the enterprise 227
10.3. Management as a system for ensuring competitiveness 231
10.4. Intangible factors of competitiveness growth 232
10.3. Cost reduction is a factor in increasing competitiveness... 234
10.4. The time factor is a source of competitive advantage 235
Basic terms and definitions 237
Questions for self-control 238
Literature 238
Chapter 11. Small business in the modern system of international competitive relations 239
11.1. Place and trends in the development of small businesses in the global economy 239
11.2. The influence of new competition in the SME sector in world economic relations 241
11.3. Forms and schemes for the participation of small businesses in international business in the conditions of new competition 243
Basic terms and definitions 254
Questions for self-control 254
Literature 254
Chapter 12. Pricing in international business 255
12.7. The concept of world price 256
12.2. Pricing principles and types of prices 263
12.3. World prices in the context of globalization and electronicization of world economic relations 265
Basic terms and definitions 268
Questions for self-control 269
Literature 269
Chapter 13. International marketing - philosophy of modern business 270
13.1. Marketing concept: concept, goals 270
13.2. Features of international marketing 280
Basic terms and definitions 288
Questions for self-control 288
Literature 288
Chapter 14. Outsourcing in international business 290
14.1. The concept of outsourcing 290
14.2. The emergence and development of practical outsourcing 291
14.3. Global market for outsourcing services 294
14.4. Orientation of the organization's development strategy towards outsourcing. . . . 298
Basic terms and definitions 304
Questions for self-control 305
Literature 305
Chapter 15. Logistics as a factor in increasing the competitiveness of companies 306
15.7. National and international logistics 306
15.2. Forms and methods of organizing logistics in international business. Concepts for its development 311
15.3. National and international legal regulation of international logistics 320
Basic terms and definitions 321
Questions for self-control 322
Literature 322
SECTION III INTERNATIONAL BUSINESS IN THE MAIN SECTORS OF THE WORLD ECONOMY
Chapter 16. Agro-industrial complex 325
16.1. General characteristics 325
16.1. Main trends in agricultural development 328
16.2. Latest trends in agriculture
16.3. Forms of ownership in agrarian and industrial complex 336
16.4. International trade in food and raw materials for its production 338
16.6. Regulation of the agricultural sector 339
16.7. Agroindustrial complex of Russia 342
16.8. Global food problem 344
Basic terms and definitions 348
Questions for self-control 349
Literature 349
Chapter 17. Fuel and energy complex 350
17.1. Main trends in the global primary energy market 351
17.2. Features of the development of the world oil market 354
17.3. Main trends in the development of the global natural gas market 366
17.4. Main trends in the development of the global coal market 378
17.5. Main trends in the development of world electricity production 383
Basic terms and definitions 388
Questions for self-control 388
Literature 388
Chapter 18. Chemical complex 389
18.1. The role and place of the chemical complex in the global economy. 389
18.2. Innovative activity and scientific and technological progress... 391
18.3. Regional production structure 392
18.4. Regional specialization of production 394
18.5. Production restructuring 395
18.6. Overflow of entrepreneurial capital 396
18.7. Organizational structure 397
18.8. Foreign trade in chemical products 398
18.9. Chemical complex of Russia 400
Basic terms and definitions 401
Questions for self-control 401
Literature 402
Chapter 19. Metallurgical complex 403
19.7. Ferrous metallurgy 404
19.2. Non-ferrous metallurgy 411
19.3. The main problems of the development of the metallurgical complex 412
19.4. World market of metal products 414
79.5. Metallurgy of Russia 416
Basic terms and definitions 418
Questions for self-control 419
Literature 419
Chapter 20. Mechanical engineering complex 420
20.7. Major mechanical engineering centers 420
20.2. General mechanical engineering 423
20.3. Electrical and Electronics Engineering 424
20.4. Transport engineering 426
Basic terms and definitions 435
Questions for self-control 435
Literature 435
Chapter 21. World transport 437
21.7. Improving technology 438
21.2. Marine transport 441
21.3. Inland water transport 443
21.2. Railway transport
21.2. Road transport 447
21.2. Air transport 448
21.7. Pipeline transport 451
Basic terms and definitions 453
Questions for self-control 454
Literature 454
SECTION IV INTERNATIONAL FINANCIAL BUSINESS
Chapter 22. International financial business: essence, participants and market as an economic environment... 457
22.1. International financial business: concept, evolution and participants 457
22.2. Structure and development of international financial markets as an economic environment for business 461
Basic terms and definitions 481
Questions for self-control 482
Literature 483
Chapter 23. International financial organizations in the global economy 484
23.1. International Monetary Fund: Impact on International Business 485
23.2. World Bank: partnership with international business 487
23.3. Bank for International Settlements: interaction with central banks 491
23.4. Development banks: financing regional business 492
23.5. Russia and international financial organizations: trends in cooperation 496
Basic terms and definitions 500
Questions for self-control 501
Literature 501
Chapter 24. Strategies for the development of international financial business 502
24.1. Spot and forward operations 504
24.2. Futures contracts 513
24.3. Currency options 516
24.4 Optimal strategies for behavior in the securities market 520
Basic terms and definitions 523
