The New Concept of Social Justice in the Globalizing Economy

Abstract

Purpose: The purpose of the work is to develop a new concept of social justice in the globalizing economy. Methodology: During development of a new concept of social justice in the globalizing economy, the authors use the global goals in the sphere of sustainable development, adopted by the UN in 2015 (for the period until 2030), which are the scientific and methodological platform of this research. Results: Comparative analysis of the methodology of provision of national justice and global justice is performed; it is determined that though the goals of provision of social justice are universal, the methodology of their achievement is different at the national and global levels. The methods of provision of global social justice include the credit and investment support for developing countries, agro-industrial innovations, innovations in healthcare, digital education, international migration, cultural globalization, international norms and standards of nature use, transition to alternative sources of energy, and independent international arbitrage. Recommendations: A new concept of social justice in the conditions of globalization of economy is developed and recommended for practical application. It is aimed at balancing the possibilities and provision of equal conditions for conducting economic activities of the participants of international economic relations. This concept is based on the global goals in the sphere of sustainable development and is implemented with the help of a specific (as compared to national concepts) methodology. Its result is maximization of the global well-being.