Modern trends of development of the world economy

The long process of development of the world economy allows us to identify a number of trends and patterns of its development, clearly marked by the end of the twentieth century.

First of all, it should be noted the process of internationalization of economic life. The internationalization of economic life is an objective process of convergence of national economies at all stages of their reproductive process.

As foreign economic relations expand and deepen, they become an integral part of the development of an increasing number of countries, the interaction of national economies acquires the character of a stable trend in the development of the world economy.

The internationalization of economic life is conditioned by the growth of the productive forces, the deepening of the international division of labor and determines the extent to which the country participates in the world economy. It manifests itself in the intensification of production interdependence, the increase in the volume of international trade turnover higher than in the growth of world GDP; In a significant increase in the scale of the international movement of factors of production, mutual influence on such important processes of national economic development as price and wage dynamics, investment volumes, etc.

Historically, the processes of internationalization of economic life have their origin in the sphere of exchange. However, in the second half of the nineteenth century, the interaction of national economies outgrew the sphere of exchange and begins to cover the sphere of production more and more, and the internationalization of economic life develops in the forms of the internationalization of production and the internationalization of capital.

The internationalization of production is the formation of direct, stable production links between enterprises of different countries; As a result, the production process in one country becomes an integral part of production, functioning on an international scale. The internationalization of production takes place on the basis of export, primarily business capital in the form of direct foreign investment, which leads to the emergence of international production.

In turn, the internationalization of production is the basis for the development of the internationalization of capital. Under the internationalization of capital is understood the interlacing and unification of national capitals. It is manifested, firstly, in the fact that the largest companies of the countries-exporters of capital are transformed from national to transnational, and secondly, many corporations arise, in which the interests of capital of different countries are united.

Thus, the development of the internationalization of capital contributes to the deepening of the internationalization of production, leading to an intensification of economic ties between countries. At the same time, economic relations between countries from purely commercial activities turned into an important and necessary condition for ensuring the national reproduction process.

The process of internationalization of economic life is accompanied by liberalization of foreign economic relations of countries within the world economy. Liberalization of foreign economic relations is a process of reducing state regulation of foreign economic activity. It manifests itself in the weakening of measures of tariff and non-tariff regulation of foreign trade, lowering customs duties on the way of international movement of goods, improving the investment climate in many countries, and easing the national migration policy.

At the micro level (transnational), this process proceeds through the interaction of individual enterprises of neighboring countries on the basis of the formation of various economic relations between them, including the creation of branches abroad.

At the interstate level, integration takes place on the basis of the formation of economic associations of states and the harmonization of national policies. Rapid development of interfirm relations creates the need for interstate regulation, when the participating countries voluntarily transfer to the union a number of political and economic functions, renouncing sovereignty in these areas.

Thus, the formation and development of international economic integration begins with the establishment of trade relations between individual countries and continues at the level of integrated economic cooperation of states up to the full internationalization of national economies. As a result, integral regional economic complexes with a common currency, infrastructure, common economic tasks, financial funds, common supranational or interstate bodies are often created.

Western European model, has a clear institutional structure at the national and international levels, a single market and currency. The most significant integration associations of this model are the European Union (EU), which unites 25 Western European countries.

The next trend in the development of the world economy is the process of transnationalization of national economies, the level of which is growing largely as a result of the activities of TNCs, otherwise called multinational corporations and international monopolies.

The transnationalization of capital and production is the creation by individual national companies and companies that unite capital, representatives of business units of several countries outside their countries.

In the second half of the XX century, TNCs are becoming a new force and the main engine of the internationalization of the international services (banking, financial, insurance, advertising, information, etc.). Rapid growth in the activities of TNCs is facilitated by rapid internationalization and liberalization of economic life in most countries of the world, radical changes in communication and information.

A feature of the development of the world economy at the present stage was the emergence of a new trend, referred to in the literature as "globalization". This trend includes, first, the quantitative results of the development trends discussed above, and secondly, reflected qualitatively new phenomena in the world economy.

Globalization is a qualitatively new state of the world economy, the highest form of international economic integration and is manifested in:

Involvement in the world economic processes in almost all countries of the world;

Creation and functioning of the global market of goods, services, capital, technology, labor;

Creation of a global infrastructure for global economic ties (transport, banking, information, communication, etc.);

The formation of regional economic blocs and the establishment of their interaction;

Strengthening and delegation by the national governments of an increasing number of economic functions to international economic organizations;

Universalization of the rules of economic life and international economic relations;

Exacerbation of international competition to the extent of world (global) rivalry and at the same time, its transformation into planetary cooperation, etc.

Used sources:

• 1.    The report of the President of Uzbekistan. I.A. Karimova at the meeting of the Cabinet of Ministers, dedicated to the results of the country's socioeconomic development in 2012 and the most important priority areas of the economic program for 2013.

• 4.    Alexey Kireev. International Economics. Part one. Moscow. International relationships. 2000

• 5.    Scientific and Practical Journal The market, money and credit, 12/2012.

.World economy. O.V. Kornienko. M: Peter. 2010.