Contemporary Economic System Research Articles

Digital finance, innovation transformation, and resilient city growth

Digital finance is a pivotal catalyst for a contemporary economic system and assumes a significant auxiliary function in the establishment of resilient urban centers. This study empirically examines the enabling influence of digital finance on resilient cities using panel data from 287 prefecture-level cities and above in China between 2011 and 2020. The analysis is based on the mechanisms of innovation and transformation. The importance of digital finance in facilitating the development of resilient cities has been observed, with a specific emphasis on its impact on enhancing the adaptive capacity and growth resilience of urban areas. The utilization of digital finance has the potential to expedite the process of transforming urban industrial structures, invigorating innovation and entrepreneurial activities, and serving as a significant catalyst for the development of resilient cities. The analysis of heterogeneity reveals that various aspects of digital finance have varying degrees of influence on urban resilience. Specifically, the depth of utilization of digital finance exerts the most significant impact, followed by the level of digitalization, while the extent of coverage has the least effect. Furthermore, when considering regional distribution, the promotion effect of digital finance on resilient cities diminishes gradually from the eastern to the central and western regions.

Peran Wakaf Produktif Dalam Kesejahteraan Masyarakat

The purpose of this study is to ascertain how beneficial productive waqf is to community welfare. employing research methodology, specifically a review of the literature on productive waqf for community welfare and using earlier studies as a guide. The article's findings demonstrate how waqf assets can be allocated for productive uses, which will undoubtedly boost local economic activity in a contemporary economic system and enhance community welfare. which is consistent with the primary goal of waqf, which is to distribute assets so that each Muslim can benefit from their wealth without favoring any particular group.

Transformations in economic relations impacted by tokenized assets implementing

The paper examines the economic nature of tokenized assets, defines their essence and types, as well as the features of their use. The analysis focuses on their impact on the contemporary system of financial and economic relations. The research explores the issues and prospects of implementing and utilizing tokenized assets in the current stage of global economic development. Tokenized assets have gained strength in today's development stage as a new significant element in international payments and information security. The importance of tokenized assets lies in improving liquidity, reducing transaction costs, enhancing security, and making investment more accessible. Tokenization creates more accessible and liquid opportunities for investing and circulating various assets, facilitating their processing and contributing to the globalization of financial markets. Key directions for the use of tokenized assets in the contemporary economic system are identified. The opinions of various economists regarding the theoretical basis of asset tokenization are disclosed. The author's perspective is provided concerning practical implementation issues of tokenized assets in real and financial sectors. The main perspectives in the field of implementing and utilizing tokenized assets are determined in accordance with the current characteristics of asset market development. It is concluded that the widespread use of tokenized assets can be expected in approximately 3-4 years. Progress in this direction has been significantly positive, as governments, major institutions, and corporations have shifted from studying the benefits of tokenization to conducting experiments and providing practical evidence. Furthermore, tokenized assets may play a key role in modernizing market infrastructure and addressing wealth inequality.

Digitization of the Economy Under the Influence of the COVID-19 Pandemic

This article examines the issues of digital transformation of the contemporary economy. The digital transformation of the contemporary economic system determines the general contours of development of all sectors of the economy. New digital technologies, platforms and infrastructures have significantly transformed economic life and contemporary entrepreneurship. The article examines the digital transformation of the contemporary economy at the micro and macroeconomic level. Significant positive impact of contemporary technological means on the activities of enterprises is noted. At the state level, digitalization provides an opportunity to increase the efficiency of public administration, ensure the convenience of public institutions, implement government functions online, users to cooperate and implement civic responsibilities in a convenient way. At the macroeconomic level, the economy has undergone significant digital transformations under the influence of the COVID-19 pandemic.

KONSEP ETIKA PRODUKSI MENURUT PEMIKIRAN MUHAMMAD NEJATULLAH SIDDIQI

The ethics of production is the most important element in a process or in an economic system, because in production it is regulated how the use of production ethics and what can be produced in order to be utilized by humans in meeting their needs, a very big problem felt by Muslims today when faced with a contemporary economic system that is free of value, namely capitalist and socialist economic systems. The purpose of writing this article is to find out how Muhammad Nejatullah Siddiqi thought about the ethics of production and how the factors of production according to Muhammad Nejatullah Siddiqi. The research method used by the author is a library research method with a qualitative approach that is a technique of collecting data from books, journals, articles and the internet related to the problems studied. The results stated that Muhammad Nejatullah Siddiqi's thoughts can be understood justice in production that is to put the value of justice by producing and utilizing goods in a circle that is halal to the needs of humans, because in this way they improve the standard of living and obtain wealth.

