Global Economic Processes Research Articles

Actions of countries actively participating in the global crude oil market in terms of the geopolitical changes in 2020

PURPOSE: The main purpose of this article is to present the activities of countries actively participating in the global crude oil market, which have a key impact on economic processes on a global scale. The actions of OPEC countries use crude oil as an instrument in the international economic policy to influence changes both in the global economy and the geopolitical dimension. It is important to identify and discuss the events that provided a benchmark for OPEC+ countries to take actions on the global oil market in 2020 to try to change the share of the global oil market in an geopolitical aspect. DESIGN/METHOD: The research methods used in this article are the critical literature analysis and numerical data analysis. In this study, the author presents the statement that resource-rich countries increasingly treat crude oil as a tool in the economic policy to influence changes in economic processes on a global scale in order to increase their competitive position, as well as to deliberately create the negative phenomena in a form of price wars that only serve to achieve the set goals in the economic policy of these countries. RESULTS/FINDINGS: The obtained research results-reveal that conscious creation of price wars, the occurrence of oil crises on the global oil market, or the possession of significant deposits of the raw material in question, are treated by the governments of countries worldwide as a tool in itself in order to conduct the economic policy of countries, taking into account the overarching aspect of the broad impact on the manner of conducting the international economic policy of countries on the global oil market. The world the oil market experienced several significant events that caused strong changes from the point of view of the development of the world economy. Decisions held within the framework of the OPEC (and OPEC+) organisation have a narrower impact on the global oil market, however, within a wider global economy they affect the global economic processes. In conjunction with the Covid-19 pandemic, the policy of OPEC+ organisation is affecting the geopolitical changes and the foreign economic policy of every country in the world. ORIGINALITY/VALUE: The contribution to the development of the discipline is the presentation of the events and activities of countries actively participating in the global oil market in 2020, as an attempt to gain a competitive advantage and changes in the geopolitical aspect. KEYWORDS: oil crisis, OPEC, OPEC+, foreign economic policy, demand shock, supply shock. JEL: F13, F42, F6

THE USE OF MODELING IN THE LEARNING PROCESS IN THE FORMATION OF THE NECESSARY COMPETENCIES

Introduction. With the integration of higher education in Ukraine into the world educational process and the strengthening of the role of global economic processes, there is an urgent need to train highly qualified professionals who are competitive in the labour market regardless of the European Union. The initial stage of this process is the formation of the world of competencies needed by applicants in further education and professional activities. To effectively analyse the impact of academic disciplines on the formation of competencies, it is necessary to use mathematical modelling, in particular, it will be appropriate to use cognitive models that can solve predictive problems in conditions of uncertainty. Goal. The purpose of the article is to create a cognitive model of the educational process of higher education to provide conditions for the implementation of an effective curriculum for the formation of the necessary competencies. Method (methodology). The main methods used in the research process: cognitive modelling (construction of cognitive maps to determine the indirect impact of disciplines on the set of competencies), expert method (for the formation of subject connections) and mathematical apparatus (activation functions Cosco and sigmoids for reflection of uncertainty, dynamics states of concepts and connections between them). Results. The article forms a list of concepts and relevant relationships based on qualitative methods of analysis and builds a mathematical model of cognitive maps of the educational process. An analysis of the impact of different subjects on the formation of "hard skills" and "soft skills". Different scenarios of changes in the curriculum and their impact on the formation of relevant competencies are analysed. Conclusions. Based on the main provisions on the prospects for the development of the range of skills that a graduate of 2030 should have, which are highlighted in the National Economic Strategy until 2030 and the World Economic Forum report proposes to increase attention and increase teaching hours in three main disciplines: mathematics, computer science and foreign language. These disciplines are fundamental to many, both "hard skills" and "soft skills" due to indirect links with other disciplines. Only due to this, Ukrainian graduates will have a high competitive position in the labour market.

