Trade Growth Research Articles

"A Study on Analysis of Operating and Financial Performance of Regional Rural Banks in Indian context "

The development of India's economy and rural sector depends heavily on agriculture, so it is essential to develop strategies for increasing income and creating jobs in rural areas, creating programs to reduce poverty in unbanked rural areas, and creating the right institutions and mechanisms to meet the credit needs of the rural sector. A significant step in this direction was the establishment of Regional Rural Banks (RRBs) in the middle of the 1970s. The RRBs are specialist rural financial institutions that provide small and marginal farmers, agricultural workers, artisans, and small business owners with the credit they need to grow their businesses.However, there were also commercial and cooperative banks to meet the financial needs of the rural sector. While the commercial banks' efforts to increase agricultural credit were limited by their concentration on profitability, the cooperative banks' efforts were also hindered by a number of financial difficulties. Even yet, over time, Regional Rural Banks have been able to increase their clientele, their revenue, and their ability to provide credit to the underprivileged. However, in the current environment, a number of flaws have also surfaced that have weakened their profitability and viability, such as past due, loan recovery, nonperforming assets, etc. Regional Rural Banks play a significant role in the delivery of credit in rural regions by offering credit facilities to the economically weaker segment of the population for the growth of trade, industry, and agriculture. In India's agricultural and rural development, regional rural banks are essential. Through their extensive network, the RRBS have a greater reach in India's rural areas. The financial stability of the rural areas in India is a key factor in the success of rural credit. RRBs are a crucial source of finance for rural areas, and they are in charge of providing different sorts of agriculture credit in rural areas with the loans they require. The majority of regional rural banks are currently dealing with issues including past due, recovery, nonperforming assets, and other issues. The financial performance of RRBs in India must therefore be studied. Even after 65 years of independence, 65% of the population still resides in rural areas. The strength of the rural sector is crucial to the growth of the rural economy. The Indian government has initiated and carried out a number of policy measures. However, poverty, a lack of access to clean water and sanitary services, subpar housing, high rates of illiteracy, and other comparable economic and social disadvantages continue to plague rural India. One of the fundamental engines of economic expansion is the banking sector. Given that it is a crucial link in numerous socioeconomic operations, it must be stable. The GOI established the Regional Rural Banks (RRBs) in 1975 in accordance with the requirements of the ordinance proclaimed on the 26th September 1975 with a view to thriving the rural economy. The share capital of RRBs was financed to a percentage of 50% by the Government of India, 15% by the relevant State Government, and 35% by the bank that sponsored the RRB. The RRBs can only operate in certain districts in a State that have been notified. The RRBs generally collect deposits from rural and semi-urban areas and lend money largely to small and marginal farmers, agricultural laborers, rural craftsmen, and other priority sector sectors. RRBs have more access to rural areas and are crucial to India's development of its rural areas and agriculture industry. The primary goals underlying the establishment of this sort of dynamic institution in India were to create a connection between rural households and banks, especially in banking-deficient areas. Additionally, to promote rural savings, create job possibilities, and offer more affordable loans to rural India's marginalized population.

