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TERRA ECONOMICUS

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Fragmentation of global economy driven by interests in international trade


TERRA ECONOMICUS, Vol. 23, No 4

Citation: Epifanova N.S. (2025). Fragmentation of global economy driven by interests in international trade. Terra Economicus 23(4), 119–134 (in Russian). DOI: 10.18522/2073-6606-2025-23-4-119-134


The article deals with trade agreements in the context of modern economic integration and fragmentation. In the 21st century, regional economic integration has reached a fundamentally new level: mega-regional trade blocs are emerging, driven by economic, military and political reasons. The study attempts to chronologically reconstruct the processes of regional economic integration within the framework of mega-regional trade agreements in the 21st century. The article identifies key trends, as well as the reasons for the formation and subsequent reformatting of various trade blocs. It demonstrates that the formation of a mega-regional agreement does not necessarily have an economic basis. The author also identifies the specific features of contemporary integration processes, in which the civilizational vector of development of different states is beginning to gain importance. Even for trade purposes, states are united based on shared values, a common history, and common interests. Thus, a framework for a new multipolar world could emerge. The limitations of neoclassical economics when studying regional economic integration are demonstrated. The results obtained through modeling based on panel data confirm that economic reasons (liberalization of foreign trade, the removal of barriers to the international movement of production factors, etc.) are no longer a sufficient factor for regional integration on their own. In the 21st century, regional integration is taking on significantly more complex forms, which could pose a challenge both for Russian civilization and for humanity as a whole.

Keywords: mega-regional trade agreements; regional economic integration; civilizational development; international trade
JEL codes: F02, F13


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Publisher: Southern Federal University
ISSN: 2073-6606