ЗАБЕЗПЕЧЕННЯ СТІЙКОСТІ ЕКОНОМІЧНОЇ СИСТЕМИ ЯК ЧИННИК СТАЛОГО РОЗВИТКУ ПІДПРИЄМСТВ ЗАЛІЗНИЧНОГО ТРАНСПОРТУ

Currently, in an unstable economic situation for each company to ensure sustainable operation. A significant proportion of enterprises focus on achieving sustainability and stability and achieve the outlined objectives through effective management in the implementation of an effective competitive development strategy. The problem of sustainable development of railway transport enterprises is relevant both in terms of forming effective mechanisms for ensuring the stability of the country's economy, and as a factor in adapting to global challenges. After all, transport, including rail, is the foundation of the modern economy. The functioning and development of all sectors of the economy, enterprises, their associations and complexes depend on its activities. One of the main forms of struggle for survival, an effective mechanism for selection and regulation in a market economy is competition. Competition is the competition between economic, market actors for markets in order to obtain the greatest profits. State intervention in the economy under conditions when the system is balanced and the structure of the economy – rational, becomes redundant. But within a real, not an idealized free market, when a person is confronted with reality, when state control is weakened, the economic system can be transferred from a state of resilience to instability, leading to imperfect competition. Unfortunately, a real market economic system can be stable for a long period of time only if the state intervenes in the economy. Thus, in the conditions of instability of development of global economic processes and directions of economic development the question of maintenance of stability of economic system remains the urgency. This leads to the need for the state to create economic incentives for all market participants in order to ensure their sustainability. Continuous and comprehensive optimization of business processes, improving the principles of management of structural units of the industry, focusing on improving the efficiency of transport production and maintaining competitiveness in the long run are among the main areas of sustainability of railway transport enterprises; implementation of the transition to innovative railway transport while maintaining the unity of management in all parts of the transportation process; maintaining competitiveness compared to other market participants; development and implementation of new organizational and technological solutions, etc.

УКРАЇНА У ВИРІ МІЖНАРОЖНОЇ ІНТЕГРАЦІЇ

The process of international integration is considered as a result of modern global economic processes. The preconditions of international integration and the specifics of the conditions for Ukraine are analyzed. The geographical closeness of the countries is defined as an important, but not a single prerequisite for the international integration of the countries. The closeness of the levels of economic development and the degree of market maturity of the integrating countries is determined as strategic precondition for effective international integration. The existence of a significant gap between the level of economic development of Ukraine and the degree of market maturity of the European Union is emphasized and the threats to the country's integration in such conditions are listed. The evolution of international integration processes on the territory of the former Soviet Union, which directly or indirectly concerned Ukraine, is studied: CIS, Customs Union, Common Economic Space, Eurasian Economic Community (EurAsEC), and GUAM. The list of important arguments in favor of the European direction of Ukraine's international integration is determined. The Copenhagen criteria for the integration of Eastern countries into the European Union are considered: political, economic, organizational (commitments), legal. The danger of the consumer strategy of national economy development, which is a threat to Ukraine's European integration, is emphasized. It is concluded that Ukraine cannot remain outside economic and political groups because it is not only in the geographical center of Europe, but also in the vortex of world trade, the center of intersection of transport routes and geopolitical events influenced by the imperial ambitions of the Russian Federation. It is summed up that the European Union remains a strategic direction of Ukraine's international integration, which will provide long-awaited static and dynamic economic effects, safe living conditions and welfare of the population.

Actions of countries actively participating in the global crude oil market in terms of the geopolitical changes in 2020

PURPOSE: The main purpose of this article is to present the activities of countries actively participating in the global crude oil market, which have a key impact on economic processes on a global scale. The actions of OPEC countries use crude oil as an instrument in the international economic policy to influence changes both in the global economy and the geopolitical dimension. It is important to identify and discuss the events that provided a benchmark for OPEC+ countries to take actions on the global oil market in 2020 to try to change the share of the global oil market in an geopolitical aspect. DESIGN/METHOD: The research methods used in this article are the critical literature analysis and numerical data analysis. In this study, the author presents the statement that resource-rich countries increasingly treat crude oil as a tool in the economic policy to influence changes in economic processes on a global scale in order to increase their competitive position, as well as to deliberately create the negative phenomena in a form of price wars that only serve to achieve the set goals in the economic policy of these countries. RESULTS/FINDINGS: The obtained research results-reveal that conscious creation of price wars, the occurrence of oil crises on the global oil market, or the possession of significant deposits of the raw material in question, are treated by the governments of countries worldwide as a tool in itself in order to conduct the economic policy of countries, taking into account the overarching aspect of the broad impact on the manner of conducting the international economic policy of countries on the global oil market. The world the oil market experienced several significant events that caused strong changes from the point of view of the development of the world economy. Decisions held within the framework of the OPEC (and OPEC+) organisation have a narrower impact on the global oil market, however, within a wider global economy they affect the global economic processes. In conjunction with the Covid-19 pandemic, the policy of OPEC+ organisation is affecting the geopolitical changes and the foreign economic policy of every country in the world. ORIGINALITY/VALUE: The contribution to the development of the discipline is the presentation of the events and activities of countries actively participating in the global oil market in 2020, as an attempt to gain a competitive advantage and changes in the geopolitical aspect. KEYWORDS: oil crisis, OPEC, OPEC+, foreign economic policy, demand shock, supply shock. JEL: F13, F42, F6

