DETERMINATION OF THE DIRECTIONS OF THE THEORIES AND MODELS OF THE RESEARCH OF THE TRANSFORMATIONS OF INTERNATIONAL COMMODITY MARKETS

Анотація

The article examines the evolution of theories and models of the functioning of international commodity markets, their transformational potential on the nature of the implementation of globalization processes. The author’s logical-consistent scheme of systematization of theories and models of functioning of the international commodity markets is offered. It was found that in the process of formation and development of international trade policy there were fluctuations in the direction of free trade, then in the direction of protectionist policy. The main forms of modern manifestation of protectionism, namely neoprotectionism, are highlighted. In particular, in the long run, protectionism harms people and organizations, slows economic growth, increases price inflation, but on the other hand, protectionism creates jobs within the country, increases gross domestic product, and makes the domestic economy more competitive globally. Theories of international trade remain one of the dynamically developing areas of economics. This is primarily due to the process of globalization, which is associated mainly with trade, as well as the high hopes that have traditionally been placed on international trade, which is an additional factor in the growth of economic prosperity. In practice, governments and companies use a combination of these theories to both interpret trends and develop strategies. Just as these theories have evolved over the past five hundred years, they will continue to change and adapt as new factors affect international trade. Thus, the formation of a new direction of economic theory – theories and models of research on the transformation of international commodity markets – was influenced by certain areas of transformation theories, institutional and market theories. The emergence of theories and practices of neoprotectionism occurred as a result of the quintessence of the coexistence of national practices of protectionism and the principle of liberalization of world trade, as well as the appropriate justification of these practices in the evolution of theories of protectionism and free trade.

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