Main Challenges Facing the Contemporary World Economy

The world economy is vibrant, diverse and complex existence. Because technology enables greater interdependence than before, modern economies can be distinguished from past economies. Harvey (1989) argues that the essential aspect of the economy of the 21st century is "space-time compression" and Larsson (2003, pg.89) states "the process of shrinking the world." This "shrinking" enables faster capital exchange and product flow quickly.

What are the main challenges facing the modern world economy? Although the modern world economy is complex, the main challenge facing today is the development imbalance. Today's development of society represents the fundamental characteristics of capitalism as a mode of production and consumption. In this article, we analyze the development discourse, how it prevents trade from equaling the growth of the world economy because it is full of unbalanced power relations, and how it suffers from political corruption It analyzes whether it is. We also explore how the space organization in production can cause problems in the global economy and whether the resources are actually becoming developing countries due to imbalances in the flow of funds. Trade is a phenomenon supporting economic growth and globalization.

Trade itself is a means of promoting the imbalance of power relations among states, which is the main challenge faced by modern world economy. It also draws attention to how the space organization in production and consumption challenges the growth of the global economy through unbalanced capital flows (TNC) and resource development. The imbalanced power relationship between developed and low-developed countries is a direct cause of today's global economic inequality, mainly caused by corrupt, selfish governments.

Corruption is a slow poison that harms the constitution, society and the economy of developing countries. In other words, corruption is one of the biggest challenges faced by modern society, which clearly shows the government's difference between good and evil. Factors that promote corruption and corruption are very different. Inappropriate handling of policies can lead to catastrophic conditions that endanger the various fields of developing countries. Corruption occurs from bribery of civil servants to major politicians and bureaucrats, and almost everywhere, and everything to use public power for personal purposes. Corruption violates the morality of justice that harms society. Corruption includes bribery, insider trading, election fraud, corruption, asylum and conflict of interest.