Current Socio-economic Challenges Research Articles

EU capital markets at a crossroads: Getting the MiFID II/MiFIR review right to unlock Europe’s growth potential

This paper explores the aims and scope of the MiFID II/MiFIR Review and its significance in unlocking Europe’s growth potential amid current socioeconomic challenges. The EU’s capital markets currently underperform globally, necessitating urgent structural reforms to enhance competitiveness and participation. The Markets in Financial Instruments Directive II (MiFID II)/ Markets in Financial Instruments Regulation (MiFIR) regime, designed to foster fair competition and investor confidence, has fallen short due to market fragmentation and regulatory inconsistencies. Addressing these issues requires transparent, resilient and integrated capital markets that prioritise liquidity, price formation and investor protection. Fragmentation in the EU equity market is a pressing concern, with off-book volumes increasing and exchanges experiencing a decline in trading flow. Enhancing transparency requirements, minimum order sizes and the dark trading cap, while simplifying waivers and deferrals, can help address these challenges. Implementing a consolidated tape (CT) to increase transparency in off-exchange trading is also crucial, with a phased-in approach recommended for reliable and high-quality data. Placing societal interests at the heart of these reforms is vital for achieving the EU’s strategic autonomy and ensuring long-term economic growth. The MiFID II/MiFIR Review presents an opportunity to promote transparency, efficiency and investor protection, garnering citizen support and contributing to critical societal challenges. Readers can expect to gain knowledge of the current state of EU capital markets, the shortcomings of the MiFID II/MiFIR regime and the necessary reforms to unlock Europe’s growth potential. They will understand the challenges posed by market fragmentation, the importance of transparency and liquidity and the role of a CT in enhancing the investment climate.

The justice and policy implications of clean energy transition in Africa

Despite the low local energy access rates, Africa is considered a key player in the global energy transition due to its large supply of fossil fuels and a large reserve of critical minerals essential for manufacturing renewable energy components in the energy sector and storage devices in the transportation and electronics sectors. But building a sustainable society at all levels across nations would only come when there exists a just and inclusive energy transition based on the idea of “leave no one behind”. While many African countries have embarked on ambitious and transformative transition strategies, and many energy projects classified as “clean” have economic, environmental, and social implications that jeopardize the wellbeing of those already vulnerable to the impacts of climate change. This paper explores the policy implications of the just transition to ensure that efforts to steer Africa towards a lower carbon future are supported by fair, equity, and justice considerations. Our analyses provide valuable evidence for considering a just transition in Africa that will not exacerbate the current socio-economic challenges the region is facing but will support sustained poverty reduction and the achievement of faster economic growth. Our findings show that the African continent’s multiple challenges of energy security, economic growth, and affordable access must feature in its clean energy transition. We draw conclusions that an incremental transition emphasizing low-carbon development is the most feasible and pragmatic approach to transform the region’s economy and address climate change challenges.

Human Rights and the Fourth Industrial Revolution in South Africa (Adams et al)

In this seven-chapter report, the authors present a guide to the policy development of human rights-based fourth industrial revolution (4IR) policies in South Africa. Based on the input given during a workshop organized by the South African Human Rights Commission (SAHRC), at the beginning of March 2020, the comprehensive report covers various areas in which artificial intelligence (AI) and 4IR technologies are employed, or to be employed, in South Africa. The authors lay a foundation for the discussion within the current social-economic and political development landscape of South Africa, through their engagement with the various development policy trajectories as they conceptualize technological transformation. In the same breath, the report acknowledges that any successfully implemented 4IR policy regime would have to acknowledge and engage sources and dynamics of current socio-economic challenges in the country, such as unemployment, poverty, and inequality (p. 1; p. 93). The argument put forward in this regard is that while the anticipated technological transformation is meant to help various facets of South African life (p. 8-12), ignoring the extant challenges could hurt any chance of beneficial technological transformation (p.58). In Chapter 2, the report engages various aspects of data governance in South Africa through an analysis of various pieces of extant policy, with a comprehensive comparison to international (UNHRC) and regional (ACHPR) policy instruments. While the report acknowledges the nascency in the development is such policies, both internationally and within the country, it also notices various lacuna in the extant policies. Of concern are various implementation gaps in most sectoral (DSI, DCDT, DTIC) statutes in South Africa.

