Abstract

In the context of a new geopolitical crisis, when global markets are working intermittently, the importance of regional and local economies is increasing. The local economy is characterized by relatively small volumes of economic turnover, their localization on a small territory (economic ties are largely established between local producers and consumers), the use of mainly internal development resources. This increases its sustainability and economic importance, especially in rural areas. The article examines the specifics of the rural local economy through the characteristics of its most important socio-economic functions: ensuring food security of the country, region, municipality, rural households; meeting the growing consumer demand for high-quality, including organic food; preserving the biodiversity of agrobiocenoses; reproduction of folk material and spiritual culture, cultural diversity of the country; increasing employment and the income of the rural population. The conclusion is substantiated that without the organization of an effective local economy, sustainable development of rural areas is not possible. Special attention in the article is paid to small business in agriculture. The tendencies of its development over the past five years are analyzed; the ways of solving the accumulated problems are substantiated.

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