Theological perspectives on accounting: worldviews don’t change overnight

PurposeThe purpose of this paper is to reflect on the 2004 AAAJ special issue (SI): “Accounting and theology, an introduction: Initiating a dialogue between immediacy and eternity,” the relative immediate impact of the call for papers and the relevance of the theme to address issues in accounting today and in the future.Design/methodology/approachThe paper is a reflection and is framed around three different modes of engagement with new perspectives as identified by Orlikowski (2015). These are religion as phenomenon, as perspective and as a worldview. The authors draw on Burrell and Morgan’s (1979) framework in order to explore the ontological and epistemological blinkers that have limited the attempts to explore accounting from a theological perspective.FindingsThe paper argues that historical and current structures can limit the manner in which accounting research uses theological perspectives. Indeed, the concerns of the initial SI remain – that the contemporary economic and knowledge system is in crisis and alternative ways of questioning are required to understand and respond to this system.Research limitations/implicationsAs a reflection, this paper is subject to limitations of author bias relating to our beliefs, ethnicities and culture. The authors have sought to reduce these by drawing on a wide range of sources, critical analysis and the input of feedback from other scholars. Nevertheless, the narrative of impact remains a continuing story.Originality/valueIn drawing on both an original SI guest editor and a scholar for whom the 2004 SI has become a touchstone and springboard, this paper provides multiple viewpoints on the issue of accounting and theology.

The Chinese alternative

The contemporary economic system developed by China in the last two decades, supremely successful in achieving economic growth, defies traditional classification. It has been variously defined as socialist (by Chinese leaders), capitalist (Kornai), state socialist (Coase and Wang), political capitalism (Milanovic), a unique system with features of both socialism and capitalism not conforming to either system (Kolodko). This essay seeks to support, substantiate and develop Kolodko’s notion of the uniquess of China, while expressing greater pessimism than Kolodko about the economic, social and political sustainability of that system, its merits as a beneficial engine of globalisation and growth, and its exportability to other countries in the developed West.

A Necessary Evil: Conceptualizing the Socialist Commodity under Mao

AbstractThis article traces the conceptual lineage of a statement, made by Mao Zedong and published in 1975, describing the contemporary economic system in the People's Republic of China as a commodity economy. Any surprise we might feel in the face of this verdict says more about our own narrow understanding of the (capitalist) commodity than it does about the political economy of the Cultural Revolution (1966–1976). As I detail in this study, the continued existence and necessity of commodities under socialism had long been an important topic of conversation in Communist circles, with important ramifications for economic planning and political movements. This article focuses on the impact of Stalin's theory of the socialist commodity, as articulated in 1952, on Chinese political economy in the 1950s; Mao's particular engagement with Stalin's work in the context of the Great Leap Forward (1958–1960); and the emergence of a new, less benign view of the socialist commodity in the 1970s. I argue that political economic theory and its study were in fact critical to the Great Leap Forward and Cultural Revolution as mass mobilization campaigns, calling into question much of what we think we know about modern Chinese history and Chinese socialism. The essay is intended to unsettle enduring and uncritical associations between the commodity-form and capitalism. How might we, following on the heels of the theorists I discuss, imagine the commodity otherwise?

The main driver of social unsustainability and its remedy

PurposeThe purpose of this paper is to emphasize on the need for a fair and just economic system to achieve sustainability.Design/methodology/approachUsing systems thinking approach it shows that climate change, ecological degradation, population growth, poverty and the resource scarcity, the problems of failing financial markets and economic recession are all intertwined with the present economic system, which has been responsible for transgressing the balance of nature.FindingsThe paper shows that all the reforms or alternatives to the contemporary economic system proposed in the literature do not really address the root cause of all the problems, which is the built-in usurious system, made possible with the paper currency, in the economy that creates great injustices. The paper argues that solutions of science and technology to ecological problems are limited because of ecological shortsightedness and corporate greed.Originality/valueThe paper introduces the concept of “fair and just” economic system for sustainable development of humanity and suggests future directions for its realization.

Towards sustainable business relationships: ratification doctrine in the case of unauthorised agency

Each contemporary economic system is based on the principle of work sharing in creation and distribution of goods and services, the legal reflection of which is the institution of agency. In business, unauthorised agency, i.e. cases when an agent acts without having authority or exceeding it, is particularly often. Though the principal usually is not legally bound by actions of such an unauthorised agent, but in fact legal acts of each country provide for exceptions from this rule. One of them is the ratification doctrine, which means that the principal can ratify the agent's unauthorised actions. This article analyses, by applying the comparative method, in what cases and under what procedure the ratification rule can be applied and what legal consequences it creates. A conclusion is made that the ratification doctrine is an efficient means of implementation of interests and defence of infringed rights not only of the principal, but also of other persons involved in the agency relationship, which should not be subject to any form requirements, especially in business relationships.