RUSSIAN AND NORTHERN EUROPEAN COUNTRIES COOPERATION IN DEVELOPING ARCTIC TOURISM

The Arctic as a territory of strategic presence is in the field of close attention of many players in the geopolitical and international economic arena. The Arctic tourism development over the past 15 years is due not only to the influence of business, social and cultural factors, as well as the growing interest of consumers to get a unique experience of travel to northern tourism destinations but is also associated with the development of global economic processes and diplomatic relations, which determine successful bilateral cooperation in interdepartmental and intergovernmental level. Multilateral cooperation and the implementation of jointly adopted tourism development programs within the framework of the activities of international organizations are also of great importance. With the restrictions on international and domestic travel in two recent years, the global tourism market entered a crisis state, which affected the dynamics of tourist arrivals in the Arctic and slowed down this development. The author, drawing attention to the current bilateral and intergovernmental agreements on cooperation in tourism between Russia and the Nordic countries and the Plan of significant events in connection with Russia's chairmanship in the Arctic Council in 2021–2023 proposes to support a peaceful and friendly policy of good-neighbourliness and cooperation in matters of sustainable tourism development in the Arctic, despite the claims of the European Union for interference in Arctic affairs, which were reflected in the European Commission's Joint Communication dated October 13, 2021.

ПРОФЕССИОНАЛЬНЫЕ КОМПЕТЕНЦИИ ПРЕПОДАВАТЕЛЯ ВЫСШЕЙ ШКОЛЫ В ЭПОХУ ЦИФРОВИЗАЦИИ

The article reflects the results of some sociological studies, the results of which indicate the need for the formation of new, digital competencies for higher school teachers. Global economic processes and digital trends are transforming the content and technologies of pedagogical work, but many teachers are not ready for such innovations. The conclusion is made that the sustainable introduction of digital learning tools can be successful only if the general vector of digital transformation of the educational process is justified and supported by both the university administration and the teachers themselves.

Адаптація банківських установ до кризових явищ та інноваційних процесів

Abstract. Introduction. Crisis phenomena in the economy force banking institutions to develop and adapt to innovation processes. Adaptation of banking institutions to the new operating conditions is important for their further functioning in the financial services market. Purpose. In the modern world of financial technologies, the introduction and development of innovations in Ukrainian banking institutions is very important It is based on the separation of risk factors and elements of innovative development in banking institutions of Ukraine. __________________________________________________________________________________________________________________________ __________________________________________________________________________________________________________________________________ 29 Results. The article considers the features and structure of the banking system of Ukraine in modern conditions. The reasons for the process of reducing the banking institutions of Ukraine are analyzed. The urgency of further development of Ukrainian online banking is substantiated. The normative-legal base regulating the specified direction of activity of banking institutions is considered. Modern types of remote service channels in the banking sector are presented, among which information banking and transactional banking are distinguished. The advantages and disadvantages of digital banking are considered. It is proposed to adapt banking institutions to the crisis and innovation progress through the development of domestic digital banking. It is proved that the banking system is at the stage of transformation, the rapid development of technology gives impetus to the implementation of global innovations in the banking system of Ukraine. Conclusions. Adaptation of banking institutions to crisis phenomena and innovative progress is due to current trends in economic development, increased competition and globalization processes. The spread of digital banking in Ukraine and around the world is due to a number of benefits achieved by participants in this process. As with any activity, the provision of services in this way has disadvantages, but they do not hinder the effective operation of banking institutions. A positive aspect for economic development in modern conditions is that more and more Ukrainian banks are resorting to innovative technologies, which allows to increase the level of convenience and accessibility for consumers of a wide range of banking services.

