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GLOBALIZATION: THEORETICAL PERSPECTIVES, IMPACTS …

FACTA UNIVERSITATIS Series: Economics and Organization Vol. 5, No 3, 2008, pp. 263 - 272 globalization : THEORETICAL PERSPECTIVES, IMPACTS AND INSTITUTIONAL RESPONSE OF THE ECONOMY UDC Zoran Stefanovi Faculty of Economics, University of Ni , Trg kralja Aleksandra Ujedinitelja 11, Serbia Abstract. globalization has major IMPACTS on contemporary economy. The paper sketches main directions of analysis of this complex phenomenon. It is suggested in the paper that, in spite of its powerful unification influence, the unified institutional framework of economy may not be the result of globalization . Therefore, it seems that more moderate and less deterministic comprehensions of globalization are more helpful for understanding of both essence and effects of globalization . Key Words: globalization , economic theory, world economy, institutions. INTRODUCTION globalization certainly represents a mega phenomenon that is shaping today's trends.

The current period is the final stage of the downward, B-phase of the Kondratieff cycle, that began in 1967/1975 and will last a few more years. The ending of this phase began with the crisis in East Asia, Russia and Brazil. Wallerstein predicts that the last sub phase of the cycle will end with a severe crisis in the USA (Wallerstein, 1999, p. 6).

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