Features of competition and development of markets in an age of globalized economy
Features of competition and development of markets in an age of globalized economy

Summary/Abstract: The fall of communism in Eastern Europe in the beginning of the 90-ies of the 20th century marked the beginning of a historical process of triumph of market economy in a wide geographical area and a large population, which had to have an influence on global developments. This age is characterized not only by a comprehensive ruling of capitalist market economy, but also by a series of important structural changes in economies of various countries, national and international mechanisms of market functioning, and relevant institutions thereto. Distinct authors have various opinions on characteristics and positive and negative outcomes of a globalized economy era. Some consider the globalization of world economy as a quantitative and qualitative expansion of market economy throughout the world, similar to the situation before the World War I. Other more serious authors consider the globalization of world economy as a new qualitative era, with important consequences on many areas, specifically: a) on a different organization of production, structure in various countries, and as a result, the rise of new phenomena of international labour division, and role of various countries and institutions in developing the global economy. In these areas, one may view a substantial fall of production organization methods in conditions of total automatization, and creation of new political and economic bonds, within regions and the whole world. b) Globalization of the world’s economy has on one side created conditions for an accelerated economic growth and wealth, but on the other side, it rose to surface and exacerbated all problems of economic inequality between countries, and between various social categories within the same country. In this field, especially after the recent economic and financial crisis, there is deterioration of social and regional contradictions between the richer and the Dr.sc. Ske

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