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Vol 13, No 1 (2019)
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ECONOMY OF THE XXI CENTURY

6-18 654
Abstract

In the process of evolution, all living beings on our planet are exposed to internal and external forces, conditions and circumstances, which are adverse, harmful and dangerous for its existence and reproduction. In the field of economy, these are periodic crises of overproduction, fair and unfair competition, various prohibitions, blockades and sanctions. The purpose of this paper is to determine the conditions, forces and circumstances (resistance factors), which ensure the resistance of the country, its economy and the state to such harmful effects, that can cause damage, disrupt and even interrupt the process of normal development. In our days, such damage to the economy of a country may be caused by various types of sanctions, imposed, as a rule, by a group of States against legal entities and persons of any country. The author of this paper discusses three areas of finding sources of resilience. They are habitat, endangered object (in our case — society), available means of protection. These areas were chosen because resistance to harmful effects and elimination of their consequences is carried out, first of all, by the object of such effects: society of people engaged in the conscious economic activity; a habitat of human society; and, finally, the resources and protection means which are available to society.

19-24 765
Abstract

In this article, I would like to discuss three main problems. Indeed, there are no particular problems but the whole complex of mutually connected ones. The first issue concerns the structural character of the current changes. The second issue concerns the peculiarity of globalisation’s process. The third issue concerns the great correction of the current development model. In my analysis, I stress the real turning point, consistent with the need for a significant correction of our understanding, approaches and policies. It took place in September 2015 at the UN General Assembly with the approval of the 2030 Agenda on sustainable development — a structured action plan with 17 Goals and 169 specific Targets. Namely, within this framework, social policy has been recognized as a primary, essential value, after decades in which this policy has been interpreted and relegated to a secondary function, a function to support economic activities, a simple cost that the state and businesses must cover to assist the weakest and most affected people by the production processes. However, for competitiveness and cohesion of a system, the fundamental point concerns an adequate interpretation of this key-word: “social”. The matter at this point is likely to become extremely complex.

25-35 1120
Abstract

The article analyses the possible impact of economy robotisation on the unemployment rate. Structurally, the article consists of four parts. The first part describes the threats to employment, associated with robotisation. The second part is devoted to the analysis of the dynamics of the unemployment rate for countries — leaders of the economy robotisation. The results of the study allow us to conclude that at the current stage the robotisation of the economies of the countries leading at this process is accompanied by the creation of new jobs and a shortage of labour resources. The third part of the article explains the results of the analysis. It is substantiated that the growth in the number of jobs in developed countries as a result of robotisation has been achieved by reducing the number of jobs in developing countries. This process is the first wave of the results of economy robotisation. The fourth part of the article describes the spread of the second wave of economy robotisation. The characteristic of its possible negative impact on the economy of developed countries is given, the reasons for this influence are described, possible options for further development of the situation are analyzed.

REAL SECTOR

36-47 897
Abstract

Introduction. The article shows the importance of the factor of institutional differences in the development of the Russian economy, in particular — the steel markets.

Methods. In this article, we proposed some institutional criteria to determine the institutional differences, by which we selected three samples — the largest, large, medium-sized ferrous metallurgy companies with a foundry technological redistribution for a higher degree of comparability. Initially, we determined a sample of companies on the basis of annual revenue. Further, we examined all three samples of companies in terms of economic criteria for the last ten reporting years — from 2008 to 2017. We selected the main directions of the considered criteria for comparing groups of enterprises: ratings, market coverage, level of state support, access to financing.

Results. The study was able to determine that each of the samples has its own characteristics of development and performance indicators. At the same time, a comparison of the dynamics of economic indicators in the three institutionally different groups shows that the first sector significantly exceeds the second and third in terms of both volume indicators and the dynamics of their growth. The differences between the second and third sectors are less pronounced, but also in favour of the second. In general, groups of companies, separated by institutional characteristics, demonstrate marked differences in the dynamics of economic parameters. A comparative analysis of the technological level, despite the lack of detailed studies, showed that the selected groups of companies differ significantly in terms of access to new and high technologies, and the level of interaction with universities.

Discussion. The approach described in the article allows predicting the development of markets and industries, taking into account the selected institutional and economic features. Also, besides the distinction according to the institutional characteristics of a group of companies in terms of economic parameters, further studies of their technological level are required.

48-66 579
Abstract

The subject of research. The article presents the author’s proposals for the development of the automobile sports  industry in Russia.

Purpose. The purpose of the author was to identify key stakeholders in the interaction of international and Russian  management structures; key problems of automobile sport and strategic actions to address them.

Methodology. The author presented empirical data of the audience of Formula 1 and the Russian racing series.

Results. The author identified the tools for the development of automobile sport with a business component for Russian  stakeholders and Liberty Media — the owner of the business “Formula 1”.

Discussion. The author offered strategic actions and tools, taking into account the genesis of this branch, aimed at the  development of this unattractive as up to the present moment branch of automobile sport.

