Abstract
Globalization is viewed not only as the objective, but also as the subjective process, the current version of which requires adjustments since it is characterized by the increasing inequalities and instability, causing conflicts worldwide, pushing regional groups towards confrontations. Globalization is to be directed for achieving the equitable levels of development across the globe for which it is suggested to establish the situational governing board as the common platform for collaboration between the regional blocs for global economy regulation. The notions of the regional state and the global/planetary state are introduced. The interdependence between regionalization and globalization is thoroughly analysed, which results is the explanation of the logic behind the process of the multipolar world formation as opposed to the unipolar one. The main points are illustrated by the facts from the EU integration history, WTO practice, the calculated indicators of the major thirteen regional integration groupings covering Europe, Asia, North, South America, Africa, two transregional organizations Regional Comprehensive Economic Partnership, Transatlantic Trade and Investment Partnership, as well as the USA, Developed economies of Europe, China. The contribution to the study of regionalism as the boosting phenomenon shaping the development of the world allowed to conclude that regionalization is critical for the sustainable future of the world.
Highlights
Regionalization as the formation of blocs of states in one form or another has always been inherent to the development of the world
2) the dialectical relationship between regionalization and globalization is revealed; 3) the theoretical results are confirmed by the calculations of indicators taken from UNCTAD handbooks of statistics, and it is proved that the further integration of the leading regional blocs and/or major states of the world economy is highly unlikely
If we focus on the fact that regionalization segregates a group of countries from the rest of the world, their totality, we can formally state that regionalization weakens the unity of all the countries, leads to certain localization, even deglobalization
Summary
Regionalization as the formation of blocs of states in one form or another has always been inherent to the development of the world. Notable increase in the number of integration projects in different regions of the world from the mid1980s transformed regionalism into global phenomenon full of substantial and organizational variations and an important element of the overall architecture of world economy and safety [4]. 2) the dialectical relationship between regionalization and globalization is revealed; 3) the theoretical results are confirmed by the calculations of indicators taken from UNCTAD handbooks of statistics, and it is proved that the further integration of the leading regional blocs and/or major states of the world economy is highly unlikely
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