In this paper I wish to suggest that « obsession» of a transition economy with competitiveness and trade openness, together with « hands off» sort of economic policy, may hardly lead an ―infant economy‖(a transition economy) towards ―real income ―convergence and caching up with mature developed economy on her long-run development path. Moreover, such an obsession may have deflationary impact upon an economy defined as «factor –driven economy, let alone on an « aid-driven economy». However, I point out that in time of extant and particularly future globalization of the world economy no country is (will be) in a position to enjoy own economic development strategy. I conclude that a virtual-market state is devoid of both political and economic sovereignty and therefore becomes a slave of cybernetic neocolonialism. The impossible trinity of globalization: globalization-political independence –economic independence is an issue to be resolved by new world economic order and the economist’s worldwide if the world prefers to enjoy common benefits of achieved technological progress. I propose that such a successful solution requires a new economic theory and policy.