International Scientific Conference Squaring the Circle : the New Global Dynamics (2026) [pp. 87-90]
AUTHOR(S) / AUTOR(I): Predrag Bjelić 
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DOI: https://doi.org/10.46793/7067.3731.087B
ABSTRACT / SAŽETAK:
The second half of the 20th century have been characterised as a golden age of world trade. This is made possible by unprecedented liberalisation of trade and investment regimes across the world. World trade have reached unprecedented highs and grow exponentially, with the largest share recorded by Europe and other developed economies. Many companies from developed countries have used this opportunity to export their business across the globe and become global companies, mainly using foreign direct investments (FDI) as main tools. The US but also European and Japanese companies were leading the trend. Limited number of developing countries have used this opportunity that liberal trade order provides and became newly industrialised countries. First wave were the Asian tigers, like Japan, Republic of Korea, Singapore, Taiwan and Hong Kong but nowadays the P.R. China, Indonesia, India are also dynamically growing. Many other developing economies have been stuck in the slow growth, low export potential and poverty and did not used the opportunity of growing world trade. The worst situation is with Least developed countries (LDCs), group defined by the United Nations which needs assistance.