Theoretical Aspects of Identification of the Essence of Economic Integration

Abstract

The article generalises leading concepts and theories of economic integration that cover key aspects of this process. It gives a list of economic, socio-cultural and political factors that determine dynamics and direction of economic integration of the countries of the world. It studies approaches of foreign and domestic researchers with respect to the essence of the “economic integration” notion and provides a list of its basic characteristics. It builds a scheme of interconnections between the elements of the process of economic integration of the countries of the world in the world economy, on the basis of which the article offers a list of positive and negative consequences of economic integration for national economies.

Keywords

• economic integration
• national economy
• socio-economic development
• economic system