Іmpact of Ukraine-Russia war on global trade and development: an empirical study

The crisis in Ukraine has created a humanitarian crisis of immense proportions and has also dealt a severe blow to the globe economy. The brunt of the suffering and destruction are being felt by the people of Ukraine themselves but the prices in terms of reduced trade and output are likely to be felt by people round the world through higher food and energy prices and reduced availability of products exported by Russia and Ukraine. Poorer countries are at high risk from the war, since they have a tendency to spend a bigger fraction of their incomes on food compared to wealthier countries, this might impact huge political stability globally. From a macroeconomic perspective, higher prices for food and energy will reduce real incomes and depress global import demand. Sanctions will impose economic costs on not only Russia directly but also on its trading partners. Besides Russia and Ukraine, depressed gross domestic product (GDP) will probably be seen mostly in Europe given the region’s geographic proximity and its dependence on Russian energy. Trade costs will rise within the near term because of extraordinary sanctions, export restrictions, higher energy costs and transport disruptions furthermore. As a result, the impact of the war will wear world interchange 2022 might be greater than the impact on global GDP. While shares of Russia and Ukraine in world trade and output are relatively small, they're important suppliers of essential products, notably food and energy. Both countries accounted for 2.5 percent in world merchandise trade and 1.9 per cent in world GDP in 2021. Yet they supplied around 25 per cent of wheat, 15 per cent of barley and 45 per cent of sunflower products exports in 2019. Russia alone accounted for 9.4 percent of world trade fuels, including a 20 per cent share in fossil fuel exports. Many countries are highly obsessed on food imports from Russia and Ukraine. for instance, over 1/2 wheat imports in Egypt, the Lebanon and Tunisia come from Russia and Ukraine. Other countries are more addicted to imports of fuels from Russia, like Finland (63 percent) and Turkey (35 percent). Russia and Ukraine also are key providers of inputs into industrial value chains. Russia is one in all the most suppliers globally of palladium and rhodium, key inputs within the production of catalytic converters within the automotive sector and therefore the manufacture of semiconductors. Semiconductor production also depends to a considerable extent on neon supplied by Ukraine, which further provides variety of low-tech products to the ecu automobile value chain, like wire harnesses. Prolonged disruptions within the supply of those goods could harm the recovery of automobile manufacturing. Sanctions are already having a robust impact on Russia’s economy, with possible medium to long-term consequences. Disconnecting Russian banks from the SWIFT settlement system and blocking Russia’s use of interchange reserves have triggered a pointy depreciation of the ruble, reducing real incomes within the country. Most of the massive international firms also are abandoning the Russian market. Oil and gas exports have yet to be strongly full of the sanctions, but the crisis could accelerate the worldwide transition towards greener energy sources. Longstanding economic relationships are disrupted by the war and by the sanctions imposed in its wake. Eminent economists have simulated various scenarios parenthetically the channels through which trade may well be affected and to explore possible short-run and long-run effects. Global trade growth is projected to slow by up to 2.2 percentage points in 2022. long term impacts could even be large and consequential. there's a risk that trade could become more fragmented in terms of blocs supported geopolitics. whether or not no formal blocs emerge, private actors might prefer to minimize risk by reorienting supply chains. this might reduce global GDP within the long term by about 5 percent, notably by restricting competition and stifling innovation (WTO, 2022). The Global Economy has a crucial role to play in mitigating the negative effects of the crisis and in rebuilding a post-war global economy. Keeping markets open are critical to confirm that economic opportunities remain receptive all countries. this can be very true within the post-war period, when businesses and families will have to repair their balance sheets and rebuild their lives. Through its importance for international trade and its monitoring, convening and other functions, the WTO is central to making sure that international trade continues to serve billions of individuals across the globe. during this paper we are giving an empirical analysis of world trade and development impacted by the present Russian-Ukraine war.

The Effect of Operating Cash Flows and Book Tax Differences on Profit Growth in Large Trading and Small Trading Sub-Sector Companies Listed on the Indonesia Stock Exchange

This study aims to determine the effect of operating cash flow and book tax difference on profit growth in large and small trading sub-sector companies listed on the Indonesia Stock Exchange. The research methodology used is a quantitative descriptive method. The population in this study are large and small trading sub-sector companies totaling 61 companies. The results of the research analysis show that operating cash flow has no significant effect on profit growth in large trading and small trading sub-sector companies based on the results of partial hypothesis testing. The results of the research analysis show that Book Tax Difference has a significant effect on Profit Growth in Large Trading and Small Trade Sub-Sector Companies based on the results of partial hypothesis testing. The results of the research analysis show that Operating Cash Flow and Book Tax Difference have a significant effect on Profit Growth in Large Trading and Small Trading Subsector Companies based on the results of simultaneous hypothesis testing.

