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Chapter1.Internationaltradeintheglobaleconomy
Generallyspeaking,adownturninforeigndirectinvestmentsprecedestheno-
ticeablebeginningofaglobaleconomiccrisis,asinvestorsrespondmainlytofinan-
cialcrisesanddropsinthestockmarketpriceofsecurities.Teirresponsetoaneco-
nomicupturnoccurswithacorrespondingdelay.
Astronginterdependenceoftrendsintheglobaleconomyisshownthroughdevel-
opmenttendenciesinthebasicareasofinternationaleconomiccooperation.Tisre-
quiresadeeperanalysisaswellasaconstructivereflectionontheglobalcharacterof
theeconomiccrisis.Itmayseemparadoxicalthatitsnegativeeffectsarenowfeltmore
acutelyineconomicallydevelopedcountries.Teprocessofmultilateralinternation-
altradeliberalization,beguninthe1990s,hasopenedmarketsinthatgroupofcoun-
triestogoodscomingfromdevelopingcountries.Tisbecameevenmorepronounced
whenproductionprocessesbecamemoreinternationalandincreasinglymoved,along
withthecapital,tolesseconomicallydevelopedcountriesthankstolowerproduction
coststhaninthecountryoforiginofthecapital.Temosteconomicallydeveloped
countriesbecameimplicatedinthefinancialramificationsofthecrisisinitsinitial
phase.Hencetheincreasedriskanddifficultyoffinancingvariousformsofinterna-
tionaleconomiccooperation,includingforeigntrade.Tisisanewtendencyinthede-
velopmentoftheglobaleconomy,withitsdurationhardtopredict22.
Historicalexperiencehasshownthatneitherthestatenorthemarkethasthe
abilitytoeffectivelyserveitspurpose.Tiscreatestheneedforaconceptforanew
internationalorderintheeconomyor,attheveryleast,newprinciplesforitscoor-
dination.Untiltheinternationalcommunitycomestogethertodevelopnewrules
andstructuresforworldgovernance,coordinatingtheglobaleconomycouldbeen-
trustedtooneoftheexistinginternationaleconomicorganizations.Tese,however,
musttransforminresponsetothenewchallengesinsuchawayastoallowalarger
portionoftheworld’spopulationtoenjoythebenefitsofthereformofglobaliza-
tion23.Teideaofworldgovernance,vitaltothefutureoftheeconomy,represents
themanyways,inwhichpublicandprivateentitiesandinstitutionsmanagecom-
monbusiness,treatingitasacontinuousprocessusedtoreconciledifferentinter-
estsandtotakeupjointaction24.
1030Influenceofinternationaltradeonthenationaleconomy:
macroeconomicapproach
Worldtradeisthesumofacountry’sinterdependenttradeswithforeignentities(for-
eigntrade).Foreigntrademeansapaidexchangeofgoodsorserviceseffectedbyen-
titiesfromagivencountrywithpartnersbasedabroad25.Accordingtothatdefinition,
22See:E.Czarny,K.Śledziewska,Międzynarodowawspółpraca…,pp.33–75.
23See:J.E.Stiglitz,Globalizacja…,pp.192–223;Gospodarkaza100lat.Najważniejsiekonomiściprzewi-
dująprzyszłość,red.I.Huerta-Palacios,KurhausPublishing,Warszawa2014.
24OurGlobalNeighbourhood,UnitedNations,NewYork–Geneva1995,p.2.
25Tefeaturewhichdistinguishesaforeigntradetransactionfromadomestictradetransactionisthat
thepartiestothetransactionoriginatefromdifferentcountries.Inpractice,goodscrossastateborderwhich
