Model Of Market Economy Research Articles

Political Economy of Skill Formation and Gender Bias in Skills and Employment in Hierarchical Market Economies: The Case of Thailand

Abstract Skills are, in large part, the product of deliberate investment by various actors, including employers and states, rather than something coming into being spontaneously through individual choices and endeavors alone. The divergent political economy of skill formation has been rigorously examined, focusing mainly on advanced capitalist economies. However, both theoretical and empirical research on the political economy of skill formation of developing economies is surprisingly scarce. Examining the skill formation system of an emerging economy, Thailand, the author finds that the main actors, power distribution, and their dynamics for skill formation and governance are distinct from the economies outlined before but can be explained through the framework of the hierarchical market economy (hme) model. Drawing on recent studies highlighting gendered perspectives on skill regimes, this paper further examines whether and how Thailand’s hme-type skill formation system affects gender bias in skills and employment. The analysis shows that the dominance of conglomerates and multinationals intensifies the prioritization of general skills. The author claims that Thailand’s focus on promoting general skills that are portable and less vulnerable to intermittent labor market participation contributes to less occupational segregation by gender.

Formation and development of the Acquis Communautaire in France, Germany and Switzerland: A comparative legal analysis

The article is devoted to the comparative legal analysis of the formation and development of the acquis communautaire in France, Germany and Switzerland with a view to identifying similarities and differences in the formation and development of the acquis communautaire in countries with different legal status in the European Union. The analysis was carried out using comparative legal, formal legal, dialectical, historical and legal, hermeneutical and other methods, as well as the principles of determinism, pluralism of opinions and complexity of knowledge. On the basis of and through the disclosure of the concept of “acquis communautaire”, the diversity of its understanding within different approaches and the nature of this phenomenon, as well as the study of the formation of the acquis communautaire specifics, it is established that this process took place in the course of formation of the European Communities in the 1950s with the participation of France and Germany on the basis of a combination of liberal market and general social values, and its development took place during the elaboration of the foundations of the mechanism for adoption of a common European policy. It is found that the patterns of formation and development of the acquis communautaire in France, Germany and Switzerland are overcoming contradictions and searching for compromises between France and Germany in all areas of common European policy and the need to coordinate their position with other members of the European Union. Furthermore, the similarity of these processes in France and Germany is rooted in their participation in the creation and development of the European Communities, in the formation of the acquis and its identical legal sources, and the difference lies in the motives and objectives of these States, their positions in certain areas of common European policy and procedural activities related to the implementation of the acquis into national legislation. At the same time, the article reveals that the specifics of formation and development of the European Union acquis in Switzerland are determined by its status as an associated country in the Union, which provides for the possibility of implementing the relevant acquis with certain exceptions on the basis of sectoral agreements between it and the European Union. The difference in the formation and development of the acquis between France and Germany, as well as Switzerland, is manifested in the mechanism and consequences of the implementation of the new acquis: Switzerland participates in the development process, but not in decision-making. Finally, it is noted that the common feature of the development of the EU acquis for all these countries is a combination of market-liberal and general social values and the introduction of a socially oriented market economy model.

Fostering Coordination to Bridge the UK's Regional Disparities: A Response to Rachel Reeves's Mais Lecture

AbstractThis article discusses different policy approaches to achieving one of the key goals that Rachel Reeves set out in her Mais lecture in 2024: bridging regional inequalities in the UK. If it is agreed that the unfettered free market economic model pursued by successive governments in recent decades has led to an intolerable regional concentration of high value‐added, innovative production, what alternative policy options are there? The article considers two answers to this question. The first option is to promote innovation through top‐down state intervention in key economic sectors. While this approach is becoming increasingly popular among proponents of industrial policy in advanced economies, its potential to reach a wide range of firms and sectors behind the technological frontier is limited. Instead, the article favours a second, comparatively under‐explored policy option: facilitating inter‐firm and public‐private coordination. Three key policy tools are presented for implementing this second approach in the UK context.