Questions for self-control 523
Literature 524
Chapter 25. International banking business 525
25.1. The essence of the internationalization of banking and banking systems. 525
25.2. Modern organizational and legal forms of international banking 529
25.3. Types of services and operations in international banking business. . . 532
25.4. Regulation of international banking 539
25.5. Offshore banking business 543
Basic terms and definitions 545
Questions for self-control 546
Literature 546
SECTION V INTERNATIONAL TRADE IN GOODS AND SERVICES - AN IMPORTANT AREA OF INTERNATIONAL BUSINESS
Chapter 26. International trade in goods and services 549
26.1. The place and role of international trade in goods and services in the modern system of world economic relations 551
26.2. Main trends and features of the development of international trade 558
26.3. Foreign trade policy in the era of globalization 561
26.4. Russia in international trade 564
Basic terms and definitions 567
Questions for self-control 568
Literature 568
Chapter 27. Modern forms and methods of international trade 569
27.7. Countertrade in goods 571
27.2. Trade of finished products 573
27.3. Auction trade in goods 575
27.4. International auctions 578
Basic terms and definitions 580
Questions for self-control 581
Literature 581
Chapter 28. International trade in services 582
28.1. Intermediaries in foreign economic activity 582
28.2. International trade in engineering and consulting services - engineering. 589
Basic terms and definitions 594
Questions for self-control 595
Literature 595
Chapter 29. International exchange of intellectual property 596
29.1. Licensing agreements for knowledge transfer in international trade. 598
29.2. Classification of license agreements. 601
29.3. Agreements on transfer of know-how. 605
29.4. Technology transfer agreements 606
29.5. Main business areas in the global intellectual property market 607
29.6. Forms of technology transfer 611
Basic terms and definitions 613
Questions for self-control 614
Literature 615
Chapter 30. Telecommunications services in the global economy 616
30.1. Development trends in the global telecommunications services market 616
30.2. Peculiarities of pricing for telecommunications services on the world market. 624
30.3. Prospects for the development of the global telecommunications services market. 627
Basic terms and definitions 628
Questions for self-control 628
Literature 629
Chapter 31. International insurance market and insurance business 630
31.1. Insurance Institute and Industry: Parameters, Functions and Characteristics 630
31.2. Insurance markets globally and regionally. 634
31.3. Market participants: largest international insurance corporations and leading companies in Russia 644
Basic terms and definitions 647
Questions for self-control 648
Literature 648
Chapter 32. International tourism 649
32.1. The evolution of international tourism in the second half of the 20th century 649
32.2. World tourism market 656
Basic terms and definitions 662
Questions for self-control 662
Literature 662
Chapter 33. International philatelic business 664
33.1. World philatelic market and international philatelic business. 664
33.2. International philatelic programs and exhibitions 667
33.5. International pricing policy and features of pricing in philately 671
33.4. International philatelic business organizations 673
33.4. Features of running a philatelic business and features of teaching it in Russia. 676
Basic terms and definitions 681
Questions for self-control 681
Literature 681
World economy and international business
(Electronic textbook)
WORLD ECONOMY:
ENTERING THE THIRD MILLENNIUM
Chapter 1
The world economy (world economy, world economy) is a set of national economies (national-state economic complexes) and non-state structures, as well as their economic relationships. An organic part of the world economy is international economic relations - this is a system of economic relations between individuals and legal entities of different countries.
1.1. Multidimensional economic space
At the beginning of the third millennium, a new model of the world economy is emerging - a system of multidimensional economic interdependencies and interactions, based on a complex combination of mechanisms of competition, cooperation and partnership at the macro and micro levels, the interweaving of the emerging global market and persistent national and local markets. The world economic community is transforming from a “loose aggregate” of more or less connected countries into an integral multi-structured system of national and transnational structures, where national societies turn out to be constituent elements of a single world economic organism.
The material basis of the world economic system is the international division of labor, the essence of which is manifested in the unity of two processes: the division of production processes (international specialization) and its unification (international cooperation of production). These processes are based on the deepening of scientific and technological progress through the transition at the end of the 20th century. to a new mode of production, to a post-industrial society; its distinctive feature is the continuous generation of innovations and the development of new technologies; knowledge, science, and human (intellectual) capital become the key resources for development.
At the same time, in developed countries there is a transition to a socially oriented type of development. It began with the expansion of mass non-material needs for social services, social security, humanization of working conditions, and participation in management.
As a result, the entire range of social and individual, material, environmental, humanitarian and moral human needs serves as a criterion for assessing the final effectiveness of economic development.
