engleski

Prospects of the Regional Development Under Globalization Conditions

Although the phenomena of globalization and regionalization have attracted immense attention in the field of international relations in recent years, there are a high quantity of uncertainty and numerous questions regarding the relationship between them. The main purpose of this paper is to explore the relationship between globalization and regionalization, i.e. to asses how globalization and regionalization relate to each other. The central question is whether there is a possibility of further regional development under globalization conditions. There is no consensus among economists regarding the relation between these two processes. At least three different views are crystallized based on the studies of these processes during the time: regionalization is a component of globalization (convergent trends) ; regionalization is a challenge or response to globalization (divergent trends), and the last one regionalization and globalization are parallel processes (overlapping trends). These views are a consequence of the fact that the both processes are extremely contested dependent. Therefore, there is a possibility that all of the possible linkages exist over the time and space. The both phenomena have had an enormous impact on the environment of nation-states and other nation-entities (like national government, business systems, institutions, and individuals). But, it should be noted that the character and significance which these contemporary processes have on the power, authority and functions of the nation-states and other nation-entities differ drastically.

globalization, economic globalization, regionalization

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