WORLD ECONOMY

67-76 1838
Abstract

The article analyses the formation and development of the Chinese initiative “one belt, one road” (OBOR), the main internal and external factors of its promotion, motives and goals. It shows how the initiative of the new Silk Road (NSR) has evolved into the concept of globalisation with Chinese characteristics, the strategy of overseas expansion of China. The NSR initiative is tied to the transformation of the traditional export-oriented model of labour-intensive production, with a high rate of accumulation, total borrowing of foreign technologies to a new model oriented to domestic demand, export of high-tech products, own innovations. It is shown that in the course of the implementation of the OBOR initiative, elements of the old model of trade and investment expansion are used. It makes it possible to gain time for the transition to a new model, to create opportunities for its implementation. During the course of its theoretical development by Chinese social scientists and its practical implementation, the OBOR project is being transformed into version 2.0, being filled with geo-economic content, while at the same time focusing on the achievement of intra-economic goals. It reveals the evolution of the BRI, which claims to be the new mechanism of globalisation, the “concept of global governance”, the new ideology of globalism with the slogan “building a community of the common destiny of humanity”.

THEORETICAL ASPECTS

77-84 840
Abstract

In this article, I described the results of investigations achieved by two American economists William Nordhaus and Paul Romer. They have been awarded the 2018 Nobel Memorial Prize in Economic Sciences mainly for the introduction of feedbacks in economic and mathematical modelling. Nordhaus “for integrating climate change into long-run macroeconomic analysis” where quantitative model describes the global interplay between the economy and the climate and integrates theories and empirical results from physics, chemistry and economics. Romer “for integrating technological innovations into the long-run macroeconomic analysis” where he shows how knowledge can function as a driver of long-term economic growth.  I considered three blocks in the models of W. Nordhaus and P. Romer and the functions of each of them. Also, I discussed the assumptions that underlie their models. The author notes that climate change models are also being built in Russia, but there are no economic blocks in them, models of long-term economic growth with endogenous scientific and technological progress are formed in Russia also, but representatives of natural Sciences do not participate in them. Experience of the laureates shows that providing models of long-run economic development of the country and the world are necessary. The article also highlights P. Romer work on international Charter cities, the sources of world scientific and technological progress.

FINANCIAL ANALYTICS

85-93 575
Abstract

In the article, the authors investigate the reasons for the fallacy of the presumption that the ‘excessive’ level of public debt is harmful to economic growth, and that austerity measures should be applied whenever public debt is too large. We also considered the approach of the advocates of “functional finance” proposed by Abba P. Lerner. Our research was based on the Balance Mechanics developed in the middle of the XXth century by the German economist Wolfgang Stützel. On this ground, the authors examined the financial balances of individual economic agents, a group of economic agents, and macroeconomic sectors of the economy. The authors make an important conclusion that follows from the macroeconomic identity: the dynamics of public sector behaviour cannot be considered in isolation from the behaviour of the private and external sectors, as changes in financial balances in these sectors are interrelated and interdependent. It follows from  the macroeconomic identity that some policy objectives in one sector (for example, a constant public sector surplus) are  unattainable or extremely difficult to achieve (regardless of the scale of economic adjustments used: devaluation, changes  in interest rates or total income, etc.), without taking into account the wishes of other sectors. Therefore, it is extremely destructive to continue policies aimed at achieving incompatible desires for it inevitably leads to a crisis in the economy.

94-103 518
Abstract

Market economy, as evidenced by historical practice, inevitably leads to the unification of entrepreneurs in public organizations.  In modern Russia, the formation of such structures began in the late 1980s.at that time, regional, sectoral and national associations were established. The oldest business unions were branch banking organizations, which United in their ranks banks and structures related to the banking business of the country. Bank associations are lobbying associations designed to form, formulate and communicate to the authorities the wishes of the organized banking community. There are various relations between the current state bodies and associations, which, as a rule, are not widely publicized, but which largely determine the state of the modern Russian economy, the nature and direction of the economic policy and strategy of the state. In addition to significant lobbying efforts aimed at creating favorable conditions for banks, the unions solve the problem of unification and standardization of banks, replication of the most successful domestic and foreign practices. They have become the most important subject of institutional changes not only in the financial segment of the economy, but also in the economy as a whole.  The purpose of the article is to identify the directions, mechanisms of influence and influence of banking associations on the financial and banking environment. It is written on the basis of open sources — the materials of the two largest banking unions of the country, as well as analytical materials on lobbying and the activities of business associations of the past and present.

EXPERT REPORT

104-110 1021
Abstract

The sphere of scientific and technical activity in our country is one of the most difficult in terms of regulatory and legislative support. At the moment, the state has not fully taken the steps necessary to transform scientific and technical activities into a full-fledged branch of the national economy. Indeed, the state is obliged to pay attention to scientific and technical activities, to create a legal framework that promotes the commercialisation of research and development results. Today, Russian organisations face problems related to the need to determine further ways of business development in the conditions of a significant reduction in export potential and increased competition in the domestic market. The successful solution of these problems, as well as ensuring the necessary level of competitiveness of products is impossible without the formation of a socially-oriented innovative development model based on the use of modern methods of management of innovative processes. One of the main instruments of formation of strategic potential of each enterprise (organisation) becomes introduction in the economic circulation of the saved-up scientific and technical potential, new technologies and knowledge. In this regard, the problems of involvement of intellectual property (IP) in the economic turnover of enterprises, its objective assessment, regulation of legal relations between the participants of innovations, registration and conclusion of license agreements are of particular relevance and require urgent solutions.  This article is aimed at research of scientific and practical bases of management of processes of commercialisation of IP in the conditions of market model of development. The purpose of the study is to substantiate and develop scientific and practical bases of management of IP commercialisation processes, which is a necessary condition for the transition to an innovative model of its development and competitiveness in market conditions.



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ISSN 2220-6469 (Print)
ISSN 2220-7872 (Online)