INEVITABLE TRANSFORMATION OF THE GLOBAL ECONOMY

Abstract

The roots of economy as a domain in which the blueprint for international order explained and categorised date back to 18th century when the gap between the world’s richest and poorest countries was enormous. It is with no coincidence that the founder of modern economics Adam Smith attempted to describe such an extreme fraction between countries in his notable work ‘The Wealth of Nations’. He argued that the welfare increases are based on labour and cooperation, and that making market economies to succeed requires, first and foremost, that people would be self-concerned, but also would fulfil their self-interest by adjusting to the others’ needs