Transformation of Economic Processes under the Influence of Technological Changes

Abstract

In the article, the authors have reviewed distinctive features of the development of economic systems. Specifically, the main distinctive feature, as the authors believe, is the fast reaction to changes in the external environment. Signs of these changes become clear during the period when institutional mechanisms and laws are not yet effective, but transformation processes are already capable of forming prerequisites for the shift towards a new type of the economy based on knowledge. The authors have determined a complex of technologies mastered in the evolutionary sequence of the past three centuries, which leads to new principles of production organization and the beginning of the period of innovative development.