Abstract
Main goal of the paper is to define the European Union place in world economy and evaluate the impact on international economic processes. The article proves that in spite of the crisis and a sharp national debt problem, Europe doesn’t lose its positions. The presence of the highly developed industry, developed system of transnational corporations and banks, manufacturing of the big pat of high technology products, conducting wise policy in the R&D sphere, and high competitiveness of most of the EU countries in the world economy assured big inflows of investments in the Union economy. This had a positive impact on the level of well-being in the member countries and their social and economic development, which is confirmed by the indicators of income levels per capita and human development. The European Union remains the leading integration block, which is not only competing with the United States, Japan, and China, but also is in the lead of this race. Presence of the highly developed industry, developed system of transnational corporations and banks, production of a large part of high-technology products, and high competitiveness of most of the EU countries are proven statistically. It’s demonstrated that the appearance of this market is one of the most significant events in the modern world economy.
Highlights
The European Union, which includes 28 countries by the beginning of 2014 with the population of more than 509 million people, is the biggest economic and political integration union in the world and one of the modern world economy leaders
The presence of the highly developed industry, developed system of transnational corporations and banks, manufacturing of the big pat of high technology products, conducting wise policy in the R&D sphere, and high competitiveness of most of the EU countries in the world economy assured big inflows of investments in the Union economy. This had a positive impact on the level of well-being in the member countries and their social and economic development, which is confirmed by the indicators of income levels per capita and human development
By the middle of the ХХ century Western European economy was destroyed as a result of the World War II: there were a high inflation rate, the lack of the raw materials, energy resources, and food, and national currencies lost their convertibility
Summary
The European Union, which includes 28 countries by the beginning of 2014 with the population of more than 509 million people, is the biggest economic and political integration union in the world and one of the modern world economy leaders. Beginning from the middle of the previous century, the European Union’s weight in the world economy has been growing, as its significance as an economically strong center, competing with the U.S, Japan, and China. By the middle of the ХХ century Western European economy was destroyed as a result of the World War II: there were a high inflation rate, the lack of the raw materials, energy resources, and food, and national currencies lost their convertibility. The industrially developed countries of the Western Europe began to lose their positions at the world arena. Their weight in the GDP of the developed countries reduced sharply, comparing with the weight of North America in 1913-1948 (from 51.8% to 28%); the weight of the U.S increased from 44.2% to 55.8% (Shishkov, 2000). To restore and increase economic strength Western European countries took the road of integration of their economies
Sign-in/Register to view highlights & summary 
Published Version (
Free)
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call