E-BUSINESS DEVELOPMENT TRENDS IN THE WORLD MARKET

Abstract

The paper discusses the specific features of e-business in the world market, as well as identifies its current state and the key development trends. A special emphasis is put that e-commerce as a critical element of a "new economy" is gaining increasingly more practical implications. It is argued that further effective development of world commerce triggers a need to evaluate the main trends and prospects of the e-commerce market which makes the basis of information business. The world economy demonstrates rapid development towards building global economic space to give rise to a new type of economy. In this context, the need to provide more insights into the role and significance of Ukraine in this environment seems relevant and timely. The global economic space enhances the elimination of barriers to the movement of goods, services and capital, speeding up payment transactions, as well as contributes to harmonization of market regulation. The authors suggest avoiding hasty conclusions as to the readiness of the Ukrainian economy to the total integration into the free market system without verified findings from rigorous research. The study provides evidence that digital globalization of economic processes is becoming a fundamental trend and a driver of the overall modern economy development which has been underpinned by a number of revolutionary technological advances along with the general patterns of economic evolution that guides modern management to be sensitive to the rules of doing business, encourages labour productivity and product quality increase, helps to smooth the recession phases of the economic cycle, etc. The study findings demonstrate that a major effect of digital globalization is international economic integration which spurs non-traditional cross-border flows of goods, rapid loan and investment growth, fosters global exchange of information, ideas and technologies, thus contributing to a transformation of national economies into single global economy. However, it is argued that excessive national protectionism can hamper the development of the global digital economy. Moreover, the desire to store all data solely on the national servers and unjustified protection of confidential information will create extra barriers to cross-border trade and inhibit globalization of the world digital economy.