Disparities in the Development of the Global Trade System: The Causes and Consequences

Abstract

The article generalizes the main approaches to analyzing the nature of global disparities in the development of the global trade system, their negative consequences, and opportunities for regulation. It is proved that global economic disparities have both objective and subjective origin, can be initiated by individual countries, groups of countries and international economic organizations, are closely related to non-economic aspects of the world economy and are clearly manifested not only in the financial sphere, but also in international trade. The article substantiates that, taking into account peculiarities of the current foreign economic policy of sovereign countries, three main tendencies can be distinguished, which are directed towards protecting national interests in the context of the crisis of the global trade system, and which, in fact, represent global disparities in its development: protectionism, regionalism, and transregionalism. It is identified that, speaking in economic terms, the growing external interdependence does not bring together, but, on the contrary, subordinates, turns regions and countries of the world into dependent ones; does not overcome, but fixes the peripheral position of individual countries; does not violate, but strengthens the hierarchicality of the world economy, which is caused by its internal logic. It is concluded that in order to eliminate or mitigate global disparities in the global trade system, it is important to use new institutional mechanisms in the development of which countries with emerging markets should take an active part, which means there is a need for a flexible combination of liberalization with import substitution and elements of protectionism.

Keywords

• global disparities
• global trade system
• protectionism
• regionalism
• transregionalism