Ganyushkina, E.B. Influence of globalization on the formation of the international economic law

Abstract: The article concerns the very definition of “globalization”, its nature and elements, as well as the factors influencing the formation of this objectively lasting process from the points of view of various authors. The author points out the lack of uniform definition of the term “globalization”, analyzing the elements of globalization showing themselves within the international legal order, and, more specifically, in the international trade system, currency and finances system and investment system. The author uncovers the ways for the development of international economic legal order under the influence of globalization processes. The author shows positive and negative features of the globalization process. Globalization is compared with the regional integration processes. It is proven, that the modern civilization is capable of implementing the globalization ideas in some time, in spite of the existing difficulties. The author studied the works of Russian and foreign scientists on globalization problems, analyzing the decisions of international organizations and international conference materials regarding the globalization process. The author uses systemic analysis, comparative legal, historical and logical methods. Among the many dimensions of globalization, the author chose those influencing the formation of the international economic order. The author also singles out the definitions of globalization, which are the most suitable from the standpoint of international economic law. The article reflects the factors influencing the development of the international trade system, serving as basis for the sustainability of the currency and financial system, as well as for the stability of foreign investment. Globalization processes have more positive features, than negative ones. Globalization is also closely connected with the problem of liquidation of the gap between the industrially developed and developing state, especially in the sphere of finances and technology transfer. The regional integration of states on various levels should be capable of overcoming disproportions and implementing globalization ideas in the opinion of the author.

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