World Markets: Trends of the XXI Century

Authors

  • Лилия Сергеевна Ревенко Moscow State Institute of International Relations (University) Russian Ministry of Foreign Affairs, 76, Prospect Vernadskogo, Moscow, 119454, Russian Federation https://orcid.org/0000-0002-1519-1183

Abstract

The article analyses current world market trends. It studies causes and events that led to trends development
for different market groups in the ХХIth century.
The article considers modern concepts to define notions of market as complex economic systems. It shows evolution tendencies of scientific approaches towards market study in the context of the emerging the multipolar world economy stage. While a comprehensive approach is used to specify conditions for modern market environment, special aspects of cyclic world economy development in the beginning of the XXI century, macroeconomic shocks sharpness, impact of scientific and technological progress, change of natural-climate environment are highlighted. The author also highlights the following main world markets trends that have been developed in the last decades influenced by new market conditions: changes in the balance of factors influencing the markets; changes in the geographical market structure; modification in the product market structure; price trends for different market groups. A particular attention is paid to the influence of current research and technological progress phase to the world markets.
The article points out expansion of fuel and agricultural goods trade among developed countries influenced by modern conditions which is accompanied by complication of the market structure at the expense of treated feed and semi-finished products share increase. It reveals more active trade flows towards “South-South” among developing countries. Instability and risks increase at commodity and food markets entailed the attention increase of the world community to the regulation problems, primary in the context of global actual problems settlement.
The author studies the emerging trend of traditional materials substitution in industrial production, metals first of all, by innovative materials obtained on the basis of convergent technologies, which means repartition of these goods shares in the world trade in the future. Resulting from emergence of NBIC convergent technologies with essentially new characteristics intercommunication of innovative goods production and related services strengthened. The articles stresses that the impact of modern factors to the worlds markets supposes the necessity to elaborate new methods of their study. Refs 24. Tables 3.

Keywords:

world markets, factors affecting market environment, methodology of study

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Author Biography

Лилия Сергеевна Ревенко, Moscow State Institute of International Relations (University) Russian Ministry of Foreign Affairs, 76, Prospect Vernadskogo, Moscow, 119454, Russian Federation

Doctor in Economics, Professor

References

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Translation of references in Russian into English

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FAO Food Price Index. FAO. Rome, 2014. Available at: http://www.fao.org/worldfoodsituation/foodpricesindex/en/ (accessed: 08.03.2015).

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Вестник Санкт-Петербургского университета. Серия 5. Экономика. 2015. Вып. 3

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Published

2015-09-30

How to Cite

Ревенко, Л. С. (2015). World Markets: Trends of the XXI Century. St Petersburg University Journal of Economic Studies, (3), 027–045. Retrieved from https://economicsjournal.spbu.ru/article/view/1598

Issue

No. 3 (2015)

Section

Global economy

License

Articles of the St Petersburg University Journal of Economic Studies are open access distributed under the terms of the License Agreement with Saint Petersburg State University, which permits to the authors unrestricted distribution and self-archiving free of charge.