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One of the most important issues in the modern economy - the
problem of "global inequality" has become one of the most pressing issues,
especially in the post-aerial economic crisis, and many books have been
written about it. But no book has attracted attention as a French economist,
a book titled "Capital of the 21st Century", by Thomas Pittetti, professor of
the Paris School of Economics. The most prominent features of the book
are considered to have the world-wide approach to
the problem and the fact
that the book have a comprehensive database of income and wealth for
most industrialized countries since the 18th century.
This book was translated into English in 2014 and then unexpectedly
became one of the "best-selling" books and led to active debates by many
Nobel Prize laureates such as Robert Stiglitz, Robert Shiller, Paul
Krucman, Kenneth Rogoff and others. Currently, the modern "Karl Marks"
economist is invited to many influential universities in the world and is
welcomed with great interest.
In his book, the economist focused on the issue of inequality between
wealth and income in the 18th century from the industrial
era in the US and
Europe, and in the long run, the wealth rising in those countries increased
rapidly from economic growth (r), resulting in a great deal of wealth
accumulation that the unequal distribution of interest and wealth has led to
social and economic insecurity.
Thus, if the rate of economic growth is low, then the accumulation of
wealth at the expense of capital from earnings (profit, dividends, interests,
rents and other capital incomes) is rapidly increasing and increases
inequality. According to the famous professor, since the early twentieth
century, the model of inequality "U" continues to follow. Thus, 45% of the
US income before the Great Depression has dropped to 10% of the
population, down 30% in the 1940-1980s, and then returned to its former
state. The same situation has been repeated in other wealth-rich countries.
The author also notes that the pattern of the income distribution model also
has significant effects on the wars, industrial revolution, and changes in
political ideology during the research period.
A similar tendency has continued in recent times. In poorer countries,
monthly revenues range from 200 to 300 euros, while North America and
Europe ranged from 2,500 to 3,000 euros. Wealth-rich countries typically
earn higher returns than the level of productivity they have earned from
capital investment in other countries.
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According to the author's conclusions, today the world is moving
ahead of the economy in the conquest of the patriarchal capitalism, which
is
a legacy of wealth, which can lead to the strengthening of oligarchy.
The economist proposes creating a global system of progressive
wealth tax as a way to reduce economic or political inequality.
The modern economy is interpreted differently by different
economists
and its future development is evaluated differently. A great deal of
economics is simply trying to explain how the economy works. In many
cases, the purpose of economics is to improve the performance of the
economy. However, it should be noted that our thinking about the
economy in reality is not so strong. It is necessary to get correct, practical
recommendations from economists. Only practical advice can put a
foundation on how this system works. Based on the general nature of the
system, predictors of economists are given. Economic analysis has short-
term and long-term problems. However, prediction is a short-term
problem. But technological development, which is a driving force of
general economic development, is a long-term process and is the basis of
economic development for most economists.
REFERENCES
1. Под ред. П.Самуэльсона и У.Барнетта. О чем думают
экономисты. М., 2010
2. Keynes J. M. Economic Possibilities for our Grandchildren //Essays
in Persuasion. N.Y.:W. W.Norton&Co, 1963.Р. 358—373.
3. Дэн Ариели. Поведенческая экономика. Почему люди ведут
себя иррационально и как заработать на этом. М. 2012. – 296 с.
4. Ronen Palanın red. ilə Qlobal siyasi iqtisad: müasir nəzəriyyələr. S.
8. B., 2003
5. Acar, Gökmen Tarık, İktisadı Değiştirmek: Neoklasik İktisada
Eleştirel Bir Yaklaşım, İstanbul: İletişim Yayınları, 2008.
6. А.Маршалл. Принципы экономической науки. (Principles of
Economics) М., 1984
7. Бартенев С.А. История экономических учений: в вопросах и
ответах Из.Юристь М. 1998
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KAMRAN EYYUBOV
PhD, docent, Baku State University
e-mail: kamranovski@gmail.com
UDC 339, 339.37, 338.49
IMPACT OF INTERNATIONAL TRADE ON DOMESTIC
MARKETS IN THE TERMS OF THE GLOBALIZATION
SUMMARY
In this article the author made attempt to analyse processes of
globalization on the example of separate branches. As an example the
author used sector of retail trade. The author more interested in the
processes which happened in hypermarket and supermarket sectore.
Despite globalization process, we have some differences from international
market in Azerbaijan. On the other hand the working style of retail sectore
being close. Because of it, there are strong influence on the local market.
Therefore rules of conduct in the market change and there is a need for the
new concept.
Keywords: globalisation, world economy, retail sale sector
At the end of 20
th
and the beginning of 21
th
century, one of the
mainstreams of world economy was foreign trade. World economy has
grew approximately 5.2 times during the period from 1980 to 2010,
whether the growth of Gross Domestic Product was only 2.7 times. Main
purpose of such increase was the increase of wealth of the countries
involved in foreign trade. Along with the increase in wealth, there is a
noticeable strengthening in rivalry on the foreign trade market, by creating
additional risks. According to the observations foreign trade also affects
the internal markets, which changing the product consumption ratios on the
internal markets. Respectively the main reason for that is the fact that the
companies, which are getting involved in foreign trade, change their
strategies for adaptation to the international market. All of the following
causes the local market to change its structure and become similar to the
foreign market. These processes lead each country to obtain additional
advantages in certain areas of foreign trade, which moves the development
of the local markets to the new stage.