Economic aspects of globalization

Economic aspects of globalization are related to the increasing economic integration and interdependence on a global level through the processes of overall trade and financial liberalization and deregulation, minimization the role of the state, domination of market principles and mechanisms, and appearance of new actors on international economic scene. Ideological background of the new globalization wave is neoliberalism or market fundamentalism that is institutionalized in the form of trilateralism in international economic relations. Trilateralism includes concentrating the power of governing and regulation of international relations on three regional blocks in the world economy (SAD, Western Europe and Asia) and three international economic institutions (IMF, WTO and WB) that regulate specific area of international economic relations. Although globalization represents huge potential for creation of enormous economic prosperity these benefits aren't evenly distributed, so there exists an increasing gap between the wealthy and the poor that deepens the discontents of the globalization process. Considering that the only alternative is autarky and isolation of economy, globalization cannot be an option, but a reality that must be accepted, however, not at the cost of annulling national interests and sovereignty, degrading economic positions and initiating enormous social tensions.