ECONOMY OF THE XXI CENTURY
The article presents the results of a survey of the Russian fast-growing innovative companies participating in the national rating “Techuspekh”. As a part of the study, we 81 surveyed companies and interviewed the company’s ten executives. The aim of the researchers was an analysis of the development of export companies and solving their organisational and management problems. More than half of the companies consider the domestic market as a priority. However, despite this, three-quarters of firms operate in foreign markets. The share of exports in revenue is still small and averages 10 per cent. It seems that companies are more likely to probe foreign markets. Financial terms of supply, organisation of after-sales service, advertising and work with the brand remain the weak side of exporting companies. The main directions of organisational and managerial changes in these companies over the past three years were: scaling of production capacity, digitalisation of business, development of HR-system and development of work with consumers. Among the main organisational problems to be solved in the future, the companies mentioned the weak development of sales in foreign markets, the problems of stimulating and motivating staff, and the lack of efficiency of existing business processes. At the same time, many of the surveyed managers do not pay enough attention to the systematic work on the analysis of changes in the organisational and managerial environment of the company and the planning of measures to improve it.
ECONOMIC POLICY
The purpose of the proposed article is to identify the range of challenges and their solutions related to the practice of implementation of the Federal law “On strategic planning” in 2015–2018. The authors revealed the causes of redundancy, the inconsistency of strategic planning documents, different in level and importance for public administration. We showed that the lack of interconnection of goals and criteria for their achievement at different levels of management and between ministries (departments), the lack of a generally accepted methodology for the analysis and evaluation of the implementation of strategic decisions reduces the importance of strategic planning as an important means of improving the efficiency of public administration. Particularly, we noted that the unbalanced system of strategic planning hinders the pace of economic development and weakens the country’s ability to ensure economic security. The article reveals the measures that can and ought to be taken by the state, business and institutions of civil society to overcome the barriers and difficulties of implementing strategic planning.
Topic. The subject of the article is the analysis of approaches to overcoming the stagnation of scientific and technological development of the Russian economy in the context of the emerging system of strategic planning in the Russian Federation.
Purpose. The authors set the following main tasks. First — based on the assessment of the current situation in the field of scientific and technological development of the Russian Federation — to analyse the tools used for strategic planning of scientific and technological development for their internal connectivity. Second — based on analysis mentioned above — to form the directions of further development and improvement of the formed system of strategic planning of scientific and technological development in the RF.
Methods. The logistic analysis of the developed documents of strategic planning of scientific and technological development of the Russian Federation on the subject of their substantial conjugacy and compliance with the logic and requirements of the Federal law No. 172 “On strategic planning in the Russian Federation” made it possible to formulate proposals for its further development and improvement.
Results. The analysis showed that Federal law No. 172 “On strategic planning in the Russian Federation” forms the conceptual basis for strategic planning of scientific and technological development in the RF. Further development and improvement of the formed system of strategic planning of scientific and technological development of the RF should take place in the direction of strengthening the substantive interface of strategic planning documents (strategies and programs) at the Federal level with similar documents at the industry and regional levels. To this end, it is necessary, first, to finalize, in the context of the tasks of scientific and technological development, the methodological requirements for the documents of the sectoral and regional level and, secondly, to ensure the logic (sequence) of the development of such documents, allowing to really ensuring their meaningful internal relationship.
WORLD ECONOMY
Many states, pursuing their own political, economic, financial and ideological goals, have used all sorts of non-military methods and means of coercion of other states, international unions and organisations, and economic entities to perform actions that are desirable for states declared such sanctions. Such methods and means include various restrictions, prohibitions, blockades and unjustified tariffs. When asked about the consequences of sanctions imposed on someone, they usually refer to their negative impact on those to whom they are applied. However, the undesirable consequences of sanctions are also felt by those who apply them, as well as by other members of the world community that are not involved in such measures. That is why the author of this paper tried to estimate the losses which bear the states that declared anti-Russian sanctions. It is also essential because such sanctioning countries usually adhere to the principle “don’t hurt yourself”. So, the measures they take should not cause damage to their initiators (state, companies, corporations, etc.), especially irreparable damage. The author presented in this paper some results of the assessment of sanctioning countries’ losses incurred as a result of the reduction of their exports to Russia and imports from the Russian Federation. As a statistical basis for the calculations, the author used the data of the World Trade Organization for 2012–2017. The author has shown that the primary damage from the implementation of anti-Russian sanctions in the sphere of foreign trade in 2014–2017 was incurred not by their initiators, but by the countries that joined them. First of all, this applies to those countries that have developed more significant foreign trade relations with the Russian Federation, that is, who is more dependent on the volume of Russian exports and imports.
