Development Of Economic Entities Research Articles

АНАЛІЗ ТА НАПРЯМИ ПІДВИЩЕННЯ ЕФЕКТИВНОСТІ УПРАВЛІНСЬКИХ РІШЕНЬ У СФЕРІ СТІЙКОСТІ БІЗНЕСУ В УМОВАХ КРИЗИ

The object of the study is the process of maintaining viability and ensuring the development of enterprises in crisis conditions. It was established that for such purposes, the formation and implementation of tools and means of anti-crisis management, aimed at strengthening the stability of the business entity in crisis conditions, becomes critically relevant. It is emphasized that in the conditions of a crisis caused by a full-scale war, the emphasis and prerogatives in the management of sustainability change for the sake of stability and orderliness of the functioning and development of economic entities. It is additionally argued that in crisis situations, the focus of attention shifts from issues of high efficiency to the task of preventing challenges and threats, when the subject of attention is the economic security of business, the relevant mechanisms and tools for ensuring it. Based on these principles, the purpose of the study is to analyze and identify directions for improving the effectiveness of management decisions in the field of business sustainability in crisis conditions. The implementation of the specified goal made it possible to develop a complex of means of improvement and development of anti-crisis management systems of domestic enterprises. According to the results of the survey of managers of domestic enterprises, their low activity in the field of business sustainability management and the concentration of measures in this field mainly only on monitoring the financial and economic condition of the enterprise were established, the current market situation and its changing trends, assortment, quality and price parameters of the products presented on the market. The leading factors that weaken the state of stability of domestic enterprises have been identified, which remain the unstable market conditions, in particular demand, pressure from competitors, insufficiently high level of development of the industry and related types of economic activity, underdevelopment of the product sales system, lack of material and technical and technical and technological support of enterprises. It has been proven that the difficulties of the war lead to the complication of the survival conditions of economic entities and, accordingly, require greater efforts of domestic enterprises to preserve their own financial and economic stability. The structural and functional basis for improving management in the field of managing the stability of domestic enterprises in crisis conditions through the rationalization of their strategic marketing management, which involves the implementation of measures of a financial-economic, organizational-production, intellectual-personnel, and socio-economic nature, is substantiated. An aggregated structural model of anti-crisis management in the area of guaranteeing the sustainability of domestic enterprises has been developed.

Державна інвестиційна політика в контексті обліку й оподаткування установ фінансово-кредитної та бюджетної сфер

The article determines that the significant growth of interest in the management of the process of generating profits and the use of investment resources in the field of implementation of investment and innovation projects and programs testifies to the special importance of investment operations as the main source of financial stability and further development of economic entities. It is substantiated that institutions of the financial, credit and budget sphere can use various forms of State regulation of investment activity, in particular, the most used of them are: management of State investments, regulation of the conditions of investment activity, as well as control over the order of its implementation, which is carried out by all investors and participants in investment activity. It has been proven that for domestic banks, investment activity is primarily a tool for asset diversification, a means of maintaining liquidity and a source of profit generation. This, in turn, requires the implementation of a balanced State policy based on a complex of tax and financial stimulation methods. It is defined that, in contrast to the financial and credit sphere, in the budget sector, investment activity, accounting and taxation of investment transactions is a rather specific direction. Focusing on the basic concept of investment formulated in the legislative field, methods of reproduction of investments in the budget process are systematized and it is proved that the State bodies can manage the State investments, in particular financial ones, and this allows the accountant of a budget institution to correctly reflect economic transactions in accounting and prepare financial statements, properly comply with tax discipline. This made it possible to allocate a significant feature for budget planning, which is expressed in the fact that the use of fund and financial instruments in the budget process will not act as the implementation of the budget institution's estimate for capital expenditures.

The role of water transport in the development and development of economic entities in the regions of Russia

The article examines the role of water transport in the development of various economic entities in Russian regions. Due to the fact that Russia has vast territories with a huge number of rivers, lakes, seas and a long coastline, water transport plays a vital role in almost all spheres of society without exception. Therefore, the article also examines the main aspects of the relationship between the development of water transport and the regional economy, including increasing accessibility for businesses and residents, facilitating the transport of goods and increasing their volumes, as well as creating jobs and stimulating various types of investment. The article also pays attention to the role of water transport in the development of hard-to-reach and remote areas, where it is a key factor in overcoming geographical and socio-economic restrictions. Thus, the article examines various types of challenges and problems associated with the development of water transport in various economic entities. The main goal of the article is to expand understanding of the role of water transport in the development of Russian regions, as well as to draw attention to the importance of balanced infrastructural development for economic and social progress.

