| Issue |
SHS Web of Conf.
Volume 92, 2021
The 20th International Scientific Conference Globalization and its Socio-Economic Consequences 2020
|
|
|---|---|---|
| Article Number | 07022 | |
| Number of page(s) | 11 | |
| Section | Regions and Economic Resilience | |
| DOI | https://doi.org/10.1051/shsconf/20219207022 | |
| Published online | 13 January 2021 | |
Transformative impacts of globalization on the economy of South Caucasus and Central Asia1
1 Azerbaijan State University of Economics (UNEC), Faculty of Economics, Department of International Economics, Istiqlaliyyat str.6, AZ 1001 Baku, Azerbaijan
2 The Academy of Public Administration under the President of the Republic of Azerbaijan, Faculty of Administrative Management, Lermontov str. 74, AZ 1001, Baku, Azerbaijan
* Corresponding author: guliyev.my@gmail.com
Research background: The disappointing economic results of the global economic crises, which brought macroeconomic instability, increasing inequality, are often understood as results of globalization. In this article, besides the positive effects, the many unavoidable negative impacts of globalization on the South Caucasus and Central Asia region are discussed. It is shown that responsibility for the economic crisis is not entirely globalization but a combination of the raw material based economy, together with incorrect trade policy. In this article, an alternative view of globalization is offered, including diversification policy challenges. It also explores the main tools of dissemination of globalization, which has created many new opportunities for business in the region.
Purpose of the article: The aim is to find out to what extent the countries are involved in international integration, comparative analysis transformative impacts of globalization.
Methods: The methods of comparative analysis and systematization of scientific approaches were employed. The research contains an analysis of the region’s position in the international trade and investment.
Findings & Value added: The region has to concentrate on a new picture of the multipolar world. In the region countries, the processes of globalization were accelerated after the countries became a member of WTO, ADB and integration into the international relations. The findings in general correspond with the trends in emerging markets that the process of globalization is gradually turning into functional mechanism of competitiveness, but there are some differences. The impacts of globalization process are progressively increasing, also there are new unforeseen impacts evolving.
Key words: Globalization / WTO / China’s Belt and Road Initiative (BRI) / The Eastern Partnership / South Caucasus and Central Asia
© The Authors, published by EDP Sciences, 2021
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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