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The efficiency of the monodirectional economic policy of smaller countries during the globalization and multipolar world

Vol. 16, Iss. 5, MAY 2020

Received: 31 March 2020

Received in revised form: 16 April 2020

Accepted: 30 April 2020

Available online: 15 May 2020

Subject Heading: GLOBALIZATION

JEL Classification: F02, F15, F52, F55, F68

Pages: 929–949

Chernysheva A.M. Russian People's Friendship University (RUDN University), Moscow, Russian Federation

Subject. After the collapse of the USSR, smaller countries chose different paths in their economic policy during the globalization and the multipolar world. The EU, USA and Russia made a palpable contribution to the economic policy of smaller countries. Some countries of the former USSR failed to find their course, while the others immediately followed their development strategy and stuck to it persistently.
Objectives. I examine the economics of the monodirectional strategy of smaller countries of the former USSR. I also evaluate how the countries found their position among different leading countries as points of attraction. The study is based on the assumption that the single direction of the national development and adherence to the same point of attraction will ensure the sustainable development. However, the economic development level depends on the health of a certain economy as a point of attraction.
Methods. The study is based on the systems approach, comparative and statistical methods for analyzing macroeconomic data series.
Results. I investigated the dynamics of key macroeconomic data in the Republic of Belarus, Latvia and Estonia, such as GDP per capita in current values, unemployment rate and Purchasing Power Index. Given the current phase of globalization and multipolar world, it is crucial for smaller countries to choose a development strategy to follow persistently and achieve proper macroeconomic indicators that depend on the economic stability of counties they treat as their benchmarks.
Conclusions and Relevance. I should mention the successful economic policy of Estonia and Latvia, which followed the same course as the other EU countries, as opposed to the Republic of Belarus tending to the policy of the Russian Federation. Nevertheless, the monodirectional development strategy also helps smaller countries ensure their economic stability.

Keywords: economic policy, real economy


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May 2020