Modern Trends in the Transformation of the World Economy

Abstract:

The article describes the most significant, from the author's point of view, trends reflecting the development of the global socio-economic system. The focus is on globalization and its third stage – digital globalization. The next trend is lean consumption based on the model of the economy of shared consumption. Joint innovations, on the one hand, integrating the capabilities of various economic entities, creating new values, and on the other hand, having a destructive impact on traditional spheres of economic activity, are singled out as an independent trend of socio-economic development.  Accelerated changes taking place in various fields of activity under the pressure of the flow of innovations are noted. Finally, social transformation, which is expressed in cardinal changes in the parameters of the social environment and its internal relations, is also a modern trend of transformation of the world economic system.

The period that all of humanity is currently going through is undoubtedly complex, largely uncertain, and poorly predictable. However, it is obvious that a change of epochs is taking place now. Technological changes, accumulating, lead to a radical transformation of the entire socio-economic reality. The new world opens up to humanity not only new opportunities but also generates previously unknown risks and challenges. That is why the ability to recognize new development trends, grasp the essence of the changes taking place, and adapt to them in real-time will allow being competitive and successful in the new world order.