Rising Economic Powers among Economies in Transition: Is There Enough Space on the Global Market?

Rising Economic Powers among Economies in Transition: Is There Enough Space on the Global Market?

Vasily Erokhin
Copyright: © 2020 |Pages: 26
DOI: 10.4018/978-1-7998-2448-0.ch090
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Abstract

The chapter covers contemporary global developments, particularly international trade and economic integration, with involvement of the economies in transition, BRICS countries, and new rising powers of Latin America and Asia. The issues, addressed in the chapter, are related to the concept of globalization in general; specific challenges of globalization for the economies in transition, and application of those general challenges in selected countries (China, Russia, Brazil, etc.). Chapter is concluded with investigations of regional trade integration as a response to threats of globalization and expectations of a new global order with growing involvement of economies in transition (particularly, BRICS, the CIS, the EAEU, and other countries of Latin America and Asia).
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Background

Opening of the economies in transition to the international market over the past two decades has fundamentally changed their economic and business environments (Khanna & Palepu, 2010). The term globalization has been used since the 1980s and especially increasingly since the 1990s, when transition processes started in many developing countries (post-Soviet area, Eastern Europe, and South-East Asia).

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