THE IMPACT OF ECONOMIC GLOBALIZATION ON THE DEVELOPMENT OF INTERNATIONAL ORGANIZED COMMODITY MARKETS

Abstract

The purpose of the research is to determine the impact of economic globalization on the current state of international organized commodity markets. Methodology of research. The research used methods of analysis and systematization of theoretical and practical research by foreign scientists on the essence of economic globalization, and also used methods of generalization and abstraction, analytical research. Findings. The essence of economic globalization is explained, which is expressed through the characteristics of close interaction and interdependence between national economies, social and cultural spheres of society, as well as in the possibility of increasing the volume of world trade in goods and services, the transfer of investments, innovative technologies, human capital and information flows. It has been established that the processes of globalization occurred in certain stages and depended on many factors related to economic growth in world markets. The main components that reflect globalization processes are: political, social, economic and environmental. A conditional division of globalization into five waves is presented, supplemented by the sixth wave of globalization (2020s-present), which can be characterized by further deepening of the digitalization of e-business, the use of artificial intelligence, increasing geopolitical tensions, partial deglobalization, and recovery from the pandemic. The assessment of the level of globalization based on the use of the trade openness index indicates an increase in trade transactions over the past twenty years, which is a consequence of globalization processes and an increase in the level of international economic activity. Practical value of the research lies in the fact that obtained results of the assessment of trade openness indices and globalization indices provide an opportunity to determine the dynamics and impact of economic globalization on the development of international organized commodity markets, and also open up prospects for further scientific research and adaptation of the instruments of international organized commodity markets in domestic practice.