Under these conditions, the institutional structure of the world economy has become significantly more complex. A distinctive feature of this structure is the multiplicity of its constituent economic entities. They are divided into two main groups:
the first group - interacting business structures (economic entities) - specific economic operators (firms) directly carrying out business activities;
the second group is a set of institutions that regulate the activities of economic entities and relations between them and implement economic policies at the sectoral, regional, national, interstate and supranational levels.
A subject of the global economy can be either an individual or a legal entity. In the first case, we mean an individual entrepreneur, in the second - commercial organizations of various forms of ownership: business partnerships and societies, including joint-stock companies, production cooperatives, state and municipal unitary enterprises, companies with mixed capital, as well as non-profit organizations - consumer cooperatives and funds. Joint-stock companies (corporations) occupy a dominant position in the economy.
Recently there have been significant changes in the nature of the basic unit of the economy - the firm. The concept of a “new firm” has emerged in contrast to a traditional firm. The main features of a traditional company: high capital intensity of assets, their material nature, high degree of vertical integration; The company's boundaries are clearly defined and defined by its tangible assets. The “new firm” is characterized by fundamentally different features: human capital acts as the most important element of assets; material assets are gradually ceasing to be the main source of income; an increasing share of assets is occupied by non-material elements (brands, patents, know-how). They increasingly determine the level of market capitalization of firms. The nature of activities and organizational structure of firms, especially large ones, are changing. An increasing number of them are freeing themselves from non-core industries and concentrating their efforts on leading, promising types of activities. The most advanced form of these processes in the global economy has become outsourcing, when a company, in order to minimize costs, transfers to a foreign company activities that were previously carried out within the framework of this one! organizations.
Business structures interact in domestic, national markets, in the international market, and finally, in the world market, understood as a set of national and international markets in their interaction and interdependence, with a common supply and demand for goods, services, labor and capital on a scale world economy. From the point of view of individual countries, business is divided into national, owned and managed by national capital, foreign - owned and managed by foreign capital, and business with mixed - national and other trap - capital. At the same time, national capital can be simultaneously transnational if it carries out production outside the country of origin. In the global economy, a distinction is made between national and international business. National business is a community of economic entities in individual countries. International business acts as a set of interacting national businesses. The key economic entities in the global economy that shape international business include:
transnational corporations (TNCs) are, as a rule, large economic complexes with an international scope of activity. There are TNCs with national capital and capital owned by individuals who come from different countries. TNCs are economically unified systems, vertically integrated structures with hierarchical subordination of lower divisions to higher ones. This system includes the parent company, branches, subsidiaries, and departments. The system is controlled and managed from one center. The most common method of control and management is the participation system: some divisions of TNCs act as shareholders of other divisions;
long-term strategic alliances of TNCs - which have received since the 90s of the XX century. a widespread form of international intercompany cooperation. There are alliances without the creation of common property (contracts with the sharing of risk and income), alliances with participation in capital (purchase of shares, joint ventures), predominantly technological alliances (R&D, technology transfer, innovations), predominantly market alliances (marketing, protection of market share, access to cheap resources). When assessing international alliances, it is often difficult to determine which country's laws should be followed;
transnational banks (TN B) - large international credit and financial associations of a predominantly universal type, with extensive branches abroad, carrying out banking operations in many countries and convertible currencies (more about TNCs and TNBs in Chapter 2);
transnational institutional investors - insurance companies, non-state pension funds, collective investment institutions (investment funds, investment companies). In the stock market, they act as investors under the control of professional managers, whose roles can include banks and specialized companies;
transnational financial and industrial groups (FIGs) - integration of TNCs and TNB. Among the diverse forms of financial industrial groups there are traditional concerns led by a large industrial corporation and diversified financial groups formed around the bank;
world financial centers are places where large international capital is concentrated and a variety of international financial transactions are carried out on a large scale. Their peculiarity is the huge variety of financial instruments used. Modern electronic means of communication have led to the growing interconnection of various financial centers. The main operators of business financial centers are located in London, Tokyo, New York, Paris, Zurich, Frankfurt am Main, Singapore, Hong Kong;
The largest exchanges are institutions and at the same time organizers of trading in securities (stock exchanges), goods (commodity exchanges) and currencies (currency exchanges). In recent decades, there have been processes of concentration of exchanges, and their total number has decreased. The largest stock exchanges: in the USA - New York and NASDAQ, in the UK - London, in Japan - Tokyo, in Germany - Frankfurt. International commodity exchanges are: in the USA - all exchanges located in Chicago and New York, in the UK - the London Futures and Options Exchange, the London Metal Exchange, in Japan - all exchanges where transactions are made with goods traded on the world market.
