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The world of new economy

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The world of economics has never been fully reliable and stable, measured and predictable.  It is constantly changing, moving from one state to another: stagnation and crisis, revival and progressive development are inseparable parts of recurring cycles. At the turn of the millennium, economic relations in the global community have become more open, but also more complex and risky.

The "new" economy - the knowledge economy - has grown and is developing from the "old" industrial economy. The development of the Internet, ICT technologies, digitalization, the energy transition contribute to a profound transformation of the structure of the economy, the power functions of the state, the role of corporations, economic institutions of civil society and cross-border interaction. New technologies have compressed social time and reduced physical space, creating virtual communication, superimposed over the real environment. The speeds of change give rise to the existential risk of a technological singularity.

Along with the opportunities for economic development the challenges to the basic need for sustainable and safe human life have emerged. The more complex the world order becomes, the stronger is the desire to understand the consequences of ongoing changes, to foresee and predict the scenarios of future events, to determine the goals that are desirable and possible to achieve.

The journal seeks to reveal the processes of formation and development of the new economy in all their complexity and interconnectedness.  It is focused on scientific discussion of topical interdisciplinary problems in the sphere of inclusive economic growth, geoeconomics, institutions of management of environmental, social and managerial risks of sustainable development, economic policy, strategic planning and strategic management, public and corporate finance, public-private partnership, scientific and technological development. 

Current issue

Vol 20, No 2 (2026)
View or download the full issue PDF (Russian)

ECONOMY OF THE XXI CENTURY

6-21 134
Abstract

This study is devoted to the analysis of the mutual influence and convergence of two key technological megatrends of our time — artificial intelligence (AI) and the renaissance of nuclear energy (NE) as part of the transformation of global energy towards decarbonisation. The purpose of the study is a systematic analysis of the possibility of convergence and an assessment of the prospects for its implementation on the horizon up to 2050. The analysis centers on key trends and possible scenarios for the development of AI, as well as core international initiatives aimed at tripling the AE capacity by 2050, including the “Large Energy Users Pledge” adopted at the CERAWeek-2025 conference. The directions of strategic investments of leading technology corporations in NE projects, including technologies related to the development of small modular reactors (SMR) and fast neutron reactors, are considered. Attention is also paid to technological innovations in the field of reactor engineering and their potential to meet the needs of high-energy Big Data Centers. As a result, possible convergence scenarios are presented and key trends are identified. In conclusion, findings indicate the real possibility of using the NE potential to ensure AI exponential growth, which determines the practical value of this study.

ECONOMIC POLICY

22-31 79
Abstract

To fundamentally and sustainably change the current situation in the Russian economy — where a number of sectors face labor shortages, rising production costs, price increases, declining consumer demand, and near-zero production growth rates — it is necessary to widely adopt new equipment and breakthrough technologies (robotics, artificial intelligence, etc.). Retooling production on the basis of advanced and cutting-edge technologies (that are superior to of others technologies) makes it possible to reduce the need for manual labor, increase production volumes, especially of the most in-demand goods, lower production costs, and slow down price growth. Some of the modern equipment and technologies, along with their components and many other means of production, are imported into the Russian Federation, while some of those created in Russia are exported. The purpose of this study is to analyze Russia’s foreign trade in technologies. The main objectives of the study include: identifying the nature and causes of changes in the indicators of technology exports from the Russian Federation and imports into Russia; assessing the impact of sanctions on such changes; and establishing the extent to which states that are unfriendly to the Russian Federation participate in trade in technologies with Russia. The subject of the study is data from the Federal State Statistics Service (Rosstat).

WORLD ECONOMY

32-38 107
Abstract

This article examines the process of qualitatively modernising Egypt’s maritime fleet and transforming it into a fullyfledged component of national productive forces. The Suez Canal once transformed the geography of global trade and continues to ensure the unity of sea routes, significantly reducing the cost of cargo turnover between them. However, the narrow channel and emergency situations can significantly impact traffic volume and carrying capacity under specific circumstances. The facility operates at full swing, ensuring a third of the global container traffic and generating significant revenue for a century and a half. The objective of the article is exploring the state’s extensive policy of expanding the functional significance of the maritime merchant and civilian fleets through the implementation of programs to modernise the country’s maritime and port infrastructure. Systemic approach is used to study the research object, employing elements of content and factor analysis and methods for qualitative and quantitative assessment of the process of strengthening this strategically important economic sector.

39-53 77
Abstract

The objective of the article is to present the results of the study exploring trends in the internationalisation of small and medium enterprises (SMEs), their strategies for entering global markets, and identifying the market barriers. Methods. It implies the data and reports from international organisations, as well as the study of activities of foreign companies. Particular attention is focused on the markets of Asia, North Africa, and the Middle East. In conclusion the authors assume, that these regions hold promise for Russian SMEs, however, for successful expansion, their unique characteristics, obstacles, and particularities must be carefully considered. As a result, the study determines the on-going process of internationalisation of SMEs, despite the pandemic and geopolitical changes.