Liberal and illiberal industrial policy in the EU: the political economy of building the EV battery value chain in Sweden and Hungary

In the context of an increasingly ambitious European Union (EU) industrial policy and the transition to electromobility, the main objective of the article is to uncover the interaction between the supranational level and domestic policies through examining the buildup of the electric vehicle (EV) battery value chain in illiberal Hungary and liberal Sweden. The study analyses these diverse cases through the lenses of comparative political economy. How do European industrial policy objectives translate into national policies under widely different political conditions? How do the different translations impact on the original objectives of EU policy? Through using a structured-focused comparison, the paper argues that the building of the EV battery industry implies the entrenchment of existing models of capitalism in both cases. Liberal democracy is only compatible with the coordinated market economy model of Sweden, while in Hungary the illiberal regime and the dependent market economy model reinforce one another in face of growing public recognition of the disadvantages of dependency—misallocation of resources, environmental damage, and limits to upgrading. EU strategic objectives are served only by the Swedish model, while the Hungarian model leads to deepening institutional cleavages within the EU and implies growing dependence on Russia and China.

Granice udziału spółek Skarbu Państwa w społecznej gospodarce rynkowej w świetle art. 20 Konstytucji

The article is an attempt to determine the constitutionally permissible limit of the participation of SOEs in the economy in light of Art. 20 of the Constitution. It begins with an introduction, summarizing current research in economic and legal sciences on the issue of the growing participation of SOEs in the economy and discussing the legal problems that this phenomenon raises. This is followed by a discussion of the relationship of the state to state and private property in light of the social market economy model. The considerations are supported by references to the doctrine of ordoliberalism and the jurisprudence of the Constitutional Court. Possible measures for determining the excessive participation of state-owned companies in the economy in light of Article 20 of the Constitution are then considered. The article is concluded with conclusions for public administration bodies and the doctrine of public law.

All the Roads to Market: The Soviet Union, China and the World Bank’s Narrative of Capitalism

This essay explores the consequences of postcommunist economic reform for narratives about capitalism, using the example of World Bank discourse. It shows how the World Bank’s capitalism narrative has changed to reflect post-Soviet reform complications and the growing Sino–(post-)Soviet contrast. While the capitalism narrative struggles to show that there is one (global) capitalism or market economy model, reform anomalies and the Sino–(post-)Soviet contrast turn the model into a complex political–economic hybrid. Simultaneously, the interplay between the capitalism narrative and reform anomalies highlights the World Bank’s relevance for neoliberal ideational production.

ЕВОЛЮЦІЯ МОДЕЛІ РИНКОВОЇ ЕКОНОМІКИ УКРАЇНИ В СУЧАСНИХ УМОВАХ

The article describes concept of market economy model, process of a national market economy model formation and theoretical direction of this process. Market economy liberal model theoretical problems are highlighted, namely, an uncertainty of market self-regulation and its theoretical underdevelopment. Social inequality is characterised as a sign of economy liberal model. Distribution of incomes both in the world and in Ukraine are analised. A market economy model evolution under influence of global historical events is highlighted. The libertarian model of the economy is presented, change in the economic model under the influence of the spread of Covid-19, the activation of certain actions of small and medium-sized businesses is characterised. Changes in the economic model under the influence of Russia's military invasion are identified, negative factors that had an impact are listed, and international aid for Ukraine's economy is described. Competition, as the central thesis of liberal economic policy, cannot fully fulfill tasks of economic system of society. Favorite variations of the "invisible hand of the market" of Adam Smith's time need revision. Therefore, it can be concluded that the liberal model of economy is characterised by social inequality, and its use can be revised in the direction of alternative, more optimal, models.

