Development of the World Market of Services in the Context of Globalization: Institutional and Network Approaches

  •  Innessa Efremenko    
  •  Tatiana Panasenkova    


The general trend of economic development in the last century is the transformation of the industrial economy inthe post-industrial or service economy that is due to a number of factors - innovation in the agricultural sectorand industrial production, the complication of institutional, instrumental and technical and technologicalframeworks of national economies, changes in the system of social needs, growth of social activity of population.In this regard, the study of the dynamics and trends of the global services sector as a whole and its segments inparticular is an important task in both the theoretical and practical terms.Transnationalization of global hospitality market determines the links between its individual segments andeconomic system in general. These links are evident not only between market participants, but also between thesegments of global goods and capital market. As a result, transnationalization acts as stabilizing mechanism forthe world economy in general and the global hospitality market in particular.

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