The purpose of the article is to show the determining role of dirigisme in the restoration and prosperity of France in the period 1944–1973; the influence of nationalization of enterprises of leading industries, banks on a compensatory basis; indicative planning for the revival of the country’s economy and achieving high rates of its growth; the rise of agriculture; the formation of a unified system of state social insurance. As a result of the reforms carried out in the 1950s and 1960s, these decades were a period of accelerated and almost continuous growth of the French economy. The ‘engines’ of economic growth were heavy industries, which accounted for the majority of all investment in the industry. The equipment in machine building (first of all in the car and aircraft construction, production of machines and devices) was updated; metallurgy, electrical engineering, chemistry, oil refining were modernised; the nuclear industry was created for the first time in the history. At the same time, in agriculture was held large-scale mechanisation. All this was accompanied by significant positive changes in the social sphere: soon after the end of WWII, the 40-hour working week was restored, annual leave for workers and employees was returned. Already by 1946, a unified state social insurance system was formed, which extended to all categories of employees, except for workers in the agricultural sector. As a result, the dirigisme model in France in the period 1944–1973 allowed this country not only to restore the war-ravaged economy, and also to achieve impressive success in industry, agriculture and the social sphere, to return it to one of the key positions in the world. It leads to the conclusion that the experience of using the conductor model in France can be used in the development of areas of reform of the Russian economy in current conditions.
ТЕОРЕТИЧЕСКИЙ АСПЕКТ
Topic. The active transnationalisation of the U.S. business after the end of the Second World War became possible thanks to the creation of the American-centric framework of the world monetary and financial system. The U. S. and the United Kingdom have become leaders in financial globalisation by monopolising global financial intermediation and creating institutional barriers to other countries’ access to international liquidity. With formal non-interference in the internal affairs of sovereign states, they made the latter dependent on the activities of informal institutions (American rating agencies, Anglo-Saxon offshore centres, Anglo-American law, etc.) that determine the rules of access of sovereign countries to world financial resources. Such a state of affairs is a significant obstacle to the establishment of a multipolar monetary and financial system.
Purpose. The purpose of author’s research was the identification of the institutional features of the centralisation of global capital at the present stage of development of financial globalisation processes and identification of China’s potential, as a leader of the global economy, in creating a systemic counterweight to Anglo-Saxon domination in the global monetary and financial system.
Methodology. The author based his study on a dialectical approach, the systemic, institutional approaches, and the method of comparative analysis.
Results. The active inclusion of China in the global value chain has led to a complex change in the global balance of power mirrored by weakening US international influence. However, the increasing influence of China in the global economy has not yet been adequately reflected in the system of international economic and financial institutions, in which the dominant positions continue to belong to Western countries.
Conclusion. The institutional reforms undertaken by the G‑20’ aimed at bringing the world economy back to the path of healthy, sustainable, balanced and inclusive growth are not quite adequate since they practically do not take into account the increased economic and financial role of the most dynamically developing countries. Such disregard for the interests and importance of developing countries (BRICS, EAEU) requires the elaboration of alternative approaches to regulating the global monetary and financial system at the regional and interregional levels.
FINANCIAL ANALYTICS
The relevance of the article is because the modern development of the Russian banking business takes place in the context of increased competition and crisis phenomena in the financial markets. The policy of constant innovations is one of the main factors for the successful development of banking activity. Financial innovation is a crucial factor in the competitiveness and sustainable development of the banking sector. Of particular relevance is the study of trends, based on which the development of the innovative activity of banks and non-bank credit organisations is currently taking place, as well as the determination of the specifics of the innovation process in the banking sector.
The purpose of the article is to conduct research on the current state of the most popular at the present stage financial innovations in the banking sector, identify trends in their development, and determine the future directions for the development of financial innovations in the Russian banking business. In this paper, we analysed analytical information, which allowed us to identify trends in the development of financial innovations in the banking sector, and determine their role in the development of the banking sector in Russia. In the course of the study, the author used the methods of analysis, synthesis, the complexity of the approach, comparison, consistency, and other methods of cognition. Based on the research results and personal experience in the development and implementation of new banking products at Unistream CB, the author predicts the future directions of development of financial innovation in the banking business.
The author concludes that their introduction has an influence on the transformation process in the real and financial sectors of the Russian economy, and contributes to the organisation of their effective interaction, accelerates the development of the entire economic system of the country.
The main objectives of the development of financial innovations in the banking sector at the present stage are the development and implementation of new banking products. It requires further study of the theoretical and practical aspects of introducing financial innovations, a detailed analysis of domestic and foreign experience, and needs implementation of knowledge gained in practice to modernise and organise productive interaction financial and real sectors of the Russian economy.
