Ukraine and the challenges of globalization and economic trends

Abstract

The wealth of a nation is today usually defined by its ability to produce goods. Due to the increased globalization, production of IT software has become a large industry in Ukraine, which offers more prosperity for Ukraine as a nation and great opportunities for Ukrainian IT specialists. However, the majority of the products are owned by foreign investors, which may raise some concerns on longer terms. This short paper takes a brief look at the historical development of international economy and trade, and the implicati- ons that the recent economic developments could have on business in Ukraine in general and the IT outsourcing industry in particular.