Some aspects of risk assessment in the analysis of the financial condition of leasing companies

The assessment of the financial condition in the leasing segment is based on leasing legislation, practice and a system of automated processes that implement differentiated approaches to managing financial condition, risks, and the level of financial stability, taking into account the parameters of transactions and counterparties. In the last decade, we can state an increasing trend towards the development of technology in the processes of assessing the financial condition of leasing companies with the help of best practices in the use of mathematical apparatus and big data. In order to supplement the scoring models and analytical expert sections of leasing companies with data, projects have begun to operate to introduce additional information sources into the analysis of the financial condition of the main operations of leasing companies in Russia. The assessment of risks and their impact on the work of leasing companies, the expansion of their presence in the market, or the curtailment of activities, are the most important and relevant component in the analysis of the financial condition of leasing companies and always aimed at improving financial and economic indicators for the further development of economic entities in the field of leasing.

PROBLEMS AND PROSPECTS OF FUNCTIONING OF CREDIT UNIONS IN UKRAINE

The article examines the theoretical and practical principles of the functioning of credit unions in Ukraine at the current stage. Scientific and methodical approaches to defining the economic category «credit cooperation» have been analyzed. It was determined that in Ukraine the credit cooperation functions in the form of credit unions. The definition of a credit union as a non-profit organization founded by individuals, trade unions, and their associations on a cooperative basis with the aim of meeting the needs of its members in mutual lending and providing financial services at the expense of the combined monetary contributions of the members of the credit union is generalized. The impact of the credit cooperatives on the development of economic entities at the level of social well-being of the population and the national economy as a whole has been studied. It was established that credit unions belong to high-risk financial institutions, since they operate with citizens’ funds, they occupy a special place among the majority of financial intermediaries operating in the financial services market of Ukraine. It has been proven that the difference of credit unions and at the same time their advantage among the other financial and credit institutions lies in the ability to accumulate cheap monetary resources, use them to develop business needs and increase consumer demand. The influence of the military-political crisis on the work of the non-banking sector of the economy, in particular, on credit cooperation, is determined. The financial indicators of credit unions in Ukraine were analyzed and it was stated that these indicators have been deteriorating since 2018. A retrospective assessment of subjective and objective factors affecting the functioning of credit unions was carried out, and problems and prospects for their development were outlined. A number of problems are listed, the solution of which will allow credit unions in Ukraine to return to an effective direction. It was determined that the introduction of a system of control over the activities of credit unions, the introduction of strict regulations and requirements regarding the adequacy of own capital will contribute to the development of this segment of the financial services market. A method of solving the problems of the operation of credit unions is proposed, which lies in the plane of professional organizations through the centralization of some functions in order to make them cheaper, the creation of accumulative funds for development and education.

INVESTMENT POLICY OF A METALLURGICAL COMPANY IN THE CONTEXT OF STRUCTURAL TRANSFORMATION OF THE ECONOMY

In the context of unprecedented geopolitical sanctions against our state, the actualization of strategic goals and objectives for the restructuring of all economic relationships comes to the fore in the development of economic entities. This, first of all, refers to the investment policy of the backbone links of the domestic economy, including ferrous metallurgy enterprises. The article analyzes the economic essence of investment policy and its constituent elements. The authors propose to consider the investment policy as a key element of the economic strategy of metallurgical companies, focused on the continuous process of innovation. With the help of the extended marketing tool PESTEL-analysis, a study of the parameters of the external investment environment of PJSC «Severstal» was conducted. This made it possible to more accurately identify the existing limitations of the effective implementation of the company's investment policy. Using the SWOT analysis method made it possible to consider the strengths and weaknesses of the company's investment environment and determine their relationship. The obtained results of the analysis formed the basis of four protostrategies, which are characterized as preliminary versions of the existing strategic goals of PJSC «Severstal» and take into account the identified advantages and disadvantages of the investment environment. The proposed protostrategies are based on taking into account the influence of a combination of factors from the external and internal environment to minimize the negative effects of the identified threats. Currently, the metallurgical industry should develop due to the timely updating of investment policy in accordance with the strategy of the companies, which will not reduce investment activity despite the problems in attracting investment and restrictions on equipment imports.