Economic Crisis: Theory or Ideological Failure?

Today global economic system practiced is commonly derived from Western thought and civilization. A lot of research has shown that this modern economic system unsuccessful in achieving economic goals, moreover this system produce a negative effect as causes of various economic problems, such as crisis, inequality distribution, poverty, and war in various countries. The matter then leads us to find what exactly source of the problem is. By using qualitative analysis with content analysis technique, this paper attempt to identify two points related to economic theory and problem. Firstly, does the economic problem linked to the economic theories itself or by human behavior? Secondly, does economic system, theory or ideological failure? This study argues that economic theories closely related and unseparated to ideology or religion matter which has develop the human perspective on how to solve the economic problem. This paper designed also to realign the contemporary economic system and their economic theory compared to the Islamic economic system based on Tawhid. This study found that the lack of fundamental ethical norms, political economy, morality and the pursuit of unbridled self-interest, is the main problematic issues and cause of the economic problems as the findings. The implication is that the economic system should adopt Tawhidic system as an answer and solution of human economic phenomenon. DOI: 10.5901/mjss.2016.v7n2p90

The Global South is dead, long live the Global South! The intersectionality of social and geographic hierarchies in global capitalism

This article explores two critical approaches to the study of the continuing relevance of the North—South divide. One is based on a postcolonial politics of difference and stresses the fundamental geographic divergences between the North and South. The other, referred to as the global capitalism school, argues that the North—South divide is rendered obsolete by social divisions, represented by the rise of a transnational capitalist class. I criticize the former due to its dismissal of the idea of capitalism as a universal force. In regards to the latter, to determine whether the primary fault line in global capitalism revolves around transnationally organized classes, I conduct an interpretive analysis of the world views of capitalist elites in Latin America. My findings demonstrate the complex, intersecting nature of different axes of identity, and contradict this literature by suggesting the continuing relevance of a place-based North—South divide. In other words, neither position can by itself elucidate the contours of our contemporary global economic system. What I propose is a framework that captures the intersectionality between the social and geographic within a universal story of capitalist globalization. The key is to conceptualize how global capitalism operates as a universalizing force, but not a homogenizing one.

Место культуры в «безжизненном» мире бизнесаРецензия на книгу: Spillman L. 2012. Solidarity in Strategy:Making Business Meaningful in American Trade Associations. Chicago:The University of Chicago Press.

Lyn Spillman’s new book Solidarity in Strategy: Making Business Meaningful in American Trade Associations considers the historical development and evolution of American business associations and their role in the contemporary economic system as a special organizational form of interactions among business actors. In the broadest sense, Spillman argues that associations are “cultural producers for economic action” [Spillman: 79]. Moreover, the author pays attention to the association’s ability to survive under complex economic and political conditions. Spillman analyzes the processes through which associations have transformed from unstable, redundant and limited “dinner clubs” to powerful and authoritative structures, wielding practical tools for solving complex market objectives.The book review addresses the issue of theoretical background of the book, and more precisely this review focuses on Lyn Spillman’s synthesis of Weber’s conception of self interest with Durkheim’s view of collective action. In terms of this framework Lyn Spillman argues against a conventional statement that associations are solely a conspiracy of manufacturers who narrowly target to act against consumer. In contrast, business actors are seen to be altruistic, focusing on the collective good and group identification rather than egoistic or placing profit center stage. All in all, the aim of this book review is to represent Spillman’s key ideas, analyze the author’s logic and finally endeavor to grasp how and to whom this book could be beneficial and where it might be implemented.

Introduction to Reflections and Reports on the Past, Present, and Future of Applied Anthropology and Applied Anthropological Research

Whether one argues for "practicing anthropology," "applied anthropology," "engaged anthropology," or some other term for what anthropologists do who are oriented more towards projects that directly benefit non-academic sectors, professionals are clearly advancing the significant role anthropology is playing in the contemporary transglobal economic system and the specific human-focused problems it encourages. All 11 articles in this intriguing set of volunteered papers contribute to developing these applied anthropological contributions as manifested in the past, the present, or the future.

