Asymmetric Changes in the World Economy

Abstract

This study focuses on the investigation of the problems caused by the developing asymmetry of economic relations in the global context. The relevance of the study is dictated by the contradictions between existing practice of asymmetric economic society and an ongoing domination of "equilibrium" paradigm in economic theory that denies the necessity of asymmetry of economic development and emphasizes only its "negative" character. In the authors' opinion, the current world situations show that development of the global economy has the following tendency: the current asymmetry of political influence in the transatlantic region and digital technologies smoothly moving to developing countries are quite destructive to the current methods of providing the stable economy. Key signs indicate that the center of economic development's gravity is shifting to developing countries.

Economic Rationale for Manifestations of Asymmetry in the Global Trading System

“…Against this background, the number of regional trade agreements concluded by countries and separate customs territories with different levels of economic development from all regions of the world is growing exponentially [1][2][3][4][5][6][7][8]. In such a case, there is not only a deepening of existing asymmetries, but also the emergence of new ones in the global trading system [9][10][11][12][13]. Under the current circumstances, the decline in the effectiveness of the functioning of the World Trade Organization signalizes the need for an urgent response from all system participants to the challenges of the 21st century, with the aim of developing current rules for world trade, taking into account all possible scenarios of the development of the trading system [14][15][16][17].…”