Епоха турбулентності і суспільні метаморфози як фактори ризиків державного управління

Розкрито сутність причино-наслідкового зв’язку між турбулентністю іметаморфозами суспільства. Наголошено, що головною метаморфозою сучасного суспільства є перетворення його в турбулентний стан, де основною ознакою є потокова реальність, і в силу цього суспільство пронизане хаотичними, неконтрольованими процесами. Зазначено, що нестабільне середовище продукує як високі ризики, так і високі шанси для держави не втратити управлінські функції. Зауважено, що важливим завданням є розуміння нових реалій і вироблення відповідної політики. Вказано, що варіантом вирішення проблеми може стати симбіоз делегування широких повноважень на локальний рівень при належному контролі центру і “культури безпеки” як форми реалізації турботи про себе.

The Effect of Exhibition on Urban Economic Development

Along with the process of economic globalization, international exhibition concentrates the flow of people, logistics and information, which is in line with the trend of economic globalization. Exhibition economy is an important part of the global economy, and the study of exhibition will play a decisive role in regional economic development. This paper analyzes the influence of the number of exhibition activities, exhibition area, number of meeting activities and the number of meeting participants on direct economic benefits, induced economic benefits and total economic benefits on Xiamen City using multiple regression analysis. The results demonstrate the importance and difference of exhibitions and meetings to the economic development of Xiamen City.

PERSONNEL MANAGEMENT DEVELOPMENT ISSUES IN MULTINATIONAL CORPORATIONS OF THE WORLD ECONOMY

Today the modern world is on the verge of a redistribution of transnational corporations, which compete with each other for new spheres of influence, markets of production and outlet, technology and maximum possible profits. Globalization and internationalization of production and capital, privatization, the creation of world political and economic associations, and the liberalization of trade have placed them at the center of modern economic development. The article reveals the issues of personnel management development in transnational corporations of the world economy. On the basis of the research theoretically and practically grounded theoretical and methodological approach to the organization of activities of transnational corporations in the globalization processes of the economy. The practical significance of ways and forms of organization of activities of transnational corporations in ensuring the development of international production, sales, trade and financial complex with a single decision-making center in the host country with its branches, representative offices and subsidiaries is analyzed. Research shows that transnational corporations have an important function in the development of the modern world economy. They directly affect the economies of recipient countries, accelerate the internationalization of economic life, as well as the scientific and technological process. Attracting foreign direct investment gives a country access to the financial resources of TNCs, as well as facilitates its integration into global economic processes and access to foreign markets. Transnational capital has created a new system of international relations, which has led to the formation of supranational institutions of governance. In addition, TNCs are actively influencing the processes of globalization. This article discusses the risks associated with the personnel of TNCs and the ways of economic and social protection of employees. In recent years, the international labour market has used the social package as a form of remuneration for work, which should be broadly understood as the employer's provision of material benefits in the form of fringe benefits, compensation, privileges and social guarantees. The social package can be implemented with the help of existing legislative mechanisms, such as contractual regulation of collective labour relations, normative regulation of labour in local legal acts of business entities, the written form of the employment contract.

Improvement of Innovative Projects Management and Revival of Innovation Activities of Ukrainian Enterp