The Link between Regional Trade of Kenya, Uganda and Tanzania and Sustainability of the Countries

Purpose: The purpose of this study was to investigate the link between regional trade of Kenya, Uganda and Tanzania and sustainability of the countries.
 Methodology: The study utilized a nonexperimental panel study. Panel data analysis was adopted in this study because of the sample size and the data used is cross-sectional. To test for autocorrelation, two common tests were used. That is the Baltagi and Wu’s LBI test or the Durbin Watson modified test. These tests are able to handle all sorts of panel data with minimal bias and great efficiency.
 Results: The region recorded an average 26.02% GDP investment rate. There was an average 41.99 percent and 2.03 percent growth in extra regional and intraregional trade respectively. This clearly showed that the EAC countries (Kenya, Tanzania and Uganda) have participated more in trade with other non-EAC member states than with EAC member states.
 Conclusion: From the empirical findings, this study concludes that sustainability and trade in the Kenya, Uganda and Tanzania have a relationship that varies across countries. Kenya has a significant unidirectional relationship between intra-regional trade and the growth of GDP per capita while all the other countries reveal that such a relationship does not exist.
 Recommendation: Policy recommendations suggested that Kenya, Uganda, and Tanzania presidents should implement strategies that enhance cooperation and integration. This is the case because empirical results indicate intra-regional trade contributes a huge chunk with respect to economic growth in the EAC countries.

Analysing the Flow of Intra-Industry Trade in the Central African Monetary Community

This paper empirically examines the flow of Central African Economic and Monetary Community (CEMAC) intra-industry trade at different sectors and product categories using the Standard International Trade Classification (SITC). An augmented gravity model of trade was adopted to analyse changes in the different sectors and product categories from 1995 to 2015; this is the time span for which consistent and useable time series data is available for CEMAC. A time fixed effects variable and within estimator were included to control for unpredictable changes in exogenous factors and capture the heterogeneity of the sample over time. The results showed that prior to the formation of the CEMAC customs union, the growth in intra-industry trade had been higher than that of the CEMAC customs union with the exception of very few sectors and that since the establishment of the customs union in 1994, IIT trade has remained low and only Cameroon has witnessed an increase in trade with member states, especially in food and live animals. The results also showed that only mineral fuels exports had been significant and positive for Chad and Equatorial Guinea.

International Experience in the Development of Electronic Commerce and Its Application in the Republic of Belarus

The article considers e-commerce as a new segment of world trade, its current state and place in the global economy. It has been revealed that facilitating the acceleration of information exchange and the growth of world trade, e-commerce is one of the main global trends in economic development. Economic effect from the use of e-commerce technologies has a positive growth, and this sphere of activity has already become an integral part of society. The article identifies the competitive advantages of e-commerce as well as the opportunities and challenges of development in the Republic of Belarus. The main ways of e-commerce development in the Republic of Belarus have been identified, based on the analysis of international e-commerce practices. In particular, the following measures are proposed: liberalization of doing business in the Internet environment; development of commercial courier services; creation of specialized centers; promotion of electronic payment systems and Internet banking; stimulation of development of online business applications.

Impact of Second-Tier Container Port Facilities on Drayage Operation

Background: An increasing number of container and chassis staging, “dray-off”, drop yard, and depot facilities are being established outside of North American marine container terminals. The increased use of these “second-tier” facilities implies that there must be some capacity, delivery time, service, or reliability benefit that offset the additional cost and complexity. Methods: This paper builds on the previously developed integrated drayage scheduling model to determine the impact of second-tier port facilities on drayage operation. It modifies the previously developed model by incorporating the following features: (1) trucks do not have to wait at customers’ locations during the import unloading and export loading operations; (2) drayage operations can include a drop yard (i.e., second-tier facility) for picking up or/and dropping off loaded containers outside the marine container terminal; and (3) a customer is allowed to request any of the following jobs: pick up an empty container, pick up a loaded container, drop off an empty container, and drop off a loaded container. Results: The results indicated that by moving the location of import pickup and export delivery from inside the marine container terminal to a location outside the terminal, the efficiency of drayage operation could increase. Additionally, when import pickup and export delivery take place inside the marine container terminal, the most efficient location for the chassis yard and empty container depot is inside the terminal. However, when the location of import pickup and/or export delivery are outside the terminal, the most efficient location for the chassis yard and empty container depot is also outside the terminal. Conclusions: The modeling results suggest that in addition to adding reserved capacity for marine terminals or as buffers to reconcile the preferred delivery times of importers, the second-tier facilities could also yield operational savings. However, the potential drayage efficiencies depend heavily on shorter queuing and turn time at these less-complex facilities compared to marine container terminals. Lastly, the modeling results suggest that the observed evolution of North American marine container terminals from self-contained entities into multi-tier systems is likely to continue to add additional capacities to accommodate container trade growth. This finding has important implications for regions and communities concerned over the impact of growing container ports.