Simultaneously with the increase in the scale of activity of the institutions that form the framework of international business, the tendency towards the internationalization of small and medium-sized businesses is increasing. The incentive for this is the development of venture (risk) capital - a source of financing innovative activities at the stage of introducing innovations and organizing the release of new products.
The second group of global economic entities includes:
national states - the activities of authorities of various countries to ensure the functioning of the economy and foreign economic relations. The state may be the owner of the means of production and, in this capacity, act as a direct economic entity (public sector enterprises). A special place is occupied by central banks, which perform the functions of the country's emission, credit and settlement centers. What is new in this area is the introduction of greater independence, the creation of the first supranational bank - the European Central Bank;
various territories that, not being sovereign states, are considered by international organizations as separate entities (Hong Kong, etc.);
sub-sovereign formations - regional and local authorities entering the world market, mobilizing funds in international capital markets;
self-regulatory organizations of professional participants in various financial markets and securities markets - non-profit organizations whose tasks include ensuring conditions for professional activity, protecting the interests of clients, and observing professional ethics standards;
unions of entrepreneurs - associations for the purpose of representing their interests in government bodies and assisting them in organizing international activities. International associations of entrepreneurs, uniting sectoral national unions of various countries, have become widespread;
chambers of commerce are private associations of entrepreneurs to promote the development of trade and sales. They are divided into local, national, foreign - organized by the national chambers of one country on the territory of another, mixed - created by national organizations of two or more countries in order to develop trade and economic relations between them;
trade unions are organizations of workers that protect the socio-economic rights and interests of their members in relations with employers and the government;
world economic and financial institutions are international organizations created to coordinate the activities of countries in various spheres of the world economy.
Based on the nature of their membership, international organizations are divided into interstate (currently there are about 400 of them) and non-governmental (there are about 3 thousand such organizations in the world). Interstate organizations are divided into universal, open to all states of the world, and regional, whose members can be states of the same region; to organizations whose activities cover all areas of relations between states and are limited to cooperation in one special area. Classification by the nature of powers allows us to distinguish between interstate and supranational organizations.
Universal economic organizations that have the greatest impact on the entire world economy are the International Monetary Fund (IMF), the World Bank Group, the World Trade Organization (WTO), the United Nations Conference on Trade and Development (UNCTAD), etc. (on the role of the UN and WTO in regulation of international business - in more detail in Chapter 4). A unique club of developed countries is the Organization for Economic Cooperation and Development (OECD), a center for coordinating economic policy and international economic comparisons. The settlement of external debt is carried out by the Paris Club of creditor countries (public debt) and the London Club (private external debt). A special role belongs to the G8 (USA, Germany, France, Great Britain, Italy, Canada, Japan, since 1993 - Russia) - an informal forum at which the most important problems of the development of the world economy are discussed;
regional integration associations; the largest of them are the European Union (EU), the North American Free Trade Association (NAFTA), the Association of Southeast Asian Nations (ASEAN), and the subregional trade and economic union in Latin America (MERCOSUR). Integration associations have also been created on the territory of the former Soviet Union. For the most part, integration associations of developed and developing countries act in the form of free trade zones or a customs union. The European Union occupies a unique position, where the creation of a single internal market is being completed and the Economic and Monetary Union is being formed (about international integration associations - in more detail in Chapter 3);
sectoral organizations of commodity producing countries; Organization of Petroleum Exporting Countries (OPEC), Alliance of Cocoa Producing Countries, Intergovernmental Council of Copper Exporting Countries, Association of Rubber Producing Countries, etc.;
international non-governmental organizations. These organizations often participate in the process of creating rules of international economic law, which is carried out by government organizations. Non-governmental organizations include the International Chamber of Commerce (an association of national business organizations, which includes about 1.5 thousand collective and more than 6 thousand individual members from 80 countries), the World Federation of Trade Unions (unites more than 80 countries), the International Confederation of Free Trade Unions (145 countries), World Confederation of Labor (over 110 countries).
The multiplicity of economic entities transforms the entire economic environment. Profound changes are taking place in property relations and forms of entrepreneurship. Corporate private ownership becomes dominant compared to all other forms of ownership. Qualitative changes are observed in the nature of the relationships between economic entities in production and on the market. New mechanisms of interaction have been formed: state - business - society. Although the prevailing trends in economic policy have become privatization, deregulation and liberalization, the state does not leave the economy - the forms of economic management are changing - from direct intervention in the activities of economic entities, the state is moving to indirect methods of regulation. Ensuring property rights began to play a major role.
The priority goals of state economic policy include increasing the competitiveness of countries, industries, and specific companies. While creating the most favorable conditions for market forces, the state simultaneously sees its task as making the actions of these forces more orderly and transparent. In a number of areas of activity, policies are being tightened (antitrust legislation, environmental regulations and standards, etc.). The importance of an effective system for coordinating the interests of various groups and sectors of society and ensuring social justice is growing.