Introduction. The wider application of the benefits of project management in the organization of innovation is seen as an effective tool for revitalizing the innovation activities of modern enterprises. Innovative project is a modern form of organization of innovation processes, which allows to generate intellectual added value to increase innovation and competitiveness of enterprises. The expediency of improving the management of innovative projects on the basis of increasing their intelligence to increase the innovation and competitiveness of enterprises is substantiated.Purpose is to substantiate the directions of improving the management of innovative projects to revive the innovative activity of Ukrainian enterprises.Methods. In the process of research a set of general scientific and special methods was used. In particular, historical and logical methods were to study theoretical foundations of project management approaches in the organization of innovation; analysis and synthesis - to compare the main approaches to the interpretation of concepts and methods of calculating the rate of intelligence of an innovative project; correlation-regression analysis - to build predictive models of changes in innovation activity of industrial enterprises and sales of innovative products; graphic method - for visual presentation of the results of analytical research; abstract-logical - for theoretical generalization and formulation of conclusions.Results. Research proves that innovative projects are a modern form of organizing innovative activities in the context of increasing crisis, rapid digitalization and globalization of economic processes, which can provide a constant increase in innovation and competitiveness of enterprises. The implementation of an innovative model of doing business requires the search for progressive ways to improve the management of innovative projects of enterprises. The concept of “management of innovative projects as an impact on groups of people in order to organize and coordinate their activities aimed at strengthening the intellectual capacity of the project, which provides intellectual added value, increasing innovation and competitiveness of the enterprise” has been clarified. The forecast models of changes of innovatively-active industrial enterprises of Ukraine and dynamics of realization of innovative production of the enterprises for an estimation of efficiency of the organization of innovative activity at micro level are constructed. The necessity of reviving the processes of development and implementation of innovative projects as an important factor in increasing the innovative activity of enterprises is proved. The factors that have a negative impact on the interest of enterprises in the implementation of innovative projects, which exacerbates the decline in innovation activity in the Ukrainian business sector, have been systematized. The directions for improvement of innovative projects management aimed at strengthening the intellectual capacity of the project, generating intellectual added value, which allows to intellectualize production and commercial processes, revive innovation activity and increase the innovation of the enterprise are substantiated.Discussion. Transformation of economic systems, increasing the number and scale of today’s challenges will require further strengthening of enterprise innovation, due to the need to form competitive advantages, increase the environmental and social component of business as a result of innovative projects. The expediency of project management development in the organization of innovative activity of Ukrainian enterprises is actualized. The directions for improvement of innovative projects management in order to increase their intellectual and science-intensiveness for the decision of problems of revival of innovative activity of the enterprises are substantiated.

FOREIGN DIRECT INVESTMENTS, TRADE OPENNESS AND CO2 EMISSIONS RELATIONSHIP: THE CASE OF 1995-2019 EU COUNTRIES

Foreign direct investments (FDI), which are very important in the economic development of countries, prefer regions with free trade. Since the share of international trade in the world economy is constantly increasing, trade openness and foreign direct investments have become more important for countries. However, the increase in trade and FDI entries can have negative effects on the environment. Although many different variables are included in the literature as determinants of carbon emission, foreign direct investments are mostly taken as an explanatory variable with the effect of the economic globalization process. 
 The aim of this paper is to analyze the relationship between FDI, trade openness and CO2 emission for the 1995-2019 period in 24 EU countries. The relationship between variables was estimated by applying panel AMG estimator and Emirmahmutoglu and Kose causality tests to series with cross-sectional dependency. Empirical results for the overall panel show that there is unidirectional causality from carbon emission to trade openness and FDI. There is a directional causality from FDI to trade openness for the general panel has been determined. 
 When analyzed on a country basis, there is unidirectional causality from carbon emission to trade openness for Bulgaria, Italy, Latvia, Poland, Portugal and Slovenia. Likewise, for Austria, Denmark, Estonia, Finland, France, Germany, Poland, Portugal, Spain and Switzerland, there is unidirectional causality from carbon emission to FDI. In addition, when analyzed on a country basis, there is a one-way causality relationship from foreign direct investments to trade openness for Bulgaria, Italia, Latvia, Poland, Portugal and Slovenia. For Bulgaria, Finland and Germany, there is a one-way causality from trade openness to foreign direct investment. The importance of this study derives from the emphasis on the need for environmentally protective FDIs to reduce carbon emissions.

Measurement Method and Application of a Deep Learning Digital Economy Scale Based on a Big Data Cloud Platform

In recent years, with the acceleration of the process of economic globalization and the deepening of my country's financial liberalization, the scale of international short-term capital flows has been extremely rapid. This article mainly studies the deep learning digital economy scale measurement method and its application based on the big data cloud platform. This article uses the indirect method to estimate the stock of renminbi circulating abroad. The results show that the application of big data cloud platforms can increase the development share of digital media and digital transactions in the digital economy, and optimize the structure of China's digital economy.

