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MODERN TRENDS OF THE WORLD ECONOMY AND INTERNATIONAL ECONOMIC RELATIONS DEVELOPMENT
Internationalization fixes a tendency of international cooperation and coincidence of business, economic and commercial interests and relations. Internationalization has become more intensive and focused in the late XIX and early XX century. During the industrial revolution it leads to unified world economy, massive flow of industrial and financial capital, extension of international division of labour.
The distinguishing feature of the world economy is more sharpening emulation, competition between economic entities. And the competition strengthens the process of internationalization of its entities. Table 5 shows the most complete reliable definition of «internationalization» .
V.O. Kolesov and M.N. Osmova point out that the main feature of today’s world economy is internationalization of economical activity . It is based on international specialization and internationalization of production, capital transnationalization and foundation of multi-national companies. Internationalization is common not only for goods production, its distribution and consumption, but for every kind of international economic relations. Kochetov E.G. defines internationalization as the situation when the reproduction process is divided into several parts in different countries, so it exceeds the limits of one separate state .
Modern internationalization is being formed under conditions of the scientific and technical revolution. That’s why it is very mobile and flexible. There are no national borders and customs barriers for new scientific achievements, cutting-edge technologies and new practices in HR management thanks to the development of communications tools and publishing business.
Internationalization and its types
But it is the one side of rising internationalization of production. Subsequent development of its process is predetermined by science as productive capacity of our society. Science and production together change the process of internationalization fundamentally. Production infrastructure renovation is based on new cutting-edge technologies and ideas.
Implementation of scientific ideas and achievements is usually connected with new complex of enterprises, construction of new facilities and its equipping, new auxiliary processes and so on. Internationalization is spreading out on the basis of production. So, a new technological idea triggers its implementation in other countries and new production structures arise. Establishing new production structures and enterprises results then in international production. And the pace of its process quickened a lot as we move from industrialism towards post-industrialism.
So, internationalization makes the world economy more tight and interdependent. Internationalization is like a guide when you make a decision in the sphere of foreign countries relations. There is no need to think if we should or should not be included in international division of labour. The questions are: how fast it will be; which are the highest priorities areas; what intersectional proportions should be and so on.
Internationalization of production is the core point of internationalization process. Internationalization of production emerged in the era of industrial capitalism in its machine stage. Computer-aided manufacturing requires large expenditures for front-end investment and researches. The range of industrial products has increased significantly because new production spheres arise. It is impossible to produce the whole range of products within the one even the most developed country. So, international specialization and cooperation are stirring up and make internationalization of production more intense.
It is significant that scientific and technical researches are also internationalized now. Companies from different countries should combine their efforts in order to conduct some complicated and high-cost research. Besides, countries are specialized in some definite kind of researches in close depending on its production specialization. Vending patents and licenses is the common type of exchanging technical information and cutting-edge technologies between different countries and companies.
The more developed international specialization and industrial cooperation the more international production process.
Producers from different countries are forced to make their relations more stable and sustainable. That’s why they complete a long-term specialization and cooperation agreements.
Those agreements are important because they limit the competition between companies and let them derive benefit from specialized large-scale manufacture.
Internationalization of capital also exerts influence over internationalization of production. Companies from different countries should use the latest discoveries and cutting-edge technologies in order to be competitive. That’s why the latest discoveries are diffusing in the world.
In terms of studying activities’ internationalization process some long-term motivations triggering the international activity development have been revealed. Internationalization process motivations is in Appendix 8. Companies’ internationalization theories can be divided into three different groups. They are shown in Appendix 9.
As for experience of foreign companies in internationalization let’s consider Volkswagen Group. (Volkswagen AG). Volkswagen (abbreviated VW) is one of the world’s largest automobile manufacturers. The company is headquarted in Wolfsburg, Germany. Volkswagen is the original marquee within the Volkswagen Group, which includes the car marquees Audi, Bentley Motors, Bugatti Automobiles, Automobili Lamborghini, SEAT, Skoda Auto and has goods vehicle manufacturer Scania. The group operates 61 production plants in fifteen European countries and a further six countries in the Americas, Asia and Africa. Around the world, nearly 370,000 employees produce more than 26,000 vehicles or are involved in vehicle related services each working day. The Volkswagen Group sells its vehicles in more than 153 countries . Company removes its production abroad. Volkswagen Group has its own production facilities all over the world (Table 6). The whole table is in appendix 10. So, internationalization more and more clearly fits the modern world economy. Despite the unstable economic situation companies do not decline the adopted expansion strategy.