REAL SECTOR
Small businesses make a significant contribution to the social and economic performance of the country. Identification of unrealised entrepreneurial potential is an important task. Its implementation will not only allowing achievement of strategic goals, which were set by the President of the Russian Federation but also determined the further development of this sector of the economy. International comparisons have revealed a significant gap between Russia’s level of business development and that of the developed countries. In our country, the share of small and medium-sized businesses accounts for 20–25 per cent of GDP, while abroad, this figure reached a level of 60–75 per cent. It is possible to reduce the gap only by carrying out a quality policy in the field of promoting entrepreneurial initiatives, initiatives by the Federal authorities and public organisations. A policy of reduction of the level of administrative barriers with a simultaneous increase in financial capacity will allow existing and emerging entrepreneurs to act more proactively and openly, will launch business scaling mechanisms and increase the number of employees. In our study, we offer to existing and new entrepreneurs, and to authorities to pay close attention to the sphere of consumer services. This sphere provides ample opportunities for entrepreneurs to accumulate start-up capital for further investment in the economy. To determine the real interest of the population in entrepreneurship and consumer services, we conducted an online sociological survey of the population. The results of the survey allowed the establishment of the service market segments which are the most popular among potential entrepreneurs. Respondents mainly chose catering services, small repairs and home improvement, clearing. According to respondents, the prospect of business organisation in these sectors is associated with the development of urban space and the trend of urbanisation of the economy. It will allow these types of services to be in demand for a long time so they will be able to bring a stable income to the entrepreneur.
Introduction. The regions of Russia are not only heterogeneous in terms of the current state but also differ in the prevailing trends in the key parameters of their future development. Some of them, possessing significant economic potential, risk losing stability due to ongoing social processes and vice versa. The purpose of the study is to assess the sustainable development of the Russian Federation regions, to identify typical regions, including implementation of the main priority of the Spatial Development Strategy of Russia until 2025 — to uncover the socio-economic potential of the territories and their sustainable development through economic specialisation regions.
Methods. In the framework of solving the problem of choosing typical regions of Russia according to the level of sustainability of socio-economic development, we formed a database of indicators for the period from 2010 to 2016. The 8th indicators describe the financial and economic component of development, the social component — by the 14th indicators, the environmental one — by the 3rd indicators. The ranking of regions was carried out in three stages — the consideration of particular indicators, their unification into groups and the study of generalised values. For the identification of typical regions, we applied the clustering method.
Results. Approbation of the approach showed that the high position of the region in one of the considered areas of analysis does not always correlate with the level in other indicators. The magnitude of the dispersion in general increases with the transition from the leading regions to the outside regions. Cluster analysis revealed four groups of regions. The first cluster is characterised by the predominance of the economic component. The second cluster is characterised by the absence of a significant imbalance between the directions. The third cluster is characterised by better dynamics of financial and economic indicators against the background of relatively good positions in the social and environmental spheres. The fourth cluster is represented by subjects of the Russian Federation, in which there are significant results in the field of improving the environmental component. Based on the cluster analysis, typical regions were selected — the Republic of Ingushetia, the Samara Region, the Republic of Tatarstan and the Vladimir Region, respectively.
Discussion. The obtained results can be applied when making a forecast of the socio-economic development of the regions of the Russian Federation and indicators of their sustainability in the medium term.
EXPERT REPORT
Subject. The modern economy is experiencing several crises related to the need for structural reforms and the solution to systemic problems. The solution to systemic and structural issues is influenced by the new business environment formed in the field of digital culture. It informs the participants of the national and international economy, dictates new requirements to economic entities, the results of their activities and the quality of business. New requirements of stakeholders influence the formation of the phenomenology of economic analysis in the era of digital culture.
Purpose. The purpose of the research was the author’s development of phenomenology of economic analysis (analysis of economic entities) and the system of standardisation of economic analysis in the digital economy.
Methodology. The author used methods of systems research (analysis and synthesis), comparative analysis, the method of analogies to solve the problems, and also the study of current economic literature and the use of structural analysis.
Results. Based on the analysis, the author obtained the following results. Result 1: Diagnosis of the specific features (phenomena) of digital culture as a new business environment. Detection of the positive features and disadvantages of digitalisation of the economy. Result 2: Detection of the system of the phenomena forming phenomenology of the economic analysis which includes not only the phenomenon of the analysis, but also the phenomenon of the object and the subject of analytical activity; two last phenomena are modified under the influence of digital culture. Result 3: Detection of the boundaries of digitalisation of economic analysis: unification of methodological approaches to the analysis of normal operations of economic entities of different types (including households). Result 4: Detection of the mechanism of standardisation as a method of solving the problem of adaptation of methodological and methodical techniques of economic analysis to the activities of different economic entities, and a system of principles of standardisation of the analysis of economic entities. The author also considered the normative legal bases of standardisation of economic analysis in the Russian Federation. The author presented the model of system standardisation analysis activities of an economic entity that includes multiple contours, providing backwards and forward linkages between economic subject and interested in the analytical side of information in the process of formation and implementation of standards of evaluation.
Conclusion. The development of the phenomenology of economic analysis is associated with the formation and improvement of the system of standardization of the analysis of economic entities that 1) meets the conditions of digitalization and innovation, 2) opens up great opportunities to improve the quality of economic entities, regardless of the specific scope of application of the results of analytical research.
ISSN 2220-7872 (Online)