The Journal of International Economic Policy

22

Authors: Oleh Mozhovyi, Dmytro Malashchuk

For the purpose of further development of the world financial market theories fundamentals, the article specifies interpretation of its concept as a combination of interrelated segments — stock market, foreign exchange market, credit market, insurance market and investment market, subject to functional and institutional aspects. Based on the extended interpretation (of the financial market as a combination of inter-related segments) and analysis of a number of financial market notions, there have been comprehensively considered the notions of the world financial market in functional aspects (as a field of market relations which provide accumulation and interstate flow of money capitals in order to assure continuity and profitability of the recovery process) and institutional aspects (when attention is focused on a number of banks, specialized financial and credit establishments, stock exchanges through which world financial flows move). To identify specific features of the modern world financial market the systems approach principles were applied as a general scientific methodology of fundamental research. Based on such approach the inter-relation of segments, items and objects has been analyzed, the relation between the development factors of the world financial market has been determined.

22

Authors: Ellana Molchanova

The main ways of conceptualization of the beginning of a new economic order from Malthus’s ideas are researched. The main approaches to the determination of the key moments of formation of new economic order models and the main aspects of disregard of scientists’ ideas being fully justified but conflicting with imperatives of our time are analyzed. The main theoretical approaches which showed human influence on the environment and environmental effects of human activity are researched. Models of environmental effects of human activity are considered. Limits of population growth and human activity environmental effects are determined. Main computer models which have become prototypes of the modern econometric models for economic forecast are determined. The first approaches to the multidiscipline research of the main humanity problems are proposed. Ideas of the Rome Club have united the most of scientists of different streams, opinions, scholar schools and different sciences. This allowed to investigate in a wider manner multisided aspects of formation of a new economic order and to substantiate the current necessity of its transformation. The basis of the proposed research is formed by scientific researches of multi-discipline nature of the leading economists, members of the Rome Club. Besides, in the article a parallel is drawn concerning researches of scientists of the Rome Club and representatives of scholar schools of Latin America, Japan and Holland etc. All researches were focused on leveling of incomes per capita in the developed countries and the Third World countries due to the continuous support of low developed countries and optimal re-distribution of the economic structure. All proposed ideas were always criticized by the world community. On the one hand — developed countries, which should allot money for liquidation of disproportional development of the world economy and promote reduction in pollution of the developing countries. All the considered and proposed models come down to the increase in economic development of the developing countries at the expense of a group of developed countries. As well, a concept of “new humanism” is discovered. According to this concept, the main reasons of aggravation of global problems are political, psychological and cultural characteristics of public spirit represented by political negligence, irresponsibility resulting in inefficient political management. An idea of formation of a global government headed by leading countries of the world is visible. However, the said concept returns to the existing paradigm of the new economic order. Support of the current concept will lead to forecasted series of global economic recession with a series of ecological disasters.

31

Authors: Svitlana Radzievska

The article proves that the main factor of crisis is introduction of the sixth technological structure and the crisis gets global status as the result of financialization of global economy. The analysis of works of leading foreign scientists suggests that the term “financialization” grew out of the ideology of liberalism in the 1920s and was widespread in the 1990s based on the establishment in the late 1970s — early 1980s of the ideology of neoliberalism. Financialization increases volumes of global financial sector, strengthens its role in the enlarged reproduction of global economy, redistributes in its favor income of global real sector diverting financial resources needed for its development and thus holding back the process of production technological renewal. Countries of the world kernel, financial sector of which plays a leading role in the global financial sector, get the opportunity of redistributing income of real sector of the countries of global periphery in their favor. It is emphasized that introduction of new technological structure creates opportunities for technological development of the periphery countries, but dominance in terms of financialization in the global financial market of speculative capital makes it difficult for them to obtain a reliable source of medium- and long-term loans and investments. Opportunities are created For developed countries to get rid of their previous productions of dominant technological structure by transferring them to less developed countries and conserving the existing technological hierarchy of the global economy by implementing new technological structure of production, which allows us reasonably believe the financialization is a factor to preserve the differentiation of levels of technological development of countries of the world. Two ways to improve technological level of countries of global periphery are analyzed: way of catching up development and way of advancing development. The article proves catching up with leading countries and even getting ahead of them becomes possible only when moving from the “pursuit curve” to “lead motion” innovative technologies are introduced before them. This opportunity to make technological leap for the periphery countries according to the Kondratiev “long waves” occurs once every in 50-60 years and requires relevant scientific, technological, financial base and leads to serious life changes of the whole society. It proves that the only entity for making such technological leap is the national state.