Synergy and innovation of digital business solutions and “smart city” infrastructure

Currently, there is a rapid development of digital technologies that determine not only innovative trends in the development of economic entities, but also cause possible synergistic changes in the future. Digitalization of all spheres of the modern socio-economic system leads to the active introduction of innovative developments in our daily lives, but also determines the possible risks. The article uncovers the controversial issues of the digital economy, pays attention to the current state of digital technologies, economic principles and provisions of the formation and features, characteristics of the digital services economy, its capabilities, as well as makes forecasts of the development of digitalization processes in society.

Features of the influence of Internet marketing on the development of economic entities

Features of the influence of Internet marketing on the development of economic entities

Development of the hospitality industry during the pandemic of COVID-19

Purpose. The article analyzes the practical aspects of the functioning of the restaurant business in the COVID-19 pandemic conditions.
 Results. Nowadays, Ukraine and the entire world live through a difficult period. It is caused by the global COVID-19 pandemic. The situation with the spread of the COVID-19 pandemic has changed the life of each person almost completely. The tourism industry suffers a particularly crushing blow. The hotel and restaurant business have been intensively developing lately (2015–2019) in Ukraine, employing about half of the population. The emergency has almost stopped the development of this area and inflicted enormous economic losses for both consumers of tourist services and those employed in the industry. The hotel and restaurant business entities face the problem of creating an efficient mechanism to secure quick reaction to emerging impacts in conditions of the pandemic, introduction of quarantine measures, and adverse external environment. The article is focused on the research of the restaurant business companies’ functioning conditions. It assesses the impact of quarantine measures caused by the pandemic on the companies’ development. The author outlines a range of bottlenecks in the development of restaurant facilities that had emerged before the active phase of COVID-19 started.
 Scientific novelty. One of the first attempts was made to analyze the best foreign experience of running the hotel-and-restaurant business in the special conditions of the COVID-19 pandemic, and the dynamics of the development of the restaurant business in Ukraine for 2010–2021 were determined. The article was further improved the ways of strengthening the business conditions in the restaurant industry at the moment, when immediate adaptation is identified.
 Practical value. Based on the assessment of the impact of introduced quarantine measures caused by the COVID-19 pandemic on the development of economic entities in the industry, the recommendations over the minimization of their impact through the identification of the main destabilizing factors are offered.

Improvement of Methodological Tools for Business Analysis of the Effective Company’s Performance

The subject of the paper is the improvement of methodological approaches to the formation of an objective assessment of the system of financial indicators that comprehensively reflect the achieved and projected level of development of economic entities. In these conditions, the issues of substantiating the perimeter and content of the information and analytical support system for the functions of operational and strategic business management are being updated. The purpose of the study is to develop methods of analysis and algorithms for calculating the most important characteristics of assessing the performance of economic entities for internal management and external stakeholders based on a complementary approach to the use of classical methods of forming a piece of information and analytical base by clarifying the values of the indicators used in financial and management reporting and supplementing the list of analytical indicators. To achieve the goal, the author has identified several tasks related to the critical analysis of the existing methodological apparatus for evaluating the performance of commercial organizations. Also, the author updated the content, and clarified the algorithms for calculating indicators to form reliable information and analytical base necessary for making managerial decisions by various subjects of business relations. The author analyzed the supplementing the system of analytical indicators for assessing and forecasting business performance in accordance with the doctrine of sustainable development; expansion of the model range of factor analysis to get a holistic view of the impact of external and internal drivers on the level of financial stability and profitability of business entities. To substantiate the scientific hypothesis, form methodological provisions within the scope of the research, generalize the empirical base and develop practical proposals, the research clarified and supplemented the algorithms for calculating several performance indicators traditionally used in analytical practice, as well as initial indicators of financial and management reporting, have been involved. The practical application of the proposed adjusted procedures for calculating indicators contributes to getting a reliable and aimed assessment of the quality of the management system of organizations in the real sector of the economy. Also, it promotes a reliable measurement of the influence of factors of the external and internal business environment on its effectiveness, the development of an optimal resource potential management policy in order to increase competitiveness, strengthen financial stability and increase investment attractiveness.

