Regionalization of the world as the key to sustainable future

¹ National Academy of Management, Department for International Economic Relations, 15 Ushynskoho Str., Kyiv, 03151, Ukraine
² The National Institute for Strategic Studies, Department of Foreign Economic Policy, 7-a Pyrogova Str., Kyiv, 01030, Ukraine

^* Corresponding author: svitrad98@ukr.net

Abstract

Globalization is viewed not only as the objective, but also as the subjective process, the current version of which requires adjustments since it is characterized by the increasing inequalities and instability, causing conflicts worldwide, pushing regional groups towards confrontations. Globalization is to be directed for achieving the equitable levels of development across the globe for which it is suggested to establish the situational governing board as the common platform for collaboration between the regional blocs for global economy regulation. The notions of the regional state and the global/planetary state are introduced. The interdependence between regionalization and globalization is thoroughly analysed, which results is the explanation of the logic behind the process of the multipolar world formation as opposed to the unipolar one. The main points are illustrated by the facts from the EU integration history, WTO practice, the calculated indicators of the major thirteen regional integration groupings covering Europe, Asia, North, South America, Africa, two transregional organizations Regional Comprehensive Economic Partnership, Transatlantic Trade and Investment Partnership, as well as the USA, Developed economies of Europe, China. The contribution to the study of regionalism as the boosting phenomenon shaping the development of the world allowed to conclude that regionalization is critical for the sustainable future of the world.