Emerging economies as an element of the changes in the world economy structure

Abstract

The aim of the article is to define the genesis of the emerging economies and their development mechanism. In this light, their increasing role in the world economy will be shown, highlighting that a number of these economies is catching up with developed nations, in many areas reaching a comparative advantage. However, in the aftermath of the world financial crisis, the development perspectives of the emerging economies may worsen, which in turn could cause a significant impact on the basic processes undergone by the world economy, such as globalisation, regionalisation, and market transformation. In this light, arguments have been presented pointing towards the surplus emerging economies as the source of the collapse of the international payment equilibrium. Further, it is assumed that this is one of the most important reasons behind the world financial crisis. The TTIP is thought to mitigate the international disequilibrium as it seeks to increase the international exchange between Western Europe and the United States of America by boosting trade flows thanks to trade creation and diversion effects which should be significantly affected by the abolishment of non-tariff trade barriers.