Open AccessCURRENT TRENDS IN THE STRUCTURE OF INTERNATIONAL TRADE IN VIEW OF THE BASIC THEORIES OF INTERNATIONAL TRADE
Author(s) -
Anastasiia Artyomova
Publication year - 2021
Publication title -
bìznes-navìgator
Language(s) - English
Resource type - Journals
eISSN - 2707-6172
pISSN - 2522-4751
DOI - 10.32847/business-navigator.65-2
Subject(s) - globalization , economics , international finance , comparative advantage , world economy , context (archaeology) , economic integration , international trade , variety (cybernetics) , trade barrier , production (economics) , international economics , macroeconomics , political science , market economy , paleontology , artificial intelligence , biology , computer science , law
The article outlines the main trends in the structure of international trade at the present stage and indicates in general the reasons for such changes. International trade as the main form of international economic relations at the present stage of development mediates almost all types of international cooperation associated with the globalization of the world economy. Both the positive aspects of globalization, which allow the most active development of all forms of international economic relations, and the negative ones, which manifested themselves in the context of the global financial crises, were noted. The essence of the main theories of international trade development (such as the theory of absolute advantages, the theory of comparative advantages, the theory of the ratio of factors of production, Keynesian theory), which traces the relationship with the formation of the world economy. Based on the analysis of data from the International Monetary Fund, the following current trends are substantiated: first, the real economy is developing more slowly than the financial system; secondly, the interconnection of financial systems in connection with the processes of global integration of economic elements has increased, which increases the risk of a “chain reaction”; third, the financial system is becoming increasingly complex due to the variety of instruments and operations. We explain the main provisions of the theory of factors of production as explaining the main trends in the structure of international trade. First, a gradual decrease in the value of the marginal utility of each additional cost of factors of production is allowed. Secondly, the same structure of consumption, the same tastes and habits of the population, the same production conditions of producers, constant tariffs, transportation and other costs. All this, of course, in our subjective opinion, fits into the total system of globalization, international industrial cooperation and economic integration of countries, the consequences of which are the outlined trends in the structure of the international economy.