Abstract
This chapter views theoretical aspects and the evolution of the establishment of international trade, as well as determining the role of foreign trade in the development of national economies under modern conditions. The authors analyse various definitions of the notion “trade”, determine the role of trade in the sectorial structure of gross domestic product (GDP), study the definitions of the notion “service”, view the main characteristics of internal trade and the structure of foreign economic activities, and determine the methods of organization of foreign trade and the most significant types of risks in foreign trade.
The authors also study the processes of globalization, the deepening of internationalization of economic life, transnationalization, the appearance of a large number of international organizations and integration associations, and the development of foreign economic relations in general and foreign economic contacts in particular. The chapter views the theory of closed and open economies, and the sense of tariff and non-tariff limitations, analyses the history of the establishment of international economic relations, and the policy of import substitution, as well as determining the main pros and cons of the model of export orientation. The authors study distinctive features of the modern global economy, study dynamics of foreign trade turnover in selected countries, dynamics of export and import, trade balance, GDP and GDP per capita, changes in export and import quotas, direct foreign investments, and the number of transnational corporations.
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Notes
- 1.
It is necessary to distinguish the notions “foreign economic connections” (FEC) and foreign economic activities (FEA). FEC are forms of realization of interstate relations on the part of scientific and technical, production, and trade cooperation, and monetary and financial relations. FEA are conducted at the level of production structures (forms, organizations, enterprises, associations, etc.) with full independence in the choice of foreign market and foreign partner, nomenclature, and assorted positions of goods for export–import deals, in determining price and cost of contract, volume and terms of shipment, and is a part of their production and commercial activities with internal and foreign partners.
- 2.
Risks in foreign trade—attitude of investor to the possibility of making or losing money.
- 3.
At present they include, for example, Asian Pacific Economic Cooperation (APEC), Consumers International (CI), European Bank for Reconstruction and Development, EurAsEc, the European Free Trade Association, the World Trade Federation, the World Customs Organization, the International Chamber of Commerce, and the World Trade Organization (http://russian.people.com.cn/31519/8180469.html).
- 4.
Including the International Association of Geodesy (1864), the International Telecommunication Union (1865), the World Meteorological Organization (1873), the Universal Postal Union (1874), the International Bureau of Weights and Measures (1875), the International Association for Protection of Industrial Property (1883), the International Association for the Protection of Literary and Artistic Works, (1886), the International Union of Railways (1886), and the International Union for Printing Customs Tariffs (1890). Unlike the previous institutional forms of interstate communication (international conferences, commissions, and committees), international administrative unions had operating bodies (so called “international bureaux”), though, on the whole, their organizational structure was rather weak (Delgado et al. 2012; Popkova & Tinyakova 2013a).
- 5.
They include Royal Dutch Shell, Exxon Mobil, Wal-Mart Stores, BP, Sinopec Group, China National Petroleum, State Grid, Chevron, ConocoPhillips, Toyota Motor, Total, Volkswagen, Japan Post Holdings, Glencore International, Gazprom, and E.ON (http://money.cnn.com/magazines/fortune/global500/2012/full_list/).
- 6.
In the following five years, the volumes of the global trade will be growing annually by 4.0 %, and in 2017–2021—by approximately 6.0 % [226].
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Popkova, E.G., Sukhodolov, Y.A. (2017). Foreign Trade as a Vector of Economic Growth in the Globalizing World. In: Foreign Trade as a Factor of Economic Growth. Contributions to Economics. Springer, Cham. https://doi.org/10.1007/978-3-319-45985-1_3
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