Transformation of international economic relations: modern challenges, risks, opportunities and prospects = Starptautisko ekonomisko attiecību transformācija: mūsdienu problēmas, riski, iespējas un perspektīvas

Abstract

Transformation of international economic relations envisages the creation of new and development of existing institutions, free economic zones, migration of human capital, investment features that contribute to solving not only economic but also social issues through activating investment and foreign economic activities of enterprises and creating new jobs. This gives grounds for the formation of world economic models in which the creation of jobs in such economic zones depends on the operation of international institutions. Institutional economic models, their formation and development occupy a special place in understanding the content of the dynamics of modern international economic relations. When studying institutional models for the development of international economic relations, it is necessary to take into account the features of development and the conditions of activity of groups of countries between which economic ties are formed. These are countries with developed market economies, transition economies, new industrial countries, developing countries. Other significant factors influence the formation of a certain institutional model for the development of international economic relations: the existing nature of the structure of the national economic system, the degree of integration of the national economy into the world economic space, the historical, political and legal traditions of the development of international economic cooperation of each particular country for two and many extraneous levels. The transition to a new stage of world civilizational development towards a postindustrial, information society based on the knowledge economy, human and social capital, in the era of total globalization determines the formation of a new institutional paradigm for the development of international economic relations. Transformation of the institutional model of international economic relations should be carried out at three institutional levels: in the norms of the national economic system; in the rules on which entrepreneurs are operating partners of national economies; in institutions that are established by official international institutions, international associations and associations. The institutional model of international economic relations should include the basic elements arising from the new institutional economic theory and take into account the realities of modern international relations of economic interaction at different levels (economic theory, contract theory, transaction costs, political climate, psychological prerequisites, etc.). Institutional models can encompass both the world community and regional or bilateral levels. Rules and norms of international economic cooperation are laid between countries for decades by various subjects of economic interaction; significantly affect the development of institutional models of bilateral economic relations. In the institutional context (legal mechanisms, contractual agreements, bilateral agreements, etc.), the practice of bilateral international economic models can differ substantially between countries and regions of the world economic space, as it is the result of prevailing subjective factors of economic interaction or reflection of the theory of social capital in international economic relations. Prospects for the development of modern models of international economic relations envisage a deepening of the methodology for analyzing the formation of a new institutional paradigm of economic theory as the basis for practical actions in reforming international economic interaction.