The impacts of China's crops trade on virtual water flow and water use sustainability of the “Belt and Road”

Since the “Belt and Road” initiative was put forward, the trade of crops between China and the countries have increased markedly. Agriculture is the most water-consuming sector, the trade of crops could influence national water availability via virtual water embodied in the products. In order to gain an in-depth understanding of the water use of crops traded in countries along the “Belt and Road”, from the perspective of import and export of China's crops, based on the characteristics and driving factors of virtual water trade, we proposed the Water Use Potential Index (WUPI) to assess sustainability of countries and their crops, and constructed a more comprehensive virtual water trade research framework. Results showed that the import and export of virtual water in 64 countries was dominated by green virtual water content from 2001 to 2017, and China was in a virtual water trade surplus. The Association of South-East Asian Nations was China's leading importer and exporter. The level of agricultural available water resources, the proportion of the agricultural population, the scale of agricultural production and the virtual water intensity could promote the growth of virtual water trade in crops between China and countries along the “Belt and Road”, while economic model and the population structure played a restraining role. In terms of water use potential, China and Kazakhstan had great sustainable water use potential for crops, and the trade structure of other countries still needed to be further optimized. Understanding the virtual water trade in crops can provide a reference for the rational planning of crop cultivation and water resource conservation.

O papel dos movimentos de capitais no balanço de pagamentos da América Latina em 1990-2019

ABSTRACT We studied the balance of payments data for a set of Latin American countries between 1990 and 2019. We intended to quantify the main items of foreign exchange income and expenditure. We were particularly interested in studying the magnitude and role of financial flows, either as a source of external resources or as an item of expenditure. The analysis was carried out in two dimensions: cross section (for a sample of 11 nations) for the entire period and over time for the three decades covered by the data. This study offers an empirical basis to reassess the traditional view that places an “external constraint” on growth in the foreign trade. In contrast, the data analyzed here suggest that items related to financial flows are the main responsible for external vulnerability of these countries.

CONTRIBUTIONS OF ROYAL MUGHAL WOMEN IN ECONOMIC FIELD

Women occupy a critical place in every stratum and society. Royal Mughal ladies played a considerable role in the economic field during the Mughal period. The Mughal age was marked by overall prosperity and growth in all the spheres of life. There was hectic economic activity in the country, which led to growth of trade and commerce. India commodities like textiles, spices, and exotic products like opium and dyes were in great demand in the countries of west Asia and North Africa. The items of import were gold, silver, ivory, pearls, precious gems, horses etc. Mughal women made a fairly large but little appreciated contribution to the development of trade and commerce in the country. Besides participating in economic activities, Mughal royal ladies saw to the construction of markets and caravan sarais. Therefore, encouraging and faciliating trade conditions in the country. The present article deals with contribution of the royal Mughal ladies in economic property of the Mughal empire which occupies a unique place in the annals of India.

Challenges of Developing a Logistics Hub Case Study: Batu Ampar Port

As a region with leading sectors of marine, tourism, industry, fisheries, and Batu Ampar as the Main Port, Batam has the potential to be developed. One of the main centers of activity is large ports and international airports that can become national and international-scale economic gateways for logistics hubs. This research aimed to determine The Challenges of developing a logistics hub in Batu Ampar Port. This research uses a descriptive qualitative approach and secondary data from the Batam port office and the Human Settlements and Spatial Planning Office. This research shows some challenges such as geography, infrastructure, connectivity, transportation costs and time, Trade movement requirements, Shipping dependability, Transport, and trade regulations. Poor logistics performance is a significant obstacle to trade growth in most Indonesian cities. In this case, there is an international shipping port that does not yet have adequate facilities and infrastructure to become a logistics hub.

