Economic theoretical foundations of post-transformation reorientation of international business

Abstract

The article considers economic and theoretical foundations of reorientation of international business in post-transformation economy and analyzes the multifactor character of this process. When considering geographical reorientation, the need for multi-vector changes is shown, which is not only reduced to East-West processes, but also to North-South ones. The analysis of structural reorientation lead to the conclusion that it is advisable to implement sectoral reorientation in favor of the industrial sector. The study of this process leads to the conclusion that the possibilities are exhausted of reindustrialization on the old industrial basis and there is an urgent need for neo-industrialization, similar to those taking place in the new industrial economies of East Asia. This, in turn, raises the question of the need for changes in the metabolism of knowledge characteristic for economy, when absorption of knowledge begins to play an equal, if not a more important role than its creation. The need to absorb knowledge raises other demands for the integration of production, when the reorientation of international business implies not just reintegration into world trade, but reintegration into world production. At the same time, the structure of the implementation of national output should be changed, and not only in connection with the increase in the share of part of output sold abroad compared to domestic ones, but also in connection with the expansion of progressive forms of export compared to traditional ones. These forms arise mainly through inclusion in global value chains, which significantly increases the opportunities for both export growth and value added in the country's economy as a whole. As a result of the analysis, the author concludes that the reorientation of international business is a complex multifactor phenomenon in which the indissoluble unity of institutional, subjective, object and process economic theoretical foundations is manifested.