Financial Risk Evaluation Z-Score Model for Intelligent IoT-based Enterprises

• This study mainly discusses the financial risk evaluation z model for intelligent iot-based enterprises. • After analyzing the internal and external risk factors from different sources in combination with the annual report and Industry Report of the Internet of things company, it is found that, At present, the main risk sources faced by Internet of things companies mainly focus on exogenous legal risk, industry competition risk (mainly affected by the external environment) and endogenous tenant credit risk (mainly dominated by their own characteristics). • This study is helpful for IOT companies to reduce the probability of crisis, so as to develop healthily and orderly. Abstract: With accelerating global economic integration processes, the financial risk early warning requirements for companies are becoming higher and higher. This study discusses the financial risk evaluation Z-Score Model for intelligent IoT-based enterprises. The financial risk early warning system of an IoT company is made up of four parts: alarm source analysis, Z-Score Model analysis, and main financial ratio analysis. Among them, the police source analysis is the premise and important guarantee for the operation of the system overall. After analyzing the internal and external risk factors from different sources in combination with the annual and industry reports of the IoT company, we found that the main risk sources IoT companies face focus on external legal risk, industry competition risk (mainly affected by the external environment), and external tenant credit risk (dominated by their own characteristics). Based on analysis of police sources, a Z-Score Model analysis for IoT companies can be carried out. Z-Score Model analysis is the core of the new financial risk early warning system of IoT companies; therefore, an IoT company's long-term solvency is weak. Any IoT company should be committed to diversifying investments and to carefully selecting investment projects. This study may prove helpful for IoT companies in reducing the probability of crises and developing in a healthy and orderly way.

Monumental Sculpture in the Semantic Structure of a Provincial Russian City

The rapidly growing cultural globalization, while strengthening the foundations of totalitarianism in social management, reveals the effect of losing the already not very bright identity of 'an ordinary' (and sometimes also 'historically young') provincial Russian city, even if this city has a significant name in history. This process is objective, natural, and needs to be understood. Understanding its basis is a necessary condition for managing its flow.Urban monumental sculpture is an important area that can be explored to aid this understanding.The subject of research is the historical evolution of the monumental and sculptural decoration of 'the capital of the Kuban Cossacks: Ekaterinodar/Krasnodar. The purpose of the study is to understand the processes that determine the historical variability of the 'soul of the city"', i.e. the most important indicator of its identity.The analysis shows that the essential basis of the process is the combination of the determining aspects of the 'spirit of citizens' and the 'spirit of the city administration'. In different historical periods, the juxtaposition of opposites changed. If the relative unity of 'administrative spirit of the city' and 'elements of the aggregate of the souls of the citizens is typical for the beginning of the city history, if the Soviet historical period is typical of the severe suppression of administrative-command management of manifestations of 'soul of people, the XXI century is characterized by the eclectic parallelism of opposite worlds. One of the worlds is filled with the 'spirit of the empty official pomposity', while the other shows the 'lightheadedness eclectic incarnation of sentiment'.Spontaneously, in such conditions, the identity of the city and the spirit of the historical center of culture of the Kuban Cossacks can no longer be restored. The development trend of the 'soul of the city', which is involved in the active processes of economic and cultural globalization, does not contain any other way of forming a 'Cossack identity', except through the artificial creation of its simulacrum.

THE IMPACT OF AN INNOVATION ECONOMY ON THE ECONOMIC GROWTH OF THE COUNTRY

At the turn of the XX-XXI centuries, the rapid pace of the current economic globalization process has accelerated the transition of countries to the post-industrial stage of development, the main features of which are knowledge and innovation. The article aims to identify the innovation economy determinants affecting economic growth and comprehensively examine the impact of innovation economy on the country's economic growth. Relevance of the topic. At the end of the twentieth century, the process of globalization of the world's economy has accelerated the transition of countries to the post-industrial development stage, the main features of which are knowledge and innovation. Despite the theoretical assessments, practically no comprehensive study has been conducted of the impact of the innovation economy on the country's economic growth in the Georgian economic literature to this day. Consequently, the determinants of the innovation economy affecting economic growth have not been identified. Due to the above, the formation of an innovation economy at the current stage of Georgia's development is gaining particular urgency as the most crucial economic growth factor. The Scientific Novelty of the Research. Based on the results of the regression equation (dependent variable Gross Domestic Product (GDP) per capita) in the article, a positive correlation has been found between only a few variables of the innovation economy and the dynamics of GDP in the Eastern Partnership and EU countries. The regression equation results regarding the dynamics of the GDP of these countries indicate that both the export and import of information and communication technologies are in positive correlation with the GDP per capita. As for the high-tech exports, patent applications of residents and non-residents, research and development costs (GDP %), trademark applications, industrial design, and foreign direct investment per capita, these figures are not correlated with GDP.

