Globotization stage of internationalization of the economy from the Polish perspective

Abstract

Purpose – The purpose of this article is to characterize the next stage of economic globalization and identify the evolution of international trade theory adapted to new realities. In addition, the implications of this evolution for economic policy in Poland are also inferred. Design/methodology/approach – The article is conceptual and overview in nature. First of all, a study of the existing body of literature was used. On this basis, a methodology of deductive reasoning was used to reconstruct theoretical justifications for the changing economic reality. Findings – The article establishes the essence of the globotization process and its relevance to Polish economic conditions. In addition, changes in the sources of competitive advantage, the role of the central regulator and entrepreneurs with the growing dominance of international trade in labor services were pointed out. With this, the requirements for a forward-looking theory of international trade were outlined. Against this background, cautions and directional moves were formulated mainly for the Polish economy. Research limitations/implications – The content of the article is predictive in nature and necessarily the proposals made are subject to uncertainty. The complexity and unpredictability of the evolution of globalization are factors contributing to the uncertainty of the conclusions. However, such conceptual considerations are the premises of a discussion seeking rules and desirable economic policies on the scale of the Polish economy. Practical implications – The conceptual, review and prognostic nature of the article results in its limited practical significance. However, the search for an explanation of the observed evolution of the world economy indirectly has considerable practical significance. In particular, it is important to make inferences about the desired directions of economic policymaking. Social implications – Economic policy directly affects the material conditions of life, i.e. the welfare and wellbeing of society. In this sense, the reasoning and conclusions presented in the article are relevant to people. Originality/value – Until now, the relationship between the evolution of economic globalization, state economic policies and their justifications and theoretical explanations has not been studied. In this sense, the article is original in its content and conclusions.