Kushnarenko O. Omni Directional Effects of Globalization in the World Economy

Abstract

The globalization as a complex of phenomenon determined by the general effects of globalization was investigated. Obtained patterns of globalization as a contradictory process of modern world economic development. Analyzed the internal contradictions of the world economy, concluded a multi-directional impact of globalization in the world economy.  Identified positive and negative aspects of globalization. Emphasized the vulnerability of the global economy due to the high degree of economic interdependence among countries, the uncontrolled flow of speculative capital. It was stressed that the impact of globalization on the economies of a multidimensional nature: covers the production of goods and services, the usage of the workforce, investment in physical and human capital, technology and moving them from one country to another. It identifies the main contradiction of the global economical system - the formation within the economically developed countries of the closed economic system: the concentration in post-industrial countries, most intellectual and technological capacity; the concentration of major trade flows within developed countries; This focus investment flows between developed countries; one-way direction of migration flows from less developed to more developed countries. It is proved that globalization is contradictory and multidirectional process that requires regulation at the national and interstate levels, necessitating further investigation of symptoms and the challenges of globalization at the present stage of world economic development.