Interdisciplinarity as a Key Competence on Industry 4.0 Labor Market

The discussions on the concept of competences 4.0 in the context of 4th industrial revolution, or industry 4.0, have been being growing recently, and extensive analyses and researches have been being carried out by experts within various scientific disciplines such as management, economy, psychology, education, human resource, informatics and systemics. Due to the relevance of industry 4.0 concept in relation to current socio-economic challenges worldwide, the growing interest on the part of researchers and the proliferation of the above-mentioned terms in literature has formed a complicated network of patterns and relations constituting a scientific landscape of the discussions in questions. Accordingly, the aim of this article is to explain the contextual terminology of these discussions, namely: industry 4.0 and competences 4.0, and to discuss the nature of interdisciplinarity as one of the key factors defining future skills in the context of the new labor market needs.

The Landscape of Scientific Discussions on the Competencies 4.0 Concept in the Context of the 4th Industrial Revolution—A Bibliometric Review

The concept of Competencies 4.0 stems from a broader term of the 4th Industrial Revolution, also named Industry 4.0, which dates back to 2011, when the German Federal Government announced its high-tech strategy and policy towards increasing the competitiveness of the German economy during the Hannover Fair. These terms and concepts have been thoroughly and extensively discussed, analysed, and researched by experts within various scientific disciplines such as management, economy, psychology, education, human resources, informatics and systemics ever since. Due to the relevance of the Industry 4.0 concept in relation to current socio-economic challenges worldwide, the growing interest on the part of researchers and the proliferation of the above-mentioned terms in the literature, a network of patterns and relations has formed constituting a scientific landscape of the whole phenomenon. Accordingly, the aim of the analysis in this article is to map the landscape of scientific discussions on Competencies 4.0 in the context of the 4th Industrial Revolution. So far, some of the aspects of this landscape have been researched with the use of various databases, search engines and software in order to process and visualise retrieved data. All of these tools have their advantages but also their shortcomings. This research uses the Scopus database and the author’s own algorithm to process the data. The results of the analysis provide a point of reference for scholars, practitioners, managers, policy and decision makers from various fields who search for sources which define Competencies corresponding to current and future socio-economic challenges in the context of the 4th Industrial Revolution.

АКТУАЛЬНЫЕ ПРОБЛЕМЫ РАЗВИТИЯ ПЕДАГОГИЧЕСКОГО ОБРАЗОВАНИЯ В РЕСПУБЛИКЕ КАРЕЛИЯ: ОПЫТ, ПРОБЛЕМЫ, ПЕРСПЕКТИВЫ

The article presents the experience of the Institute of Pedagogy and Psychology of Petrozavodsk State University in creating the regional system of the continuous pedagogical education in the Republic of Karelia in conditions of the current socio-economic challenges to education, and the need to perform the tasks of the National project “Education”.The article reveals the problems of functioning and development of the system of professional pedagogical education, also describes the efficient mechanisms and directions of development. The key program activities and organizational conditions for improving the quality of the continuous pedagogical education in the Republic of Karelia have been identified.

Are tea smallholders’ farmer organisations in Sri Lanka focused towards sectoral issues? a review on present status and way forward

Smallholders are the key contributors in the Sri Lankan tea industry, which brings much needed foreign income to the county. There has been ambiguity among the stakeholders about the road map to be followed by the tea farmers' organisations in Sri Lanka. This review attempt to discuss the critical issues in tea smallholding sector, the present status of Farmer Organisations (FOs) and their contribution in resolving the issues and to provide some insights on how they can be strengthened. This review is developed through the analysis of available literature and secondary data. The literature shows that FOs, in the world, has gone many miles in the paths of member empowerment, production support, processing, financing, extension service, welfare and marketing. Tea Small Holding Development Societies were formed by the government of Sri Lanka focussing on similar objectives, particularly agriculture development, marketing facilities, welfare activities and providing credits and inputs. Low productivity, low household income, poor adoption of technologies, small land size, senility of tea, poor service receiving from the state agencies, weak infrastructure facilities, labour issues and low prices for green leaf tea are the interconnected critical issues faced by the smallholders at present and which comes under the purview of the above objectives. Evidence, however, shows that tea sector farmers' organisations (Tea Smallholding Development Societies - TSDS) have not been able to achieve their expected gole. Some strategic approaches adopted by Indian Farmer Producer Companies, Japanese Agriculture Cooperatives and Kenyan Tea Development Agency such as shifting into the market orientation, value addition, product diversification, integration of services, collective approaches, strengthening of the federated structure should be considered in developing TSDS. This approach is coherent with social enterprise concepts. Non-profit organisations integrate for-profit activities to strengthen their social mission to meet the current socio-economic challenges. Thus, based on the evidence, the author believe that TSDS should be transformed as social enterprises.

