Abstract
Research background: The disappointing economic results of the global economic crises, which brought macroeconomic instability, increasing inequality, are often understood as results of globalization. In this article, besides the positive effects, the many unavoidable negative impacts of globalization on the South Caucasus and Central Asia region are discussed. It is shown that responsibility for the economic crisis is not entirely globalization but a combination of the raw material based economy, together with incorrect trade policy. In this article, an alternative view of globalization is offered, including diversification policy challenges. It also explores the main tools of dissemination of globalization, which has created many new opportunities for business in the region. Purpose of the article: The aim is to find out to what extent the countries are involved in international integration, comparative analysis transformative impacts of globalization. Methods: The methods of comparative analysis and systematization of scientific approaches were employed. The research contains an analysis of the region’s position in the international trade and investment. Findings & Value added: The region has to concentrate on a new picture of the multipolar world. In the region countries, the processes of globalization were accelerated after the countries became a member of WTO, ADB and integration into the international relations. The findings in general correspond with the trends in emerging markets that the process of globalization is gradually turning into functional mechanism of competitiveness, but there are some differences. The impacts of globalization process are progressively increasing, also there are new unforeseen impacts evolving.
Highlights
Contemporary observers and researchers dig deeper into what consequences globalization will have for the future of the the World economy and its subregions
The neoliberal turn in the 1990s, overturned post-war agreement on the importance of embedding markets in national and international public institutions and raised questions about their long-term viability and legitimacy; Dissatisfaction with its neoliberalism and good governance commitments in the 1990s led emerging powers to engage in practices of ‘counter-multilateralism’ and establish organizations like the New Development Bank (NDB) and the Asian Infrastructure Investment Bank (AIIB) as alternative sources of funding [2]
The World Economic Forum initiated the Scenarios for the South Caucasus and Central Asia, such as: In the future, the region has the potential to establish a fresh identity as a centre of activity within a new, 21st-century economy [3]
Summary
Contemporary observers and researchers dig deeper into what consequences globalization will have for the future of the the World economy and its subregions. The World Economic Forum initiated the Scenarios for the South Caucasus and Central Asia, such as: In the future, the region has the potential to establish a fresh identity as a centre of activity within a new, 21st-century economy [3]. By answering these critical questions about the region’s longer-term future the South Caucasus and Central Asia countries can develop robust strategies for their institutional choices and spatial transformation under globalization. SC&CA is situated on the traditional Silk Road trading road, midway between Europe and the countries of east, south and southeast Asia. In spite of this strategic location, Central Asian countries are poorly connected, both to one another and to the rest of the world. The main factors of poor connectivity: The region countries are landlocked; Central Asia is remote from both European and Eastern developed markets; Protectionist economic policies have created high barriers to foreign investment
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