ECONOMIC THEORY

54-69 87
Abstract

Against a backdrop of intensifying global technological competition and sanctions pressure, the issue of the robotisation of the national economy has become of critical importance for Russia. The objective of this article is to develop a macroeconomic model allowing for the assessment of the impact of robotisation in the manufacturing sector on aggregate labour productivity (LP), as well as to obtain quantitative estimates of the necessary investment resources, their returns, and the consequences for the labour market. The methodology is based on the construction of a nonlinear regression model using panel data for 20 countries over the period 2015–2023, drawing on statistics from the International Federation of Robotics (IFR), the World Bank, and the International Labour Organisation (ILOSTAT). The scientific novelty of the approach stems in the use of aggregated, cross-country data to indirectly assess the macroeconomic consequences of robotisation, as well as in the introduction of the concept of a “technological frontier” (saturation point), beyond which the returns from production automation decline. As a result, the study determines the upper limit of robotisation density and calculates productivity growth potential for the US, China and Russia. It has been demonstrated that, despite its modest macroeconomic impact (productivity growth in the Russian Federation is estimated at 53%), robotisation offers exceptionally high returns and enables Russia to strategically narrow the productivity gap with the US to 1.3 times. The article debunks the myth of ‘technological optimism’, without downplaying the fact that mass automation is not only economically justified but also essential for the nation to shift its technological status from that of an innovation recipient to that of an innovation donor.

70-80 80
Abstract

The relevance of the research topic arises from the rapid development of new technologies, which increasingly replace some human intellectual abilities in the industrial production and management. The 20th century has transformed the age-old idea of improving physical and intellectual abilities into a popular and reality. Many trends of transhumanism have emerged, including radical ones, whose representatives advocate the abolition of any environmental and moral restrictions in science, industry, etc., which contradicts the ideas of humanity. The authors show how closely related neurotechnologies (NT) and artificial intelligence (AI) systems, which are the current most in-demand technologies, able to improve intellectual capabilities, maximise the the human body’s capacity, manage information, etc. At the same time, the study indicates limitations, risks and potential negative consequences of using new technologies. In this regard, ethical issues and issues of legal regulation are thoroughly analysed. The objective of this article is to examine the impact of new technologies that expand human capabilities on management systems in companies and enterprises, communications, etc., as well as the possible limitations, risks and consequences of their application. Methods: analysis of scientific work on the research topic, comparison, generalisation, analogies, systematic and logical analysis, methods of comparison, grouping and ranking. The scientific novelty of the publication is justified by interpretation of the authors related to the specifics of impact of new technologies on various aspects of management and communications.

REAL SECTOR

81-96 79
Abstract

The objective of this study is to identify options for the sustainable, expanded reproduction of industrial fixed assets in oil and gas regions to strengthen their economic security. The assets are impacted by sanctions pressure, high volatility of oil and gas resources, OPEC+ agreements, instability of global commodity derivatives markets, and current global trends in decarbonisation and energy transition. The research methods include regression, structural, dispersion, and cluster analyses. The objects of the study have become the economic systems of regions with budget-forming petrochemical facilities analysed within the period of 2010–2026. The theoretical basis of the work consists of the materials from Rosstat and the Ministry of Natural Resources and Environment of the Russian Federation. The research is also based on the following provisions of the Decrees of the President of the Russian Federation “On the Strategy for Scientific and Technological Development of the Russian Federation” (February 28, 2024, No. 145), “On the Strategy for Economic Security of the Russian Federation through 2030” (May 13, 2017, No. 208), “Strategy for the Development of the Mineral Resource Base of the Russian Federation through 2035”, etc.

97-107 70
Abstract

The purpose of this article is to identify the mechanism of shock diagnosis and to identify factors that facilitate or exacerbate the threat to resilience of economic system. Methodology is based on the data for 1993–1923 from 60 countries, four machine learning algorithms to diagnose shocks (kNN, AdaBoost, Random Forest, and MLP Neural Network). Econometric analysis was accomplished using a probit model. As a result, the research has revealed strong diagnostic abilities of AdaBoost and Random Forest algorithms for diagnosing shocks. It has also identified the influence of the studied factors on the strengthening or mitigation of the probability of a shock. Practical significance: the results of this study can be used to diagnose the resilience of territories, as well as to develop models for predicting the resilience of economic systems and developing machine tools for analysing the resilience of territories.

