KEY TRENDS IN THE WORLD ECONOMY DEVELOPMENT: NEW CHALLENGES AND PROSPECTS
DOI:
https://doi.org/10.15407/scine17.01.003Abstract
Introduction. Globalization 4.0 and the underlying technological innovations have been leading the world into a new phase of development – cyber-physical systems and talents – an era that has no historical precedent in terms of scale, speed, and depth of changes.
Problem Statement. The latest waves of globalization and industrial revolution bear unprecedented challenges and development prospects that countries, regions, corporations, and individuals must be aware of in order to adequately respond and to make adequate decisions.
Purpose. Identification and analysis of key development trends in the world economy related to globalization and revolutionary technological transformations in their unity and interdependence, one of which is the development of a network economy as the next economic revolution based on trust, negotiations, diplomacy, and a culture of mutual assistance.
Materials and Methods. Analysis and synthesis, comparative analysis and systemic approach have been used for this research. Scientific reports of international organizations, private and public corporations, foreign and Ukrainian scholarly research publications on this issue have been used as references.
Results. The main features of Globalization 4.0 and the fourth industrial revolution, which are fundamentally transforming the global economic, social, and geopolitical landscape have been generalized and systematized. The periodization of the globalization waves, as compared with the phases of the industrial revolutions, has been made. This has allowed a comprehensive analysis of the processes of globalization and technological development in their unity and interdependence and further substantiation of the key development trends in the world economy.
Conclusion. Globalization 4.0 and the fourth industrial revolution have been transforming all areas of society throughout the world, and therefore should be taken into account when making strategic decisions at all levels of management, from corporate to international.
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