Genesis of the World Economic Order

Authors

DOI:

https://doi.org/10.31617/zt.knute.2020(109)03

Keywords:

globalization, international relations, world economic order, global governance.

Abstract

Background. The existing World Economic Order (WEO) has become obsolete and needs modernization in order to form and maintain an equilibrium state of international economic relations that would prevent military and economic conflicts.Therefore, it is necessaryto understand the genesis of the world order and the determinants of its development.
Analysis of recent research and publications. Leading politicians and economists of the world and Ukraine are actively engaged in the WEO problem: But a new outline of international problems has emerged, which requires the modernization of the existing WEO on a methodological platform based on taking into account the interests of all its subjects through the lens of global community values and the imperative of global justice.
The aim of the articleis to clarify the goal, content and determinants of the genesis of the WEO.
Results. It is determined that the WEO is a system of international relations, which is structured by legitimate formal and informal rules. It is argued that: 1) the WEO is naturally formed in a global space of economic and political competition; 2) WEO is legitimized by international law, international agreements both in and outside the field of international law; 3) the purpose, system of goals, structure of relations within the framework of the WEO are determined by the leading countries through a system of legitimate global institutions based on a liberal platform, which is the key to the justice of the WEO; 4) economic and political rivalry between the USA and China determines and will determine the architecture and content of the WEO for a long time. It proves that no countries with low and medium levels of economic development, including Ukraine, will be able to reach the developed group in the next fifty years or more, and therefore they will be long-term outsiders of the WEO.
Conclusion. The bipolar WEO is being formed, as the rivalry between the USA and China is and will be a global fact for a long time.

Author Biography

Volodymyr ONYSHCHENKO, Kyiv National University of Trade and Economics

Doctor of Economics, Professor, Professor at the Department of World Economy

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Published

2020-04-15

How to Cite

ONYSHCHENKO В. (2020). Genesis of the World Economic Order. oreign rade: conomics, inance, aw, 109(2), 38–55. https://doi.org/10.31617/zt.knute.2020(109)03

Issue

Section

GLOBAL ECONOMY