International Economy. Theoretical Framework

Overview & Synopsis

The term 'international economy' is very broad, variously defined, and increasingly complex in the 21st century. This paper assumes that it is a system of economic, social and cultural links that develop in stages between dynamically changing participants, with increasingly complex structures, that collectively facilitate the international process of production and exchange of goods, services and ideas. This process involves all countries and regions and is carried out simultaneously at many levels: micro-, meso-, macro- and meta-economic, which interact with each other. The authors' aim was to create a concise theoretical and conceptual base, necessary for a comprehensive assessment of the changes taking place in individual economies, as well as in the global economic system. The monograph is a collection of basic definitions, classifications, information on structures and mechanisms, as well as sources of theoretical foundations, which can be used as a basis for more in-depth research. Definitions and concepts relating to: trade and investment policy; international competitiveness of economies; the development of transnational corporations; the importance of globalisation processes; the evolution of the institutional structure of the international economy (including: GATT-WTO, International Monetary Fund, World Bank Group) have been presented. The paper presents the author's concept of assessing the international competitiveness of economies on the basis of a systemically-balanced model, emphasising the importance of four levels of establishing competitiveness (micro-, meso-, macro- and meta-economic) and the necessity of a comprehensive study of it, taking into account: baseline competitiveness (resources, potential), operational competitiveness (capabilities, instruments), competence competitiveness (key competences, advantage) and systemic competitiveness.