THE CONTRIBUTION OF RISING COUNTRIES TO GLOBALIZATION

The former deliberation on the relation between rich and rising countries has been focusing on the analysis of the impact of economic actions in rich countries on the situation in rising ones. As the basis type of international cooperation has been the flow of goods, the theory has been predominantly focused on the analysis of factors stimulating exports from rising to rich countries. However, because of the fact that rich countries have been interested exclusively in importing of raw materials and partly of food, such foreign trade, instead of stimulating economic growth, has contributed to consolidation of underdevelopment in rising countries. This has caused a situation where the contribution of rising countries in globalization still remains an undervalued field of research and discussion. An orthodox view prevails which states that the benefits of globalization are mainly the share of rich countries. To the contrary, the contribution made by rising countries to world economy is increasing methodically and their impact on world economy considerably escapes the traditional, quantity-based standards used to measure their contribution to world supply and demand for goods and services.