The requirements of agile pricing policies to build a competitive maritime sector: reflections on the Egyptian ports

The strong growth of world merchandise trade recorded the highest in 2017. This was the strongest indicator within a period of six years carrying a ratio of 1.5% which is far above 1.0 the ratio following 2018 financial crisis. The period up to 2023 carries positive prospects for short and medium term and will yield to a growth of global GDP by more than 3.0. This paper is coming in the light of the two decrees that had been issued by the Egyptian Government #800 for the year 2016, and #488 for the year 2016 which had set the different pricing for the different services for the port users. The question arising and addressed in the review across the research study sheds the light on the inability of the Egyptian Economy to hunt the opportunities of this GDP growth and the increase of global sea born trade. The weakness that stands as an umbrella hindering Egyptian ports to carry on these positive forecasts is the non- agile policy setup of their pricing systems. On the academic level, the paper tries to study about the competition and how the pricing system in ports to be determined worldwide. The paper in hand, tried conceptually through review to present a typology accounting for the challenges that face the Egyptian ports in setting competitive pricing system and it allows the venue for more empirical studies in this direction focusing on comparative in depth analysis of specific ports that could be studied in the future to extend the research in this field. Moreover, it presents a qualitative primary researched plan that will tackle the leakages for the Egyptian Ports’ services in building a competitive edge reflecting the challenges they face in their rigid pricing strategies. Such rigidity in terms of price setting has decreased intra-port competition as well as inter-port competition between different terminals and among firms performing in the port and it reduced the transit- shipment activities at some ports.

An ecosystem services penalty system for evaluating international trade proposals

ABSTRACT The World Trade Organization is not explicitly in the business of environmental protection, but through recent initiatives it has sought to better understand the complex relationship between trade and the environment and its role in promoting sustainable trade growth. In line with these initiatives, this paper discusses ways it might explicitly consider ecosystem services impacts when ruling on trade disputes so as to internalise ecosystem services externalities. We propose a change to existing methods of settling trade disputes to include a comparison between the traditional gains from trade and the multilateral change in ecosystem services associated with trade by incorporating a penalty system into the dispute resolution process. If this comparison assesses damages to ecosystem services to exceed the gains from trade then the penalty system suggests trade should not be allowed to take place. This penalty system in turn can create an incentive for exporting countries to reduce their impacts on ecosystem services to facilitate trade.

Global dynamics of GDP and trade

We use the logistic equation to model the dynamics of the GDP and the trade of the six countries with the highest GDP in the world, namely, USA, China, Japan, Germany, UK and India. From the modeling of the economic data, which are made available by the World Bank, we predict the maximum values of the growth of GDP and trade, as well as the duration over which exponential growth can be sustained. We set up the correlated growth of GDP and trade as the phase solutions of an autonomous second-order dynamical system. GDP and trade are related to each other by a power law, whose exponent seems to differentiate the six national economies into two types. Under conducive conditions for economic growth, our conclusions have general validity.

STRUCTUREAL DEASIGN OF SECURE E-COMMERCE WEBSITES EMPLOYING MULTI-AGENT SYSTEM


 
 
