Evolution and Transformation of the Essence of the World Economy in New Conditions: Systematization of Approaches and Main Vectors of Development

V. I. Rusakovich () and V. N. Kirillov ()

International Trade and Trade Policy, 2026, vol. 12, issue 3

Abstract: The global economy is increasingly being transformed in a systematic and comprehensive manner in the 21st century, which makes it necessary to study the evolution of the essence of the global economy as a result of the influence of modern global processes (decarbonization, digitalization, regionalization, and changes in the architecture of global value chains), which not only add new elements but also change the very logic of the system. The purpose of this article is to systematize existing approaches to defining the global economy, taking into account the new structural and qualitative factors of its development. The article notes that the focus of the modern global economy is shifting from quantitative to qualitative aspects, such as sustainability, carbon footprint, and social responsibility; the nature of competition is changing; new risks are emerging, ranging from geopolitical fragmentation to technological disruptions; and there is a need for new analytical methodologies to measure the value of the digital economy, long-term sustainability, and to model scenarios for economic growth and development in a highly uncertain environment. The author concludes that existing approaches do not fully characterize the modern global economic system, especially its quantitative aspects, taking into account such trends as digitalization, greening, and fragmentation. The authors conclude that the core of the global economy is increasingly shifting from trade, capital migration, value chains, and global production networks to digital platforms and digital restrictions. In these conditions, promising research tasks are moving into the sphere of development of new methods and methodologies of scientific analysis: how to measure value in the digital economy, how to assess long-term sustainability, how to model scenarios of development in conditions of long-term instability. The article employs the following scientific research methods: historical and comparative analysis to reconstruct the evolution of the concept of “world economy†; content analysis of publications and official documents to identify dominant interpretations and their contextual features; elements of a systematic approach to integrate diverse interpretations into a coherent conceptual framework.Â

Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:acl:journl:y:2026:id:924

DOI: 10.21686/2410-7395-2026-3-5-20

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