Globalization is defined as a historical process of liberalization and progressive integration of capital, goods and labour markets into one global market. Power force behind the globalization are transnational corporations which move not only capital and goods but also technology across national borders. Moral and economic evaluation of globalization is not clear. On the one hand, globalization brings some beneficial effects, such as, development of international trade, capital expansion in the form of foreign direct investment, greater exchange of information between countries. On the other hand, it significantly weakens the social security of working people and small businesses, deepen social inequality and hinders democracy policy. Currently, globalization is in retreat, both as a theoretical concept and a practical solution. Much of the world, especially developing countries, which in recent years strongly liberalized their commodity and capital markets, refers to it critically, because, as a result of the global crisis, they have suffered greater losses than countries that did not opened up to foreign cooperation so quickly. Global economic crisis has caused a weakening of globalization processes on all continents. Some economists and analysts call it even a deglobalisation, starting from the fact of growing protectionism. This is evidenced by the decisions of many governments around the world, involving the obstruction of access to its own internal market, encouraging the purchase of national products and services and repatriation of immigrants to their countries of origin. As a result of the economic crisis and protectionist acts of governments, the world trade turnover in the first half of 2009 decreased by 40%. Many steps to strengthen the global financial architecture were already taken, aimed at stabilizing global finance. Leaders of global economic powers discuss over the directions of work, aiming at increasing security in the world financial system. The key problems include increased regulatory oversight of hedge funds and rating agencies.
The authors of the article examine the issue of share responsibility of accounting policies for the current global financial crisis. They focused on the method recommended by the International Accounting Standards- of valuation of financial assets due to market value. However during the financial turmoil is not a good expression of the financial assets' real value. During the bull market it would lead to higher financial performance, and during the bear market it requires the creation of write-offs on depreciating assets and demonstrates drastic losses in financial institutions. Better solution would be to adopt the average market value of the 6 - 12 months period preceding the balance-sheet date.
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