Abstract

The existing theoretical basis of existing research on major aspects of innovative development has been analyzed, taking into account the fact that the globalization of world economy has brought about a number of new economic opportunities and has diversified the methodology of competition. The concept of innovative world economy development has been studied; the said concept, over the course of its development, has gone through several successive stages, which have been extensively enough covered in works of foreign and domestic economic science. It has been determined that a unified approach to interpreting the term “innovation” does not exist in foreign economic science. It is thus proposed, while taking into account the radical changes taking place in the global economy today, to understand the concept of innovation as “the results of transforming ideas, developments and research into new or improved socio-economic, scientific or technical solutions, the results of which should be publicly recognized, i.e. find use in current and future practice. The main methods for determining innovative development and its impact on economic development have been inspected. The factors determining the unevenness of economic development have been divided into two main groups: first, the factors of innovative nature, such as the financing level of innovative activity in a country, especially the NIS, or the legal basis of managing innovation; second, the factors having a general economic influence, such as the education level in a country, the level and dynamics of GDP per capita. It has been concluded that building the research methodology for studying innovative economic development should be based on considering two components: the industrial policy and the foreign economic component.

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