Проблемы этнического предпринимательства в период COVID-19

The necessity of adaptation of medium and small businesses to modern Russian reality is substantiated. Within the framework of the survival strategy of ethnic entrepreneurship, its tactical steps have been identified, allowing it to quickly adapt to the protracted and undulating nature of COVID-19. The authors stated three main hypotheses, the verification of which was carried out within the framework of the study. According to the results of a study conducted in 2020-2021 of the processes of formation and development of economic entities of the "second echelon" of the Tyumen region, changes in the structure of ethnic entrepreneurship in the region were revealed. The trends in the organizational and legal forms of ethnic entrepreneurial structures are identified in the direction of increasing the share and number of microenterprises, strengthening the institution of self-employment, combining the latter with individual entrepreneurship, etc. The problem of providing them with labor is actualized and the causes of this phenomenon are established.

ЭКОНОМИЧЕСКАЯ УСТОЙЧИВОСТЬ ОРГАНИЗАЦИИ В ЦИФРОВОЙ ЭКОНОМИКЕ

Modern tools and mechanisms for ensuring the sustainable development of organizations lie in the field of digital technologies. Digital transformation is one of the main prerequisites and a powerful tool to create a sustainable industry and ensure sustainable development. To determine the impact of digitalization on the economic sustainability of an organization, a comprehensive analysis that includes three areas has been carried out in this paper. First, the impact of digitalization on indicators that characterize the sustainability of the organization has been studied. Second, the impact of digitalization has been analyzed with regard to the flow of business processes and the processes of value formation in the organization, which determine the sustainability of the organization. Third, modeling of the impact of digitalization on the performance of the organization using statistical data has been carried out. In our study we have used the methods of systemic, process-functional, correlation-regression and content analysis. The links between the sustainability of an organization and digital transformation strategies have been clarified and systematized, the impact of digitalization on the economic, financial, social, environmental, production, technological, marketing, investment, organizational and managerial sustainability of an organization has been studied. The influence of business models of the digital economy and Industry 4.0 technology on the business processes of an organization is systematized according to the stages of value creation and directions for ensuring sustainability. A methodical approach has been developed and tested to assess the impact of digital technologies on the development of economic entities using the example of the Ural Federal District. A statistical analysis of the introduction of digital technologies in organizations of the Ural Federal District has been carried out, the dependences between the indicators of use of information and communication technologies and the development of economic entities have been revealed. The directions for further research in the field of the impact of digitalization on economic sustainability and sustainable development of economic entities have been identified.

РОЗВИТОК ПЕРСОНАЛУ ТА КАДРОВОГО ПОТЕНЦІАЛУ ЯК ЕЛЕМЕНТИ СТРАТЕГІЧНОГО УПРАВЛІННЯ ФІНАНСОВО-ЕКОНОМІЧНОЮ БЕЗПЕКОЮ СУБ’ЄКТА ГОСПОДАРЮВАННЯ

The urgency of the study is due to the rapid spread of Industry 4.0 trends, including total digitalization of business processes, their automation, and removal of employees from their traditional functions and their transfer to the implementation of artificial intelligence. Such trends create new and increase traditional threats to the financial and economic security of enterprises. At the same time, the new roles to be performed by the staff are not without risks for the normal functioning and development of economic entities in the future, which necessitates the study of security-oriented strategic management with close attention to human resources of business structures. According to the results of the study, the problems that arise in the process of personnel management in the conditions of Industry 4.0 and the risks they create for the state of financial and economic security of the enterprise are identified. It is revealed how the personnel potential influences the strategic orientations of the business structure. It has been established that staff development can improve the financial and economic security of an entity. The bases of formation of strategy of management of financial and economic security of the enterprise – strategy of maximization of personnel potential within the limits of strategic security oriented management are offered. The use of the proposed approaches in practice will increase the level of financial and economic security of the enterprise in the context of the spread of trends in Industry 4.0, partial or full automation of business processes and work in the digital space. Its essence is to achieve the highest possible level of financial and economic security and protection of corporate resources from existing, expected and unforeseen risks and threats by forming a catalog of staff actions in different situations, as well as prior training of employees to raise awareness of their role in financial and economic security and development of professional competencies adapted to the conditions of work in the digital environment and taking into account the full or partial automation of business processes.

