Economic Sovereignty in the Context of Modern Economic Models

The paper is devoted to the problem of sovereignty. In its original meaning, this word denoted the property of power. After a certain time, they started to interpreted sovereignty more as an element of the state. This approach has developed in the general theory of law and the state and in political studies in general. Sovereignty is usually understood as the independence of the state in internal affairs and in connection to international relations. An attempt is made to explain the reasons for the formation and development of the so-called concept of «limited sovereignty». The deep grounds of criticism of the national state as an independent political player as a product of the «Westphalian system», allegedly outdated in the modern period, are revealed. The illustration of different approaches to the problem of sovereignty is linked to the contradictory processes of globalization-deglobalization, which have become obvious.

The paper focuses on the political, legal, and mainly economic component of sovereignty. The degree of political independence of the state is shown, which is largely determined by the economic potential of the country. A narrow understanding of economic sovereignty is criticized, which is often reduced exclusively to the problem of import substitution. The paper proves that economic sovereignty is predetermined by the economic model that the state chooses for itself. In turn, economic models are understood as appropriate economic goal-setting, and not just a dilemma: the market vs. a plan. Thus, some states prefer to produce the maximum amount of goods on the domestic market, while others focus on the international «division» of labor. This factor is ultimately decisive in ensuring economic sovereignty.

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