Economic Globalization: It’s Development

Economic Globalization is one of the main components of the process of globalization. It has helped in reducing the trade barriers and various other hindrances with the help of some international organizations. Due to economic globalization, the world can connect with each other, it has improved the communications methods, transportation, technologies around the world, know-how, etc. There are some forces that boost the process of economic globalization like the various economic reforms been introduced in countries, the multinational companies whose network is spread around the whole world, the advancements in technology and know-how. These forces have not only led to an increase in the pace of globalization but also help in the restructuring of the global industries. Globalization has also resulted in increasing world trade, the imports and exports of goods and services around the world. Due to the increase in global trade, the foreign currency flows from one place to another which helps the countries to improve their economic growth. Globalization has increased its span in the 21st century as compared to its success in the past century. It has a positive as well as the negative effect on the global economy. It helps in the economic growth of the companies but the economic growth is usually unequal, the developed countries usually are more benefited than the developing and the underdeveloped countries. It is important that the world must unite to fight the common enemies we face, like the pandemics, the wars, the environmental problems, etc. with the help of economic globalization. The GDP of the whole world is increasing as well as the GDPs of all the countries.

FEATURES OF FINANCIAL MANAGEMENT IN INTERNATIONAL ECONOMIC ACTIVITY

Abstract. The article identifies the features of financial management in international economic activity in terms of limiting economic relations associated with the COVID-19 pandemic. It is clear that the current state of the economy requires the spread of international economic activity at both macro and micro levels, as only provided that the integrated system of economic relations between the national economies of different countries and the benefits of international cooperation, it is possible to avoid economic and social problems associated with the COVID-19 pandemic. It is noted that Ukraine’s active participation in world economic processes requires economy. In turn, the transformation processes in Ukraine require a clear coordination of actions in all areas and parts of the financial system, which is the conceptual basis of a new model of economic and social development of the state. Such a model should combine the constant improvement of the welfare of society and every citizen and the formation of a competitive national economy in Ukraine, which would be organically integrated into global economic processes and take a worthy place in them. It is determined that Ukraine’s international economic activity has a very great potential in the development of economic relations, despite the existing problems, the solution of which is the key to future success in the development of trade in the international market. A SWOT-analysis of Ukraine’s international economic activity was conducted, which revealed trends in the development of foreign economic activity. The financial mechanism of development of the international economic activity (IEC) which is an element of management and the regulator of foreign economic relations is offered. The concept of IEC financial management is proposed, which substantiates the purpose and main tasks, which are specified at the micro and macro levels. It is concluded that many problems of financial management in international economic activity should be addressed primarily at the macro level, i.e. public institutions. Keywords: financial management, international economic activity, financial mechanism, concept. JEL Classіfіcatіon F30, G20 Formulas: 0; fig.: 3; tabl.: 1; bibl.: 10.

THE GROWING ROLE OF HUMAN INTELLIGENCE IN THE CONTEXT OF TRANSITIVITY AND GLOBALIZATION OF UKRAINE'S ECONOMY

Introduction. The worldview system of society, the development of personal and the formation of collective intelligence are considered in terms of economics, as this system has an economic component, the elements of which have an impact on human lives. Problems of scientific research on the interaction of socio-economic phenomena and worldview, their impact on the intellectual development of the individual and society are on the agenda of modern science. The purpose of the article is to study the issues related to the influence of economic components on the formation of the modern society worldview. The topic is relevant due to the objectivity of the processes of interaction at the level of personal and collective intelligence, which generate it in the conditions of transitivity and globalization of the domestic economy. Results. An analysis of the definition of personal and collective intelligence was provided in the context of social theories of development and global economic processes. The properties of intelligence, the specifics of its functioning in a transitive society are determined. The main stages of socio-economic development of society are considered and their main features are determined. The knowledge economy is considered in detail as a modern trend of society, in which intangible resources become a major factor in the integration of science, education and entrepreneurship for further development of production, including intellectual business, and provide conditions for sustainable innovative economic growth. Conclusions. Based on the review of theories of post-industrialism, postmodernism and information society, the common features and tendencies of society development are outlined. Intensive development of the information society, the state program of introduction of new modern tendencies in education through realization of the concept of New Ukrainian school, participation in the international projects on sustainable development, decentralization of the power on places, realization of programs on media literacy and development of socially-oriented and intellectual intelligent business prove the transitivity of Ukrainian society, but also determine the diverse impact of global development trends in the context of globalization. Keywords: intelligence, personal intelligence, collective intelligence, social intelligence, innovation, knowledge economy, transitive society.