Transformation of the World Economic System and Its Impact on the Economic Development of Region in the Conditions of Globalization

Abstract

The article highlights the impact of the transformation of the world economic system on the economic development of re¬¬gion under the conditions of globalization. At this, it was determined that transformation (from the Latin transformatio – change) is an action or process of changing the appearance, nature, form or character of an object, and globalization (from the Latin “globus”, French “global” – general) is a process, trend, function of historical development, which is characterized by comprehensiveness and integrity. The intuitive understanding of the concept of economic development of territory connects its content with positive changes in a certain space. However, this interpretation, although generally understood, nevertheless has a number of uncertainties related to both individual definitions of development of region and the importance of synthesizing these definitions in a spatial context. At the same time, it should be emphasized that the global economy is in a state in which all countries and regions not only influence each other, but are also closely interconnected. Along with this trend of regional development, there is a growing awareness of the existence and need to take these processes into account in practice. Such a holistic and innovative approach to socioeconomic and cultural de¬velopment in a globalized economy contributes to the more effective use of all availab¬le potentials and resources of different spatial units, and – ultimately – to obtain their sustainable competitive advantage, including in the international arena

Keywords

• region
• economic
• development
• transformation of the world economic system
• globalization
• glocalization
• regionalization
• «learning region»