DOI: http://doi.org/10.15350/24097616.2019.5.26

Akhmed S. Gaisumov – An assistant at Department of Business Economics, Chechen State University, Grozny, Russian Federation, E-mail: Akhmed.chesu@gmail.com

Zlata A.Kh. Tapaeva – A postgraduate student Chechen State University, Grozny, Russian Federation.

Viskhadzhi V. Tsuraev – A postgraduate student Chechen State University, Grozny, Russian Federation.

Abstract. The article discusses an impact of globalization on Russian economics by analyzing goods and labor markets. Globalization represents the process when societies and countries become more interdependent. Russia has a long and difficult history of relationship with other countries. Modern Russia is tightly related to actions of other states. Relationships among countries allow them achieve common social, political and economic aims. Firstly, a participation in global trade leads to allocation of needed goods among trading countries. An import allows Russian market to get important goods and services that are used by households and businesses. An export helps increase an income to Russian budget that leads to economic development. Secondly, globalization contributes in labor movement from country to country that leads to an improvement in national production and a decrease in unemployment. Transnational corporations open local departments in countries and create new workplaces for people. Moreover, states can attract high qualified workers that helps develop innovations. However, globalization also has disadvantages that does not allow Russia use benefits of its global operations fully. Global trade leads to the dependence on demand and supply of goods and services by other countries. Labor market also negatively affected, as transnational corporations that enter Russia destroy local small businesses that might decrease an employment level. Moreover, inefficient migration policy might cause an inflow of poor labor force from other countries. For minimization of problems caused by globalization government must use effective tools for economic and political regulation.

Keywords: globalization, transnational corporation, export, import, employment, migration.

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For citation:

Gaisumov A.S., Tapaeva Z.A.Kh., Tsuraev V.V. An impact of globalization on goods and labor markets. CITISE, 2019, no. 5, pp. 292-301. DOI: http://doi.org/10.15350/24097616.019.5.26