Current Socio-Economic Challenges. Approaching Sustainability and Social Economy

Starting with 2015, The 2030 Agenda for Sustainable Development (United Nations, 2015), the global new plan of action for people, planet, and prosperity has raised debates in the academic and research environments, and not only. The 2030 Agenda for Sustainable Development is a broad and universal policy agenda, with 17 Sustainable Development Goals (SDGs), with 169 associated targets that are integrated and indivisible. Building on the Millennium Development Goals (MDGs), the 2030 Agenda seeks to guide the Member States to transform their approach to achieve inclusive, people-centered, and sustainable development with no one left behind. This Agenda is recognizing that eradicating poverty in all its forms and dimensions, including extreme poverty, is the most significant global challenge and a requirement for sustainable development. We are still facing and debating on many economic, social, and environmental challenges. For example, in 2020, at the end of the Europe 2020 strategy, we still discuss in Europe about some dimensions of the Horizon 2020 societal challenges such as health, demographic change, and wellbeing; sustainable agriculture and forestry, marine and maritime and inland water research, and the bioeconomy; secure, clean and efficient energy; smart, green and integrated transport; climate action, environment, resource efficiency, and raw materials; Europe in a changing world - inclusive, innovative and reflective societies, or secure societies… Trying to respond to such challenges and not only, Europe is implementing Circular Economy Package, and at the same time is strengthening the social economy sector, which can have a substantial contribution to economic development, social inclusion, as well as green and digital transitions. Consequently, approaching Sustainability, Sustainable Development concept, and (or) Social Economy and various types of social economy entities, is becoming more and more imperative and frequently met in academia. This Special Issue of the Management Dynamics and Knowledge Economy journal on the topic of " Current socio-economic challenges. Approaching Sustainability and Social Economy ” provides a venue for high-quality research works of academics and researchers in these actual challenging topics.

Transmitting and Transforming (Agri)-Cultural Values of Mountain Farming: Farm-Based Educational Services in South Tyrol

Social farming helps mountain farms to deal with current socioeconomic challenges that threaten the cultural identity and traditions of mountain areas. It is an innovative bottom-up initiative that addresses societal needs and complements institutionalized social services. In the north Italian province of South Tyrol, social farming is mainly implemented by women farmers offering educational services on their farms. This paper examines how these activities influence the transmission and transformation of (agri)-cultural values of mountain farming in South Tyrol. Data were extracted from a 2017 online survey among farmers who offered educational services in this province. The results demonstrate that farms offering these services are distributed throughout the whole region. Through the variety of topics included in their lessons, farmers have a key role in transmitting (agri)-cultural values and traditions to nonfarmers. Although farm-based educational services in general may increase a farm's income, the results show that they contribute little to the economic viability of the farm. Nevertheless, these services provide an interesting field of action, where all family members can share ideas and interact with children, teachers, and parents. In parallel to cultural transmission, farm-based educational services can therefore transform traditional (agri)-cultural values in family farms, shifting from traditionally patriarchal values. Women farmers, in particular, gain an opportunity to acquire new skills and a personal income, independent of agricultural production. Therefore, the provision of these services contributes to the social sustainability of family farms.

Developing Synergies Between Social Entrepreneurship and Urban Planning

For more than two decades, entrepreneurship has been promoted as an effective means to advance the aims of urban development. Social entrepreneurship, more specifically, is seen as a driver of urban innovation and experimentation at the local level. Nevertheless, in-depth research about the opportunities that arise from the coordination of urban planning with social entrepreneurship policy at the local level is lacking. Inspired by this realisation, the research presented in this paper investigates six European cities (Terrassa, Spain; Göteborg, Sweden; Torino, Italy; Lisbon, Portugal; Porto, Portugal; and Hengelo, the Netherlands) that have adopted a coordinated approach to promote social entrepreneurship in their territory. We identify the developmental benefits sought by these cities in promoting social entrepreneurship, the ways in which urban planning supports social entrepreneurship policy and vice versa, and the key challenges that cities face in pursing this. We conclude that the coordination of urban planning with social entrepreneurship policy is an emergent, interdisciplinary field with high growth potential given the current socio-economic challenges facing cities. However, the lack of awareness, expertise, actionable data and formal processes stand in the way of realising this potential.

