Abstract
Big financial crisis from 2008 has dramatically changed globalization process by reducing cross-border flow of capital, to a large degree. Crisis has shown numerous deficiencies and negative sides of this process, and there was a big displacement of world economy from developed western countries towards China and other countries in accelerated development. Symptoms of de-globalization, such as populism, economic protectionism and similar, haven't significantly changed the picture of constant integrative processes worldwide. Undoubtedly, in future, globalization will mostly be dependent on the three biggest and most significant economic, political and social entities in the world-USA, EU and China. Tail wind to an overall globalization process is given by Globalization 4.0, which is based on automatization by digital technologies with use in not only production processes, but in health care, education, transport, supply industry as well.
Highlights
Economic globalization is one of the most significant characteristics of modern world economy
Changes that appear during the beginning of 21st century are primarily manifested through increased speed and absolute size of economic flows across national borders and by including more and more countries in global economy, because economic globalization was in the beginning, mainly limited to Western Europe, North America and Pacific Asia
What did global economy learn from 2008 crisis and which models dominate global business scene, as a way to keep globality “on healthy feet”? What is the effect of new states’ policies worldwide which advocate the closing of national markets’ doors as means to save national economies and restore workplaces lost during globalization? Financial crisis from 2008 shocked and intimidated capital worldwide, which was, until that moment, ready and willingly crossed national borders
Summary
Economic globalization is one of the most significant characteristics of modern world economy. All participants in the economy adapt to it: nations, regions, multinational corporations, as well as flows of money, loans and investments. It is institutionalized through different international economic organizations. Changes that appear during the beginning of 21st century are primarily manifested through increased speed and absolute size of economic flows across national borders and by including more and more countries in global economy, because economic globalization was in the beginning, mainly limited to Western Europe, North America and Pacific Asia. USA and other developed countries still possess most significant part of global wealth and industry, they are still in a certain decline, while some countries in development, especially China, have largely increased economic importance in international proportions. The biggest challenges of globalization in future period are consequences of global financial crisis from 2008 and a large reconsideration which appeared worldwide on justification, advantages and deficiencies of the previous globalization order
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