Changes of Economic Globalization Impacts on the Baltic States Business Environments.

In numerous sources of scientific literature it is clearly proved that the process of globalization in regions, countries, industries and even smallest economic subjects is inevitable. However, it is not only inevitable, but also rapidly changing in its forms and impacts. In 2012 the authors of this paper carried out a thorough analysis of economic globalization impact factors on Baltic countries business environments, which revealed high levels of impacts in the fields of: the liberalization of trade; integration of previously non-connected markets and overall productivity growth; the global value chains influence; the increased significance of outsourcing and services sector; the influence of FDI. The research carried out has revealed that the power and scope of globalization impacts in Baltic countries business environments (with the few exceptions) is gradually diminishing. The findings in general correspond with the trends in global markets that the process of globalization is gradually turning into functional regionalization. However, it is important to emphasize, that this new regionalization phenomenon is very different in forms, scope and origins than that of the sixties and seventies. The core conclusion of the research carried out is the following: the economic impacts of globalization process are progressively diminishing, however there are new unforeseen impacts evolving and there will be even more challenges for economic subjects to face in the future trying to stay competitive in volatile business environments. [ABSTRACT FROM AUTHOR]