Bìznes Inform (Apr 2020)
Analyzing the Approaches to Evaluation of the Country’s Foreign Economic Security
Abstract
The article is concerned with analyzing the approaches to evaluating the country’s foreign economic security. Definitions of the concepts of «foreign economic security» in the works of scholars are explored. Upon the definitions of the essence of the concept of «foreign economic security» and using the method of content analysis, the term of «foreign trade security of the country’s industry» is proposed. The theoretical and practical aspects of evaluation of the foreign economic security are researched. The carried out analysis found that though a wide range of methods and approaches to valuating the country’s foreign economic security were being used, there had not been any of them that were commonly accepted. The advantages and disadvantages of the approaches and methods used have been defined. It is proved that scientists and experts do not take into account the concept of foreign economic relations such as «global value chains» that play a key role in the globalization processes of the modern world economy. The author substantiates relevance of a study on the degree of country’s involvement in the global globalization processes of creating value-added chains, which lead to increased internationalization of the world-wide production of goods and services and, as a result, the emergence of potential threats to the economic security of the country in the process of embedding companies, clusters and industries in these processes. Therefore, to evaluate and forecast this phenomenon, a methodical approach based on the use of a multidimensional approach is needed to explore various aspects of this problem, to provide its continuous monitoring, to develop and take effective, evidence-based measures at all levels to prevent potential threats and reduce existing threats to foreign economic security.
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