108-118 172
Abstract

Relevance. Intelligent industrial production involves not only the introduction of digital technologies, but also the active use of digital assets obtained with their application, which requires the study of their functionality as a toolkit for a single digital industrial space. The purpose of the article is to identify digital assets, classify them, determine their functionality and application prospects for the intellectualization of industry. Methods. The methods of analysis of the regulatory framework, classification, systematization, comparative analysis, tabular and graphical visualization of data were used as research methods. Results. Digital assets are proposed to be considered as a toolkit for “smart” production, taking into account legal, technological and economic aspects. The issues of identification and classification of digital assets are considered, which are divided into financial (digital financial assets, digital currency) and non-financial digital assets (digital data, utilitarian digital rights, digital intellectual assets). Their distinctive characteristics, advantages and prospects of application by Russian industrial companies for the intellectualization of production are determined.

MANAGEMENT

119-133 80
Abstract

The objective of the study is to identify the origins of global financial threats, tools and mechanisms for their implementation. The search for ways to strengthen corporate finances and ensure economic security in the context of military confrontation is becoming the most urgent. The subject of the research is issues of financial management in terms of traditional and value-based (VBM) approaches to corporate governance, highlighting traditional performance indicators and cost-of-capital measures in the interests of shareholders. Statistical methods of grouping and comparing empirical data, estimating the value of a corporation (capitalisation, analogues, substitution) and traditional performance measures are used, geopolitical instruments, methods of destructive influence on competitors through hostile takeover, lowering asset capitalisation, restrictions, disruptions in supply chains, etc. are considered. As a necessary condition for achieving high-quality, rather than fictitious, capitalization growth, the fundamental approach to corporate finance management prevails over speculative manipulation in the study. The geo-economic processes leading to VBM dysfunctionality in recent decades have been identified, when VBM has been used as an instrument of monopolistic hegemony by international financial conglomerates. Recommendations have been developed to achieve a balanced systemic interrelationship between the continuity of the company’s operations and the interests of shareholders, capable of maximizing the potential of each participant in industrial relations, countering the geo-economic expansion of transnational geopolitically motivated majority shareholders, and resisting the activities of geopolitical competitors.

EXPERT REPORT

134-149 80
Abstract

The relevance: in the context of large-scale structural reforms and intensifying demands for educational quality in Russia’s higher education personnel, the need for objective assessment and nuanced differentiation of university development models is increasingly apparent. Significant differences in ecosystem structure, innovation potential, and the organisational dynamics of leading universities require new approaches to typology and strategies for modernisation. Traditional rankings and formal criteria prove insufficient for understanding the institutional diversity and identifying the true drivers of leadership within the university sector. The aim of this study is to propose and empirically substantiate a typology of leading Russian universities based on the concept of the scientific-educational corporation as an integrative form of the modern university. Cluster analysis is employed as the principal method, applied to a set of 52 quantitative indicators reflecting the key features of 99 major universities in the country. The scientific novelty lies in the conceptualisation of the scientific-educational corporation and multidimensional university classification. As a result, three clusters of universities are identified, differing substantially in ecosystem scales, innovation activity, and strategic and organisational characteristics. The practical significance of the study lies in the potential application of the proposed approaches and findings for enhancing strategic management, educational policy formation, and the effectiveness of the university sector as part of the national innovation system. The proposed toolkit can serve as an empirical and methodological basis for further research in university typology and higher education development.

FINANCIAL ANALYTICS

150-161 90
Abstract

The relevance. The article substantiates the concept of financial sovereignty as a fundamental characteristic of the state, reflecting its ability to independently formulate and control key parameters of the financial and economic system in the context of globalisation. The objective of the study is to develop the theoretical and methodological foundations of ensuring financial sovereignty through the development of a comprehensive system of assessment indicators. Methodology is based on the synthesis of fiscal, monetary, economic, institutional approaches and the direction of financial security, an original system of indicators is proposed, grouped into seven key blocks. The scientific novelty of the research lies in the formation of a “diagnostic panel” for a comprehensive assessment of financial sovereignty, allowing for the transition from reactive to preventive risk management. The practical significance of the work is determined by the possibility of applying the developed system of indicators by regulatory authorities to monitor threats to national economic security.

162-174 82
Abstract

The objective of the article is to identify the impact of regulator’s monetary policy (MP) on the Russian economy. The study is based on academic and applied works by domestic and foreign scholars, as well as statistical metrics of Russian and international organisations. Methodology: the author applies qualitative and quantitative comparative analysis. As a result, discrepancies have been identified between practical measures to achieve the goals of the MP and its justification by the regulator, on the one hand, and academic views on them, real prerequisites and consequences for the economy, on the other. It is recommended to take into account the specifics of the current operating conditions of the Russian economy for developing and implementing MP, since inflation is primarily associated with a supply shortage and relatively stable demand. Therefore, in these circumstances, it is more efficient to maintain the key rate at the level of actual inflation. This approach will increase the ability of industrial enterprises to use bank loans on market terms to meet their need for borrowed funds to modernise equipment and thereby increase production capacity. At the same time, restraining banks from providing consumer loans (excluding mortgages) through macroprudential instruments will motivate retail borrowers to adopt more financially sound and conscious consumption.



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