 
 The vast growth in electronic trading and monetary transactions results to increase the importance of E-commerce applications rapidly. In order to accomplish the fully functioning, reliable, scalable, secure, efficient and user-friendly E-commerce applications, sufficient system analysis and design processes are important. Shopping over the internet requires offering secure payment method.
 Providing security for each individual online consumer at the same time (particularly for large websites) is a time-consuming effort that can result in a variety of issues, including response delays, customer orders being lost, and system freeze or crash, all of which impair system performance.
 This work seeks to present a new multi-agent system prototype structure that solves the challenge of security while avoiding issues that might degrade system performance. By creating integrated system taking into account the three parties the e-commerce, the e-bank and the customer, the main concentration is to create an archeticture that helps in decreasing the website traffic and supportng the security with effective performance. To simulate the real systems a recommendation system is created based on the customer behaviors to increase system performance in helping the customers to find their favorite products and solve problems like cold start, sparsity of user‐item matrix, scalability, and changes in user interest.
 This is done by creating a commercial environment (e-commerce and e-bank websites) and a software agent that is installed on the client's device to handle the purchase and ciphering procedures without the need for the consumer to intervene. The security process involve preprocessing phase followed by a modified lightweight AES employing chaotic tent map to generate encryption key.
 
 
 

ROLE OF MARINE INSURANCE ON MARINE TRADE GROWTH: A CRITIQUE OF LITERATURE

Purpose: Marine insurance is a form of civil contract in which the insurer makes the promise, in exchange for the insurance payment, to the insured person in whose favor the contract was established to compensate them for any losses they may have had as a result of the occurrence of hazards or accidents. The goal of the study is to determine the role of marine insurance on marine trade growth.
 Methodology: This was accomplished through the use of a desktop literature review. The use of Google Scholar was utilized in order to locate seminal references and journal articles that were pertinent to the investigation. Papers that were published no more than ten years prior were required to meet the inclusion requirements.
 Findings: The field of marine insurance is associated with insuring cargo that is being transported by sea, air, road, or rail; with insuring ships of varying types and sizes, ranging from pleasure craft to oceangoing commercial vessels; and with insuring liabilities that are associated with the transportation of cargo. There is an increased likelihood of risks occurring everywhere in the world.
 Unique contribution to theory, practice and policy: Since the performance outcome of marine insurance companies can have implications for the continued existence of shipping and other maritime businesses, the paper makes the recommendation that more specific policy interventions should be directed at the complete removal of impediments in the operating environment of marine insurance firms. In addition, policymakers should work on developing solutions that would, in some way, mitigate the adverse impact that insurance policies have on foreign trade.

North African countries: economic development and readiness for digitalization

The author believes that the countries of North Africa, with a much differentiated level of socio- economic and digital development, already have certain opportunities for digital development, the need for such development and the creation of digital potential, including in the field of digital trade. However, in our opinion, the countries of the region currently lack a strategic understanding of specific industry tasks in the field of digitalization. It is important to strengthen the presence of the Russian Federation in the digital segment of the region, especially in key segments of the economy. According to the author, the prerequisites for strengthening cooperation in this segment really exist, in particular, they are predetermined by both a fairly active digitalization in the Russian Federation and the growth of Russian-North African trade in the commodity segment and in the service sector based on the growing interest of the parties in the further development of bilateral cooperation, taking into account the growth of global uncertainty.

The Gulf Cooperation Council and the Eurasian Economic Union: opportunities and prospects of trade cooperation

The article discusses the possibilities of developing trade cooperation between the Eurasian Economic Union and the Cooperation Council for the Arab States of the Gulf. The purpose of the work is to identify and analyse specific sectors of the economy that may offer potential interest in the event of the creation of a free trade zone between integration associations. As a result of the study, potential opportunities for trade and economic cooperation in the agro-industrial complex were identified. The methods of analysis and comparison of data from information and analytical materials on the advantages and trends of foreign trade relations of the EAEU and GCC countries were used. The state of the matter at the political level is indicated, as well as the main barriers and potential risks to the growth of trade. The relevance of the work lies in the need to diversify foreign trade partners and ensure the sustainability of economic growth for the integration associations under consideration in the conditions of macroeconomic turbulence, global disruption of supply chains and the general degree of high tension in international economic relations.