Foreign business units of Volkswagen Group (fragment )
At the beginning of XXI century the world economy entered its most high-quality stage of the development which is defined as globalization [14, p.82]. Firstly the term «globalization» was introduced by the American economist T. Levitt. It meant market merging which actively appeared in early 1980s . There are many opinions of scientists about the essence and the phenomenon of globalization. One group of them considers that the world will be the global if all countries are involved into the world economic processes (the «scale» criteria). Another group uses such criteria as «the level of the influence». In the modern world of science and politics the single universally accepted definition of globalization does not exist. So, for example, Joseph Stiglitz (the winner of Nobel prize for Economics in 2001) to his own question «What is this phenomenon of globalization?» answers: «Fundamentally it is the closer integration of the countries and peoples of the world which has been brought about by the enormous reduction of costs of transportation and communication, and the breaking down of artificial barriers to the flows of goods, services, capital, knowledge, and (to a lesser extent) people across borders…. Globalization has been accompanied by the creation of new institutions that have joined with existing ones to work across borders» [24, p 9]. According to this notion the keyword is «integration». So we have to decide how to estimate the level of the state integration into the world economic system.
Robert J.Carbaugh asks the same question, «What does this term mean?». And then he answers, «Globalization is the process of greater interdependence among countries and their citizens. It consists of the increased interaction of product and resource markets across nations via trade, immigration, and foreign investment—that is, via international flows of goods and services, of people, and of investments in equipment, factories, stocks, and bonds. It also includes non-economic elements such as culture and the environment» . Simply put, globalization is political, technological.
Some scientists believe that the definition of globalization should refer to the process in its current state (the example of update definitions is given in Table 7).
Actualization (conceptualization) of the definition of «globalization»
Summing up these definitions, we can conclude that all points of view are united in understanding that globalization is the process of the formation and subsequent development of a united, worldwide financial and economic space based on new, mainly information technologies. The idea is that the world is developing a united economy and culture as a result of improved technology and communications and the influence of very large TNCs. It releases the objective and subjective aspects of globalization.
Taking into account that the problems of globalization are often linked to negative disruptive effect, it is necessary to distinguish between the concept of «globalization», «globalism» (that is associated with anti-globalization) and «global hegemony», «TNK expansionism».
3.3. Measuring of Transnationalization, Internationalization, Globalization
Objective assessment, measurement of globalization (integration, internationalization) is an essential agenda for the contemporary epoch. Existing indexes are employed in various ways. Usually we use the traditional indices: Index of internationalization, Index of transnationalization, Index of globalization.
Index of globalization (globalizing indicator) assesses the degree of involvement into the international environment. As we know it aggregates the conditions of new technologies, communications and the level of development of the institutional organizations. For example, composite Maastricht Globalization Index  includes such components as: Global Politics (the number of foreign embassies and high commissions, membership in international organizations etc.); Organized Violence (this indicator measures the involvement of a country’s military-industrial complex with the rest of the world); Global Trade – reflects economic globalization (export, import, trade in services etc.); Global Finance (FDI – foreign direct investment); People on the Move ( migrant stocks and flows); Technology (the share of a country’s population that uses the internet); Environment reflects ecological aspects (trade of goods that have a strong environmental impact). Others are in the table 8.
Index of internationalization, transnationalization, globalization
Continued, table 8
The end of the table 8
Composite according to: [12, 14, 16, 18, 21, 22].
Also there is thecomplex index of transnationalization (Ictn):
the first three indicators are identical to the index of transnationalization;
Pf – the value of foreign production;
Pt – the value of total production;
If – the value of foreign investments;
It – the value of total investments.
Globalization has set a problem of searching for new basic origins of comprehension of the modern world [7, 10, 23]:
• It is essential that national economies and their structure under the circumstances of globalizations have developed new orienting points to be included into the world economic sphere.
• Strategic operation in the geoeconomic space is not already only ‘coming’ to the international market: global internationalized reproduction cores (cycles) are being developed going through various national economies.
The course serves as a basis for learning how a country can be accessed to the formation and redistribution of the world income. We use the geoeconomic approach.
For estimation of the level of the state integration into the world economic system we propose the new index – geoeconomic integration index (Igi):
Igi = (I1 + I2 + I3) / 3, (4)
I1 – it reflects the type of the international economic relations;
I2 – it reflects the kind of the local system in the context of the region («region-system» overthrowing inside or outside);
I3 – it reflects the level of the technological development.
All components are determined by means of indicators from table in appendix 11.
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