TRANSFORMATION OF THE GLOBAL DEVELOPMENT PARADIGM ON THE EXAMPLE OF INTEGRATION ASSOCIATIONS

Abstract

The article analyzes the issue of transformation of the global development paradigm on the example of intergovernmental regional organizations, as one of the main actors of contemporary international relations. Within the framework of the current paradigm, starting from the period when the Yalta-Potsdam system of international relations was established, the dynamics of confrontations between international regional institutions, the change in this dynamics followed by collapse of the bipolar world order, are studied. The article touches upon the ongoing trends of transformation of the international monetary and financial system in the light of the emergence of new regional actors such as New Development Bank and the Asian Infrastructure Investment Bank. These institutions are being considered as alternatives to the Bretton Woods institutions, particularly to the International Monetary Fund and the World Bank Group. It’s important to mention that the large variety of integration formats, established in the Great Eurasian area, have all chances to claim to the role of emerging pole in the transforming multipolar world order. The cornerstone on this path is considered to be relationship between the Eurasian Economic Union and the People's Republic of China (PRC) mainly in the context of the implementation of the Chinese Belt and Road Initiative. Moreover, further implementation of the North-South international transport corridor, designed to provide a logistic connection between the Baltic countries and India, together with the PRC’s initiative to create Silk Road Economic Belt, harmoniously fit into the broader concept of Comprehensive Eurasian Partnership, announced by the President of the Russian Federation in 2016 during St. Petersburg International Economic Forum. Today the ongoing interregional cooperation in the Great Eurasian area, developing especially in the format of the Eurasian Economic Union (EAEU) - Shanghai Cooperation Organization (SCO) - Association of Southeast Asian Nations (ASEAN), as well as the strategic plans of the EAEU on establishment of free trade zones with third countries before 2025, have all chances to create alternative solutions to the existing regional integration formats. The successful completion of the planned project, which, first of all, depends on the political will of the participating parties, will allow to lay a solid foundation for a transforming new world order. It will completely differ from the existing paradigm of the neoliberal world order.