Trends in Regional Economic Integration in the SADC and Global South: A Mixed-Method Approach

Economic integration through trade liberalisation constitutes a central objective of regional integration arrangements (RIAs) in the Global South. This seeks to foster increased economic interdependence and stimulate trade between member countries. In the Southern African Development Community (SADC), economic integration is a pillar of regional economic development, with reference to industrialisation and long-term socio-economic growth and development. Regional development policy, such as the Protocol on Trade, emphasises increased trade liberalisation to unlock the growth potential inherent to regional value chains. While a linear regional integration process, consisting of the eventual creation of an economic and monetary union, is envisioned in the SADC, the implementation of measures to further economic integration has stalled. The creation of a free trade area (FTA), earmarked for 2008, has failed, with preferential trade agreements in place. This paper aims to investigate trends in economic integration in the SADC and other developing country RIAs. Objectives include determining the extent to which trade liberalising policies have stimulated intra-regional trade growth and delineating recommendations to foster this outcome further. A mixed-method approach is utilised, which includes a qualitative case study analysis of economic integration policies in nine RIAs in the Global South and a quantitative analysis of the intra-regional merchandise trade growth (as a portion of total merchandise trade) per RIA in the sample (1995-2020). The findings indicate that while most of the RIAs have developed policies to support economic integration, there is divergence in current levels and growth of intra-regional trade. Two RIAs, including the SADC, have experienced more than 5% growth in this variable, while four experienced lower growth. Intra-regional trade declined in three RIAs. Applicable interventions include capacitating regional institutions to support relevant policy formulation and implementation, in addition to improving both physical and non-physical regional infrastructure to foster trade growth.

Formation of the continental system of European law by the example of the Old Athens and the Sparta

The creation and development of modern law is a long historical process spanning several centuries and began with the writing of barbaric Truths (Salichna Pravda, Ripuarska Pravda, Primorsky Salic Franks, etc.). This process was more smooth and evolutionary than the corresponding processes in the field of state formation, where they were often established in a revolutionary way.
 The origin of modern law begins with the reception of Roman law and the law of ancient Greece .. Thus was born city law, international trade law, whose roots are quite deep and strong. But at the same time the legal systems of the Middle Ages were very imperfect, and many of their provisions hampered the development of political democracy and capitalist entrepreneurship in the era of feudalism. These features of medieval legal systems, characterized by the lack of internal unity, prevented progressive changes, both in the state and in law.
 The reform of the old feudal law on a new bourgeois basis was carried out by revolutionary coups - the English Revolution of the 17th century and the French Revolution of the 18th century. These revolutions have largely led to the unjustified destruction of the legal structure created over the centuries, to the breakdown of traditional legal culture, to legal nihilism and voluntarism. Ultimately, they led to significant changes in the field of law, to the formation of a new legal order, which led to the formation and rapid development of capitalism.
 Modern law in the West (primarily Anglo-Saxon and European continental law of France) was formed and developed as a logical continuation of the previously formed systems of medieval (eg, "common law") and even ancient Roman law. The new law could not be something significantly different from the previous law, because in its self-development it absorbed, preserved and used many of its constructive, socially useful elements.
 Modern law of the 20th and 21st centuries is largely based on previous law, the same laws of France (customary law), Roman law; moreover, the pre-revolutionary systems of England and France and Germany did not disappear without a trace. Much of it has been updated in modern law, as medieval law functioned in a society that already knew both private property and market relations and a fairly high level of legal technique.
 The formation of new law meant the formation of bourgeois capitalist law, broke guild corporations and feudal monopolies, creating the necessary space for the growth of production and trade, for personal initiative, for the full use of needs is developing rapidly. (1, 48-51)
 Modern law, in contrast to pre-revolutionary law, which was characterized by disunity and particularism, was born everywhere in the form of integrated national legal systems. It was capitalism, breaking all kinds of castes, regional, customs and other barriers, led to the emergence of not only nation-states but also national legal systems. The legal system acquires a new way of its existence - the system of legislation and the system of law, which was practically present only in its infancy in ancient and medieval societies. The dominant principle in the legal systems of modern times is constitutional (state, public) law, on the basis of which the legal structure of any society was built.
 Legislation had a special system-forming significance in the formation of the new law.