UKRAINIAN ECONOMY DURING THE MILITARY AGGRESSION OF THE RUSSIAN FEDERATION AND IN THE PERIOD OF POST-WAR RECOVERY
УДК 327:339.923] ((4) + (5?11))
JEL: F01, F02, F20, F30
PILIAIEV Igor1
1Institute for Economics and Forecasting of the NAS of Ukraine, Research ID : http://www.researcherid.com/rid/https://publons.com/researcher/3420250/igor-piliaiev
OrcID ID : https://orcid.org/https://orcid.org/0000-0001-7509-3158
TRANSFORMATION OF GLOBALIZATION PROCESSES IN THE CONTEXT OF THE CONSEQUENCES OF FULL-SCALE RUSSIAN INVASION OF UKRAINE
The full-scale Russian invasion of Ukraine has had a serious systemic impact on the geostrategic, especially security, geopolitical, economic, and financial, situation of key countries and regions of the world in terms of global order and economic development. The aim of the article is to identify and, based on interdisciplinary approach, analyze main trends in the transformation of globalization processes in the context of the consequences of Russia\\\'s full-scale war against Ukraine.
The critical escalation of the geostrategic struggle for world economic and financial leadership has led to the predominance of governments’ geopolitical considerations over purely market considerations of comparative advantage. Under these conditions, globalization becomes very vulnerable to political decisions at the state and intergovernmental levels.
The key actors in the world economy and politics, the United States, the EU, and China, have been increasingly considering their participation in globalization from the standpoint of “strategic autonomy”, but so far within the existing international financial system and current global world trade regulations. Instead, Russia, under strict sanctions from the world democratic community, has set a course for a break with the leading European and global institutions in terms of values and regulations as well as with the post-bipolar normative order.
The global challenges to energy and food security coupled with supply chain disruptions have significantly deteriorated the short- & medium-term prospects for growth and capitalization of transnational high-tech companies. One should expect a rapid, massive, and lasting shadowing of many spheres of international economic and monetary-financial relations, especially due to the attempts to introduce various cryptocurrency mechanisms in the “gray areas” of less developed regions of the world. At the same time, today there are no sufficient grounds for real bifurcation of the world economic and financial space. An important indicator for such a conclusion is the current policy of the multilateral development banks financially and administratively controlled by Beijing, i.e., the Asian Infrastructure Investment Bank and the BRICS New Development Bank.
Keywords:globalization; Russia-Ukraine war; world order; international monetary and financial system; shadowing of international trade.
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The article was received by the Editorial staff on November 30 , -0001
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