A human economy: A “third way” for the future of young people in the Middle East and North Africa

This paper looks at the vulnerability of today’s youth worldwide, with a particular focus on the Middle East and North Africa (MENA), where the proportion of citizens aged 12–24 is particularly high at one-third of the total population. Cursed with poor education and few work opportunities, the youth unemployment rate has risen to 50 per cent in this region. There is a consequent lack of participation at all levels, and a large number of youth are showing symptoms of low self-esteem, frustration, anger and unrest. After discussing the outcomes of years of an inhuman economic system on a global level, this article points to a more humane and empowering path. The author argues that, instead of continuing with profit-oriented capitalism or relying on the informal sector, the co-operative way represents a third alternative to existing economic sectors within the dominant contemporary economic system. The article analyses the many benefits of this path for the realisation of a humane economy. In so doing, it touches on issues of equity and social protection. Finally, the article outlines what needs to be done if this is to be a viable solution for a human economy. While giving many examples of successful co-operative enterprises worldwide, the author singles out the MENA region as one which could also benefit from the new trends outlined.

Obraz jako aktor społeczny w sieci. Treści przekazywane w obrębie mikroblogów na przykładzie serwisu soup.io

Images: Actors in the Network examines the properties of an image floating around the Internet: the ability of connecting people without usage of words, bonding them because of the mutual feelings they have about the reality outside. Images that are reposted between the users of digital forms such as tumblelogs or microblogs (the article uses soup.io for the case study) cover the needs, fears and aspirations of not only ordinary web-users, but also the users of the contemporary culture and economic system. An image is no longer a passive, visual piece – it acts by joining, addressing and portraying the desires, thoughts of the users. This phenomenon can be connected with Bruno Latour’s Actor-Network Theory, and with the ideas of W.J.T. Mitchell about the active images. The example of soup.io shows how easy it is to bond people through sharing particular images, but also how certain tools of popular culture can be used to create something new. Although it seems as soup.io users are not interested in connecting with anyone but themselves, their microblog is the message to the outside, it is their collage portrait that makes them visible to the others. Image is then not only the tool of connection, but also the tool of representation. What is important, most of the images that can be found on soup.io are anonymous – which means that they no longer belong to a certain person, but become independent and free to act.

Justice to Nature and to the Disadvantaged

This article argues against using the practice of discounting and shows that both the time preference and the opportunity cost of capital arguments, put forward to justify discounting, are in conflict when we take the holistic approach to the environment. Both the time preference and the opportunity cost concepts are the tools to support the institution of interest. Using a hierarchical systems approach it is argued that in order to save the super hierarchical system (biosphere as a whole in our case) the contemporary economic system has to renew so that the humanity and global ecosystem may persist.

Structural Alternatives of Russia’s Social and Economic Development

The article contains a general comparative study of four strategies of social and economic development: "Inertia", "Renter", "Mobilization", and "Modernization". The context for comparison is explanation of correlation between adaptive features of Russia’s contemporary economic system and particularities of the mentioned strategies with corresponding ways of managing economic development problems. The comparison is based on description of strategies essence, ways and tools to achieve results. Perspectives of achieving strategic purposes as well as expected results of implementation of each strategy are shown. Special comparative study of four strategies on the base of development of competitive markets as one of strategic aims of the Russian government is presented.

Reorienting critical realism: a system‐wide perspective on the capitalist economy

This paper critiques the critical realist conception of social relations as ‘deep’ structures separate from ‘surface’ social activities. The alternative conception offered by ‘systematic dialectics’ is advocated. Systematic dialectics takes a system‐wide perspective on the contemporary economic system. From this perspective, predominant social relations are inseparable from predominant social activities contra critical realism. For example, the predominance of commodity exchange relations across the economic system necessarily implies the predominance of the activities of commodity exchange. Likewise the predominance of monetary relations across the economic system necessarily implies the predominance of the activities of monetary exchange. Maintaining this system‐wide perspective on the capitalist economy, systematic dialectics furthermore offers alternative analyses to critical realism of event regularities (‘closures’), of ‘depth’, and of ‘tendencies’.

The health business under neo-liberalism: the Israeli case

The commodification and the medicalization of everyday life are central trends in contemporary - neo-liberal - societies. This paper studies the interaction between both trends as an explanation for the rapid growth of Israeli health care firms. During the past two decades Israel underwent a process of transformation into a neo-liberal/post-Fordist economy, and witnessed a significant growth of its economy. Firms within the field of health care developed at a much more rapid rate than the economy as a whole. The present paper attempts to explain the central role of the health care business in the contemporary economic system as a result of the combination between the transition to a post-Fordist/neoliberal hegemonic model and the centrality of health within neo-liberal governmentality.