Based on the analysis of existing definitions, the article gives the authors’ clarification of the quintessence of globalization. Globalization is seen as an objective process of internationalization of the world economy, which is based on scientific and technological progress and the growth of the international division of labor, liberalization of the economy and its transnationalization, environment. The subjective side of globalization is considered as the policy of highly developed countries, pursued by them in their interests concerning other countries. Сauses of globalization slowdown in recent decades identified , the positive and negative consequences of globalization for the economies of the world are classified. Classification of existing points of view on the essence of regionalization is presented, and the authors’ refinement of this category is given. The reasons for the intensification of regionalization processes in the global economy and the Eurasian region are identified. The characteristic features of modern regionalism are determined, the peculiarities of a closed and open model of regionalization are defined, and it is noted that the countries of the Eurasian region are moving to a model of open regionalization. is proved that regionalization creates the prerequisites for the transition from a unipolar to a multipolar world.