Pozitivni finansijski aspekti migracija i dijaspore za stanovništvo i privredu Srbije

The subject of the paper is the analysis of economic and social advantages of remittance inflows from the Serbian diaspora. Remittances are important for domestic economy and people for several reasons. First and foremost, these remittances are at a high level because of a large number of Serbs that have emigrated in the decades behind us. Even though the exact amount of these remittances cannot be precisely calculated, due to the fact that a great portion of remittances comes to Serbia via informal channels, remittance inflows can have positive effects on many economic aspects of receiving countries, especially in the case of transitioning countries that have gone through difficult periods of economic and political crises, war crisis and devastations. Inflows from diaspora can affect the reduction of poverty, development of economic entities, and even the exchange rate of the country and economic development as a whole, and the diaspora can influence the improvement of political climate and economic relationships with foreign countries. In this paper, we wanted to examine the correlation and strength of the relationship (if any) between the trends of Serbia's GDP and remittances, as well as the relationship between GDP per capita in Serbia and remittances. The correlation procedure was performed in the IBM SPSS 21 program, and the World Bank data were used as a basis. It was concluded that the trend ratio of the GDP of Serbia and remittances is characterized by a positive correlation which was observed in the trend of the GDP of Serbia and remittances.

Innovations of Enterprises with Chinese Capital in Poland. LiuGong Dressta Machinery – case study

Modern-day innovations have become a base requirement of civilization progress, a determinant of the socio-economic development of each country or region, as well as the basis for the competitiveness and development of economic entities or organizations.Research on enterprise innovation in Poland shows inadequate engagement in this type of activity, which results in a poor assessment in innovation rankings, both in the EU and in the whole world alike. At the same time, statistics indicate that enterprises with foreign capital that operate in Poland are characterized by a greater propensity to pursue innovative activities.Amongst the many economies of the world, which have achieved tremendous progress in the recent years, both in terms of economic development and an increase in the level of innovation, China is commonly indicated as allocating more and more funds to R&D, while raising the quality and innovation of its production.Account taken of the above, the research problem undertaken by the authors consists in seeking an answer to the question whether the high level of innovative activity recorded in the Chinese economy translates in any way to the innovation of Chinese capital invested in Poland. In view of this, the aim of the research comprises taking an attempt to answer the following research questions: do enterprises that operate in Poland on the basis of Chinese capital conduct innovative activities and how is it directed? This paper discusses the preliminary results of research on the indicated issues, which were carried out by means of a diverse methodology, including, in addition to a critical analysis of the literature, in-depth interviews with experts in the field of China's economic policy and Polish-Chinese cooperation, as well as an analysis of a case study in a selected economic entity with Chinese capital operating in Poland.The results prove that the examined Chinese capital invested in Poland undertakes innovative activity and treats it as a strategic element of development, as evidenced not only by the implementation of specific types of innovations, but also by the pursue of R&D activities in Poland.For the sake of completeness of the situation regarding the activity of Chinese capital in the field of innovative activities carried out in Poland, it is required to expand and deepen the scope of research by extending the subjective scope of companies from other sectors of the economy, identifying determinants that shape innovation of this type of investment, or analysis of Chinese business models capital invested in Poland.

ВИЗНАЧЕННЯ ВПЛИВУ ПАНДЕМІЧНИХ ОБМЕЖЕНЬ НА ФІНАНСОВУ ДІЯЛЬНІСТЬ СУБ'ЄКТІВ ГОСПОДАРЮВАННЯ

The article discusses the development trends of economic entities in the current conditions of pandemic restrictions. Statistical data on the level of GDP and the development of the Ukrainian economy are presented. An analysis of the negative impact of the pandemic on the development and functioning of enterprises in 2020-2021 was carried out based on data from the State Statistics Service. There is a characteristic of various fields of activity, analyzed in detail by the volume of losses from the pandemic. Information is provided on the negative impact of the pandemic on the financial activities of companies in order to identify problems that must be solved by the state. As for individual sectors, non-agricultural sectors have been more affected by the pandemic than agricultural ones. Entrepreneurs' reaction to the situation was expectations, a change in the direction of production in response to new demand (for example, sewing masks) and the acceptance of online orders for future deliveries. Positive consequences of pandemic restrictions are also identified, such as the emergence of new types of services and products. It should be noted that due to pandemic restrictions, the delivery and courier services sectors have significantly increased their profits. In conclusion, the article proposes methods for stabilizing the financial activities of business entities in the current conditions of pandemic restrictions, which will not only protect the company from losses, but also gain significant advantages over competitors. The forecasts of leading economists on the further development of economic entities in Ukraine after the end of the COVID-19 pandemic are given. It was noted that Ukraine should use both monetary and fiscal instruments in the assistance package, in particular, unlike most countries, the National Bank of Ukraine has the opportunity to reduce the discount rate. Attention is drawn to the fact that it is easier for Ukraine to get out of the crisis than for other countries, since the industry of one of the main sources of income – agriculture remains almost without a negative impact, therefore, as scientists economists testify, it is easier for Ukraine to cope with the consequences of pandemic restrictions and turn the global crisis into benefit to economic development.