Blockchain Technology Facing Socioeconomic Challenges. Promise versus Probability

This paper has the main purpose to make a critical and balanced analysis about the potential of blockchain technology to face some of the great current socioeconomic challenges, being focus on impact assessment point of view, analyzing the disruptive potential of blockchain to provide solutions at level of different challenges as example, climate change, migrant movements, gender equality, financial inclusion or the cost opportunity of the management of data science. The term blockchain summary a numerous different type of system of distributed ledger, essentially, it is just a record distributed, a ledger of digital events that is distributed or shared among many different parts within an ecosystem (nodes), and chronological in a network. The technology is at an early stage and can be implemented in many ways depending on the objective. The methodological tool for the research is strategic and qualitative SWOT analysis identifying the critical success factors such internal factors (Strengthens and Weakness), and external factors (Opportunities and Threats), summarizes the arguments and counterarguments within the scientific discussion. From the bibliographic review carried out on the finding and disclosure provided by empirical research about business case studies, the research results summarized in the paper confirm that although looks difficulty of give a closed definition to variety of system under the umbrella of blockchain, among the main strengths of technology are its intrinsic characteristics, such as, its ability to store data immutably without relying on a central authority. As weakness, highlight the fact of the need of solve some non-minor inefficiencies as energy consumption and, as result, the difficulty to be scaled. It has the potential to replace the intermediary and central entities or change the way they works, allowing disintermediation and potentially empower people in trade, democratic participation, social interaction and financial inclusion, which represent great opportunities. Although, on the side of threats there is lack of knowledge about the technology, which generates resistance from regulators who are beginning to assess risks and are concerned about how new participants could cannibalize their income models. In addition, it seems clear the importance of assume the fact that the technological changes take time to develop and often require the adaptation of entire ecosystems. Keywords: blockchain, decentralization, democratization, financial inclusion, socioeconomic challenges, tokem traceability, transparency, trust.

Quantification of landscape transformation due to the Fast Track Land Reform Programme (FTLRP) in Zimbabwe using remotely sensed data

After independence, Zimbabwe adopted two major land reform programmes to address the racially skewed land ownership. Due to the perceived failure of these programmes, the country embarked on a highly politicised and forceful acquisition and re-distribution of white owned commercial farms under the Fast Track Land Reform Programme (FTLRP). Whereas a large number of Zimbabweans have been allocated land under the programme, there has been a significant decline in agricultural productivity and an increase in degradation of land and associated resources. Popular opinion has even suggested the country’s current socio-economic challenges are linked to the programme. Mitigating land degradation, enhancing agricultural productivity and promoting natural resources sustainability requires an objective understanding and determination landscape transformation within relevant administrative decision making spatial extents. In this study, we adopted multi-temporal remotely sensed imagery to determine landscape transformation after the implementation of the FTLRP in Chipinge administrative district, characterised by heterogeneous land usage and natural resources. Major land-use-land-cover types were determined using the Support Vector Machine classification algorithm and accuracy established using field survey and ancillary data. Results show significant landscape transformation after the implementation of the FTLRP. Specifically, there was a decline in plantations, small farms, water bodies and forests and an increase in bare areas and settlements. This study demonstrates the value of remotely data in monitoring landscape transformation arising from a shift in policy. Furthermore, these results provide an insight into multi-temporal spatial changes in cultivated, natural and degraded lands, valuable for designing measures to improve landscape productivity and to adopt relevant rehabilitation measures. Understanding multi-temporal landscape change within an administrative boundary is particularly valuable for area specific planning, policy formulation and adoption of desired mitigation measures.

