Conceptualization of glocalization processes in the global economy

Abstract

Methods. During the research, the following general scientific research methods were applied, such as: abstraction, the method of grouping and classifications – when determining the essence of the category «glocalization» and its interpretation by various representatives of modern economic science; comparative analysis – when establishing distinctive and similar features of globalization and glocalization processes; system-structural analysis – when distinguishing the levels of glocalization. Results. The article is devoted to the study of glocalization processes in the world economy. The works of scientists who studied this process were analyzed, and the definition of the term «glocalization» is presented. Differences in the essence and nature of the processes of glocalization and globalization have been established. Examples of companies that actively apply glocalization policy in their economic activities are given. The prospects for the development of glocalization are outlined, as well as the analysis of its effectiveness. The specifics of these processes in different countries of the world are characterized on the example of the adaptation of McDonald's and Nestle companies to the national markets of different regions of the world. It has been proven that for the development of international trade, it is important to take into account the local characteristics in which international business operates. The importance of the application of glocalization policy in the modern world is revealed. Novelty. The advantages of carrying out glocalization for national and world markets are determined. Practical value. The study of glocalization processes in the world economy makes it possible to predict their impact on national and world markets, and also allows to study the results of the impact of glocalization processes as a whole. The study reveals the importance of this policy and makes it possible to predict its impact on the global economy in the future.