Institutional Framework for Public Administration in the World Trade System: Globalization Context and Socio-economic Challenges
Year: 2025
Type: article
Abstract: World trade is a powerful engine of economic development that has become a symbol of globalization in recent decades. However, the glitter of unimpeded movement of goods and capital conceals complex challenges that call into question the fairness and stability of the current world order. Globalization, which promised equal opportunities for all, is actually creating a gap between rich and poor countries, increasing social inequality and causing new forms of economic vulnerability. The institutional framework for public administration in the world trade system faces a number of challenges due to increased globalization, the dynamics of international markets, and socio-economic transformations. The lack of effective institutional mechanisms and the inconsistency of public policy with current global trends threaten the stability of national economies and their ability to integrate into the world trading system. In particular, the issues of reconciling the interests of various governance entities and ensuring transparency of trade processes remain relevant. The article provides a comprehensive analysis of the evolution of theoretical foundations and practical aspects of international trade in the context of globalization of the world economy. The author reveals the historical transformation of approaches to understanding the benefits of international exchange - from mercantilism to modern integrated models that take into account technological innovations, digitalization and the role of transnational corporations. Particular attention is paid to the classification of the main types of international trade, including trade in goods, services, capital, technology, labor and intellectual property. Current trends in the development of world trade, such as globalization, regionalization, digital transformation, and greening of the economy, are highlighted. The author analyzes the preconditions of globalization processes, their impact on the structure of the world market and the threats that accompany the strengthening of global integration. The author suggests ways to address the negative effects of globalization by strengthening the role of states, supporting developing countries, and ensuring fair participation in international exchange.
Authors: Alona Zahorodnia, Yana Koval
Language: English
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4411817367