Evolution of the international economic order: stages of foundation and development
DOI:
https://doi.org/10.51599/is.2024.08.02.02Keywords:
international political economy, institutionalism, conditions of socio-economic development, sustainable development, global consensus.Abstract
Purpose. The purpose of this article is to systematise the stages of the evolution of the International Economic Order (hereinafter referred to as the IEO) based on the generalisation of the views of scientists expressed in scientific works.
Results. The results of this work are primarily the fact that the author managed to substantiate a series of successive stages of the development of the IEO. The following stages may be identified – the protocol order (IEO 0.0, encompassing a variety of the first, immature forms of the international order), IEO 1.0 (established since 1648 the initial principles and norms of relations between states, as well as the beginning of the capitalist model of socio-economic development), IEO 2.0 (recognition since 1823 of political separation of the American continent from the European formal order, the victory of capitalism over feudalism and the period of industrial revolutions), IEO 3.0 (approval since 1944 of the updated IEO, the formation of real international markets, a network of institutions and prerequisites for the globalisation of IEO) and IEO 4.0 (since 1991, it is a consequence of the relative victory of capitalist model over socialist model, the liberalisation of international economic relations, the changes in the paradigm of hegemony and the disposition of key players, the establishment of competition mechanism as a substitute for the military way of resolving contradictions between economic power (potential) and the disposition of subjects in the world economy). After 2022, the development of the knowledge economy and the increase in the knowledge intensity of goods and services, internationalisation of markets and globalisation of economy, digital and green transformations altogether create expectations for a qualitative renewal to an IEO 5.0.
Scientific novelty. The novelty of the obtained results lies in the delineation of the latest phasing of the development of the IEO based on the application of a number of criteria, knowledge of the conditions and factors of interstate decision-making regarding its adoption and recognition.
Practical value. The value of the obtained results lies in a better understanding of today’s realities from the point of view of long-term development processes of the IEO, which will allow bettering defending and implementing national economic interests in a global competitive environment.
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