Economic Security in the Context of Globalization - New Challenges and Modern Visions

Rusudan Dalakishvili  Ketevan Chiabrishvili  Shalva Kvezereli

Journal number 4 ∘ Rusudan Dalakishvili ∘ Ketevan Chiabrishvili ∘ Shalva Kvezereli ∘
Economic Security in the Context of Globalization - New Challenges and Modern Visions

DOI: https://doi.org/10.52340/ekonomisti.2025.04.07

Expanded Summary

The present article is dedicated to the contemporary interpretation of the economic security concept in the context of globalization. The authors - Ketevan Chiabrishvili, Rusudan Dalakishvili, and Shalva Kvezereli - examine how the understanding of Economic security is changing against the backdrop of international political-economic environmental transformation. The article aims to identify the impact of globalization on a countrys economic security and reveal new approaches.

Economic security indicates the state of interstate relations and is crucial for a countrys sustainable growth. In todays world, conflicts often arise not from ideological clashes but from competition for resources. Economic security has become a vital tool for states in their interactions with others and for exerting influence.

Theorists interpret the role of economic power in international relations differently. For instance, proponents of neoliberal concepts believe that countries increased economic interdependence significantly influences global politics and economics. The paper discusses the views of several scholars and researchers regarding classical and contemporary approaches to economic security.

The study also addresses three fundamental dimensions of economic security: first - economy as a source of military power financing; second - economy as a provider of security and wealth, ensuring the states internal stability; and third - economy as the foundation for interstate interaction.

Today, the concept of economic security is expanding and encompasses both macro and microeconomic aspects. From a macroeconomic perspective, emphasis is placed on reducing budget deficits and financial stability, while the microeconomic perspective focuses on ensuring population welfare and life security.

The process of globalization and international trade development have made the world economy more vulnerable. Economic integration has become deeper but less stable. The growth and acceleration of goods and capital flows have created additional challenges. Developing countries are particularly vulnerable to volatile and high-volume capital flows, as financial market integration increases their economic vulnerability and limits the autonomy of political decisions.

The modern global economy is susceptible to crises that often cause severe recessions. Economic downturns quickly spread from one country to another. For example, Russias 1998 debt crisis, even without economic ties, significantly impacted Brazil and Argentina.

Contemporary researchers pay particular attention to dual-use technologies, digital transformation, and new threats caused by climate change. They define economic security as the ability to protect national survival, sovereign independence, and economic welfare. Ukrainian and Eastern European scholars emphasize the role of international organizations in ensuring global economic security. They also identify three main arguments supporting globalization: globalization strengthens national economies; increases competitiveness and creates new opportunities; promotes economic development and stability, as developing countries gain access to global capital, technologies, and knowledge.

In the global world, to ensure economic security, states and societies must guarantee three fundamental economic values: income and consumption, market integrity, and fair distribution. These three values represent an alternative concept of economic security that reflects the reality of global capitalism. In the alternative model, the microeconomic component focuses on individuals and their income, while the macroeconomic component addresses economic stability and growth. A fair distribution system is critically important for ensuring capitalism\\\\\'s political stability.

As a result of globalization, economic security is no longer solely a domestic policy issue. Economic stability plays a significant role in stability related to political-military conflicts. "Geoeconomics" is gradually replacing geopolitics, and economic power is recognized as a critical component determining states position in the international system.

The intensification of globalization, the growth of economic interdependence, and technological development have contributed to the expansion of the economic security concept. Todays global economic integration, capital and goods flows, as well as social and economic aspects, represent a more complex dimension of economic security.

Economic security has become a significant and dynamic concept of national security, undergoing constant changes in accordance with the new international environment. Its importance in contemporary conditions of globalization is only increasing and requires states cooperation with regional and global actors to address new international challenges.

EKONOMISTI The international scientific and analytical, reviewed, printing and electronic journal of Paata Gugushvili Institute of Economics of Ivane Javakhishvili Tbilisi State University

DOI: 10.52340/EKONOMISTI DOI: 10.36172/EKONOMISTI E ISSN 2346-8432 Print ISSN 1987-6890	Journal number 4 ∘ Rusudan Dalakishvili ∘ Ketevan Chiabrishvili ∘ Shalva Kvezereli ∘ Economic Security in the Context of Globalization - New Challenges and Modern Visions DOI: https://doi.org/10.52340/ekonomisti.2025.04.07 Expanded Summary The present article is dedicated to the contemporary interpretation of the economic security concept in the context of globalization. The authors - Ketevan Chiabrishvili, Rusudan Dalakishvili, and Shalva Kvezereli - examine how the understanding of Economic security is changing against the backdrop of international political-economic environmental transformation. The article aims to identify the impact of globalization on a countrys economic security and reveal new approaches. Economic security indicates the state of interstate relations and is crucial for a countrys sustainable growth. In todays world, conflicts often arise not from ideological clashes but from competition for resources. Economic security has become a vital tool for states in their interactions with others and for exerting influence. Theorists interpret the role of economic power in international relations differently. For instance, proponents of neoliberal concepts believe that countries increased economic interdependence significantly influences global politics and economics. The paper discusses the views of several scholars and researchers regarding classical and contemporary approaches to economic security. The study also addresses three fundamental dimensions of economic security: first - economy as a source of military power financing; second - economy as a provider of security and wealth, ensuring the states internal stability; and third - economy as the foundation for interstate interaction. Today, the concept of economic security is expanding and encompasses both macro and microeconomic aspects. From a macroeconomic perspective, emphasis is placed on reducing budget deficits and financial stability, while the microeconomic perspective focuses on ensuring population welfare and life security. The process of globalization and international trade development have made the world economy more vulnerable. Economic integration has become deeper but less stable. The growth and acceleration of goods and capital flows have created additional challenges. Developing countries are particularly vulnerable to volatile and high-volume capital flows, as financial market integration increases their economic vulnerability and limits the autonomy of political decisions. The modern global economy is susceptible to crises that often cause severe recessions. Economic downturns quickly spread from one country to another. For example, Russias 1998 debt crisis, even without economic ties, significantly impacted Brazil and Argentina. Contemporary researchers pay particular attention to dual-use technologies, digital transformation, and new threats caused by climate change. They define economic security as the ability to protect national survival, sovereign independence, and economic welfare. Ukrainian and Eastern European scholars emphasize the role of international organizations in ensuring global economic security. They also identify three main arguments supporting globalization: globalization strengthens national economies; increases competitiveness and creates new opportunities; promotes economic development and stability, as developing countries gain access to global capital, technologies, and knowledge. In the global world, to ensure economic security, states and societies must guarantee three fundamental economic values: income and consumption, market integrity, and fair distribution. These three values represent an alternative concept of economic security that reflects the reality of global capitalism. In the alternative model, the microeconomic component focuses on individuals and their income, while the macroeconomic component addresses economic stability and growth. A fair distribution system is critically important for ensuring capitalism\\\\\'s political stability. As a result of globalization, economic security is no longer solely a domestic policy issue. Economic stability plays a significant role in stability related to political-military conflicts. "Geoeconomics" is gradually replacing geopolitics, and economic power is recognized as a critical component determining states position in the international system. The intensification of globalization, the growth of economic interdependence, and technological development have contributed to the expansion of the economic security concept. Todays global economic integration, capital and goods flows, as well as social and economic aspects, represent a more complex dimension of economic security. Economic security has become a significant and dynamic concept of national security, undergoing constant changes in accordance with the new international environment. Its importance in contemporary conditions of globalization is only increasing and requires states cooperation with regional and global actors to address new international challenges.