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The nature of institutional changes in foreign trade as a result of the digitalization during the international economic integration

Vol. 16, Iss. 7, JULY 2020

Received: 7 May 2020

Received in revised form: 23 May 2020

Accepted: 10 June 2020

Available online: 16 July 2020

Subject Heading: INTERNATIONAL ECONOMIC RELATIONS

JEL Classification: B52

Pages: 1352–1365

https://doi.org/10.24891/ni.16.7.1352

Shkalenko A.V. Volgograd State University (VolSU), Volgograd, Russian Federation
lavra.ne@mail.ru

https://orcid.org/0000-0002-9505-9819

Subject. The article focuses on the creation of a favorable institutional environment for the Russian companies to enter foreign markets, being prepared to digitalization processes.
Objectives. I determine the nature of institutional changes that take place during the active and widespread integration of ICT. The article also traces trends in foreign trade relations between countries during the digitalization and the impact of innovation during the digital transformation of international relations. The article evaluates what part network technologies play in the economic, social and political life during the globalization.
Methods. The study relies upon elements of the innovative methodology for the post-industrial analysis through the cross-disciplinary synthesis, which implies overcoming the single aspect focus, dichotomy and dogmatism of many concepts of the orthodox new institutionalism.
Results. Based on digital technologies, institutional mechanisms of trade agreement were found to be a complex set of related constituents. Institutions for the regulation and self-regulation of the digital economy will comprise two big subsystems in the mid-term, i.e. smart institutions (rules and models of conduct resulting from self-performing smart contracts) and hybrid institutions, which combine aspects of traditional, written law and algorithmic one, which is based on computer codes and software. The digital institutional environment will unavoidably engender smart intermediaries, which have already featured legal attorneys for smart contracts, technical experts on digital technologies, auditors and managers of digital business processes.
Conclusions and Relevance. New technologies reshape the institutional environment of the international cooperation on foreign trade, which contributes to the development of innovation so that countries could gain some competitive advantages. Drawing upon the cross-country cooperation within the same institutional space, national and/or regional innovative ecosystems become very important.

Keywords: institutional change, digital technology, digital economy, government regulation

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