Разработка подхода к формированию портфеля инновационных проектов промышленного предприятия

The article is devoted to the issues of increasing the efficiency of innovative activity of an industrial enterprise, which ensures the implementation of the formed portfolio of innovative projects. Innovative development of economic entities is possible if new requirements to the content, organization, forms and methods of management activity are met [1], which means that tools for monitoring the innovative development of an industrial enterprise, methods for assessing innovative opportunities and the effectiveness of managerial decision-making in innovation are needed [3]. To solve this problem, it is proposed to use the algorithm presented in the article for the formation of a portfolio of innovative projects of an industrial enterprise, including the developed methodology for their selection according to efficiency and feasibility indicators, the use of which in management practice makes it possible to make a reasonable assessment of the possibility of successful implementation of these projects and ensure an increase in the probability of achieving a positive result. The selection of innovative projects according to efficiency and feasibility indicators for PJSC "CADVI" was carried out and a portfolio of innovative projects for this enterprise was formed.

Risk-based internal control of key business processes as a mechanism of economic agent's sustainable development

Subject. The article discusses theoretical and practical principles of internal control from the building stage to maintaining its effectiveness at a high level. Objectives. The aim is to examine various interpretations of internal control and internal control procedure concepts, detect difficulties of economic entities in developing, implementing, and managing the internal control, offer a model, enabling to systematize these processes through focusing on risk management of key business processes and harmonization of internal control procedures. Methods. The study rests on general methods of research, like logical analysis, generalization, grouping, and modeling. Statutory instruments in the sphere of financial and fiscal accounting and works by domestic authors serve as a theoretical framework for the study. Results. I analyze the internal control, considering the industry affiliation of economic actors. The interpretation of internal control concept is supplemented by a new element, i.e. ‘identification of key business processes’. The paper presents a matrix of internal control management, which is intended to mitigate risks inherent in key business processes. Conclusions. The said matrix may be used by any economic entity as a theoretical and methodological basis for building internal controls. The offered model and matrix enable to cover risk areas and mitigate significant risks, ensure the accuracy of financial reporting, and, as a result, sustainable development of economic entity.

Методика распределения затрат на внедрение новых и модернизацию действующих технологий на производственную себестоимость продукции в условиях устойчивого развития промышленного предприятия

One of the important tools for incorporating the paradigm of sustainable development into the complex fabric of economic activity of an enterprise in the real sector of the economy is the permanent process of introducing new and updating existing production technologies. Managing this difficult process requires fundamental changes in the traditional approach to structuring the information and tool space of the accounting and calculation process of forming the production cost of products. The solution of this difficult task involves the decomposition of the pool of indirect costs in order to allocate from its composition the costs of introducing new and upgrading used technologies and then assigning them to the production cost. It should be noted that these costs are distributed in proportion to the quantitative characteristics of material cost savings. The choice of this indicator as a distribution base is justified by the fact that it is one of the key components of the economic benefits coming to the enterprise. In the course of the study, various methods were used comprehensively, including: observation, systematization, formalization, modeling and visualization, decomposition and aggregation of data. The results obtained in the course of the study will improve the quality of the information and instrumental space for making managerial decisions aimed at ensuring the sustainable development of economic entities in the real sector of the economy by updating existing and introducing new, advanced production technologies.

The relationship between spirituality and technocentrism in the inclusive development of business entities

The purpose of the article is to analyse the evolution of society and the economy as a result of changes in the relationship between factors associated with technology on the one hand and spirituality and morality on the other. The technocentric orientation of civilization increases cyclically, while moral aspects are on the decline. The spiritual foundation of society ensures its stable development. The authors consider the structure of the capitalist society, which has entered a systemic crisis aggravated by the COVID-19 pandemic, and focus on possible changes in the development of economic entities under inclusive capitalism and a new world economic order. Risks associated with these changes and possible ways of avoiding destructive consequences are also addressed. The above considerations are analysed with regard to the problems of reforming the Ukrainian economy at this stage of its development.