Inaugural Address

Dr Asad Zaman, Distinguished Guests, Ladies and Gentlemen, I am very pleased to return to this landmark event, the Annual Meeting of Development Economists, after a long interval and that also on the 30th Anniversary of PIDE. This gathering of intellectuals, economists, worthy panelists and other participants of the conference is important for the academic community and policy-makers alike, to debate current socio-economic challenges and their solutions. The topics for discussion by many eminent scholars and policy-makers over the next 3 days are both important and topical. We would look forward to the recommendations emerging from the Conference, specially on topics like “Inclusive Growth”, “Addressing inequality”, and “Alternate Strategies of Poverty Alleviation”.

Local people's perceptions of forest biodiversity in the walnut fruit forests of Kyrgyzstan

The biodiversity of the walnut fruit forests in Kyrgyzstan is under huge pressure due to various socio-economic challenges and anthropogenic factors. In this context, the participation of local people plays a significant role in the conservation of biodiversity. This study assessed local people's understanding of forest biodiversity and evaluated their knowledge of the wildlife at three different locations. The research was conducted between May and September in 2008 with randomly selected households (n = 142). The results indicated that the local people were aware of the concept of forest biodiversity. This concept is perceived in different ways depending on the benefits gained from the forest and due to a bias which is strongly related to profession. Regarding the current conditions of biodiversity in general, people have clear and positive intentions for conservation. However, it seems that people will be unable to reduce their impact on forest resources in the future due to the current socio-economic challenges. Further, people's expectations for the future of forest biodiversity varied significantly (6–52%) between the sites due to the differences in the pressure exerted by humans on the forests and the availability of forest resources. Concerning the people's knowledge of wildlife this was limited to few species (28–35% of the species occurring in this area). This study highlights the fact that increasing awareness of wildlife is essential for the maintenance of biodiversity. Local people and the forestry sector need to stress the importance of biodiversity in establishing a sound conservation strategy, as well as income-generating activities.

Canada's Experiment with Aboriginal Self-Determination in Nunavut: From Vision to Illusion

AbstractThe paper presents a geographical and historical overview of the Territory Nunavut (Canada) established in 1999 and inhabited by a majority of Inuit People. The author outlines the process that led to the conclusion of the Nunavut Land Claims Agreement and the current structure of the government of Nunavut, which can best be described as a form of Inuit self-government. Th e main objective of the paper consists in an overview and analysis of current socio-economic challenges faced by the government of Nunavut. Based on the visions of the Bathurst Mandate, the author attempts to assess the success of the ‘Nunavut Project’.The author concludes that because of Nunavut's weak economy and fi scal dependency on the central federal government of Canada, the numerous socio-economic challenges have not been resolved. The Nunavut experiment has not yet been proven a success. The prosperous vision, expressed through the Bathurst Mandate, of a viable Nunavut seems for now just an illusion.

Union Revitalization Strategies in Comparative Perspective

This introductory article provides a preliminary explanation of the cross-national similarities and differences of union revitalization strategies discussed in this special issue. Differences in the institutional context of industrial relations as well as state policies and employer strategies explain some major differences in how national unions are responding to the current socio-economic challenges. However, our findings reveal that union responses are also influenced by their own internal structures. In particular, we use insights of the social movement literature to highlight the importance of the cognitive or `framing' processes through which unions as actors translate and act upon changes in the environment.

Identifying Challenges and Developing Visions: Technology Foresight in Hungary

TEP, the Hungarian Technology Foresight Programme, was launched in 1997, as the first one in Central and Eastern Europe, to provide inputs to a national innovation strategy by identifying socio-economic challenges and developing broad visions for the future. Specifically, it was aimed at analysing Hungary's strengths and weaknesses, developing scenarios (visions) and drafting policy proposals to improve quality of life and enhance long-term international competitiveness. This paper first briefly defines the concept and methods of (technology) foresight, and highlights some reasons why it is a useful policy tool, followed by a brief account of the objectives and methods of TEP. Then, summarising the results, Sections 3 and 4 provide an overview of the transition process (institutional changes as well as economic developments) and the current socio-economic challenges, respectively. Changing the time horizon, three long-term macro scenarios are discussed in Section 5, together with policy recommendations developed by TEP so as to achieve the most desirable - but still feasible - vision. Section 6 summarises the results of the dissemination and implementation phase of TEP. Finally, the concluding section highlights the benefits of foresight to assist decision-makers; some general difficulties concerning its design, methodologies and implementation of its results; as well as specific Hungarian problems, due to the legacy of planning.