TRANSFORMATION OF EXISTING ECONOMIC RELATIONS AND WAYS OF THEIR IMPLEMENTATION IMPACTED BY DIGITAL TECHNOLOGIES

Abstract

Abstract. The paper offers the author’s response to the matter of direction of transformation of existing economic relations and ways of their implementation under the influence of digital technologies. This goal is achieved by solving two objectives: (1) to generalize the existing methods of depersonalization of property under the influence of modern information technologies and (2) to clarify the directions of changes in two key areas of circulation of two objects of existing economic relations – information as well as financial and monetary capital. To ensure this, the following research methods were used: dialectical method of cognition, general methods of analysis and synthesis, method of scientific abstraction, interdisciplinary approach to transformation of relations around property relations at the technological angle. Based on the understanding of the specified “narrow scopes” of economic relations, the author defends the idea that today not only a large-scale digitalization of existing economic relations takes place, but also their virtualization both through digital platforms and ecosystems, and through numerous investment “mixers”. In the modern virtual and cross-border financial economy, impersonal property dominates. Among the objects of property, an increasingly important role is played by those objects of property that, firstly, reflect legal and institutional elements, and, secondly, those that help to manage, make managerial decisions and redistribute the resource. A working conclusion is made that transformation of existing economic relations regarding property under the influence of digital technologies is associated with a gradual process of their individualization with the simultaneous implementation of existing socialization of relations within the framework of the global economy development. The fundamental direction of transformation of economic relations regarding property is determined as follows: the processes of digitalization and virtualization of the economy inevitably and more and more absorb market entities and cause the transformation of economic relations of property, and this is an important condition for development of a global post-industrial society. Based on this, the author summarizes five main characteristics of information as an object of property rights, a modern tool for the accumulation of wealth and a form of wealth, which together distinguish information from other previous dominant goods in the past. Two directions of isolation of financial and monetary capital as an object of property that globally influences modern economic relations have been determined, and this, finally, made it possible to clarify the four fundamental characteristics of transformations in the economic relations of property. As an important fi nal conclusion, virtual values and virtual assets are gradually becoming a new factor in social development. New competitive advantages of private companies and countries are contained in their possession of modern virtual property. Keywords. Economic relations, digital asset, virtual assets, transformation of relations, property relations, information economy.