THE ECONOMY IS NOT FLAT: THE TECHNOLOGY GRADIENT IN THE MASS MARKET ECONOMY

In an industrial market economy, the interaction between monopolistic and competitive sectors results in within-country productivity differences, inequality and inefficiency. We demonstrate this using a two-sector mass market economy model. The monopolistic sector represents large-scale, mass production and is associated with innovation and market power, while the competitive sector represents small-scale production and engages instead in technological absorption. The endogenous dynamics of technological change between the two sectors generate a steady state technology gradient, with the competitive sector lagging behind. This technology gradient is a key endogenous feature of the industrial market economy, associated with economic growth, that generates inequality and inefficiency. Inequality is generated in two ways: innovation profits are concentrated among a few owners of large-scale innovation, while economy-wide wage levels reflect the lagging small-scale technological level. The model shows there are innovative-distributive policies that can increase efficiency in production, innovation, and absorption, and restore income equality, increasing wages and reducing profits. A cointegration and weak exogeneity panel study of the US states between 1997 and 2011 corroborates that the large-scale sector drives aggregate employment, wages and inequality, while top income inequality makes the technology gradient steeper.

Protection of the consumer rights on the Polish insurance market

Motivation: The insurance market in Poland has undergone intensive changes resulting from the development of the market economy model. Poland’s membership in the EU imposes adaptation of the domestic legal order to legislation introduced at the level of the European Community. Consequent on this insurance companies function in the constantly changing legal and economic conditions. Apart from the strive to become more competitive, to increase the demand for the insurance services, insurers must care for the correct relationships with their clients and respect their rights resulting from the signed contract.Aim: The objective of the article is to analyse the factors determining changes in the protection of consumer rights on the Polish insurance market. For a long time, this issue was a secondary subject of regulatory standards, practices and business initiatives introduced in Poland. Along with the progressive modification of the supervisory system and the introduction of new global solutions, the issue of protection of consumer rights has become particularly important.Results: The conducted research indicates that the emergence of new threats and challenges faced by the insurance sector significantly affected the scope of protection, range of insurance products, their distribution channels and way in which the consumer rights are respected. The development of cross-sectoral cooperation, the creation of international capital groups, the spread of the bancassurance phenomenon, have tightened the system of supervision over the financial market. It has become necessary to implement new law regulations that will ensure the availability and high quality of insurance services and the safety of using them.

The Dilution of Rights as a Stage in the Development of the Institution of Property

The work is devoted to the consideration of two trends in the development of property relations – the trend towards greater specification of individual rights, which is characteristic of the market economy model, and the trend of dilution of rights and incompleteness of obligations that is typical for the network model of relations. For a long time, the prevailing point of view in economic research was that a high certainty of property rights is a necessary condition for the effective development of the economy. The article presents the main arguments of the supporters of this position. At the same time, within the framework of the new institutional theory, the two trends casting doubt on this postulate emerged – the theory of property regimes and the economic theory of contracts. The article justifies that under certain conditions strict certainty of property rights may create some barriers to improving the efficiency of economic interaction. Such ways of organizing economic interaction as cooperation and partnership can be based on a system of implicit expectations, which are a classic example of a fuzzy specification of rights and obligations. The authors note that the dilution of rights is characteristic not only for a stationary state – the determination of rules for accessing resources, the order of its use, and the order of changing both of them. The dynamic perspective of the property problem is no less important – the dilution of obligatory rights associated with contractual relations. In real practice incomplete contracts characterized by a fuzzy specification of mutual rights and obligations are common. Thus, in the modern economy, a fuzzy specification of rights is characteristic of both the static (property rights) and dynamic (obligatory rights) aspects of the distribution of rights and obligations.

The Rise of Populism and Its Impact on Labour Law, Social Law and Social Policy

This special edition of the International Journal of Comparative Labour Law and Industrial Relations contains five articles, including this introduction. Their shared purpose is to explore the interrelationship between populism, labour law, social law and social policy. In particular, the articles investigate whether the recent rise in populism has had a direct impact, positive or negative, on the situation of the working class. The nexus of populism, labour law, social law and social policy will be examined in three perspectives, focusing on (1) the period when populists seek power, (2) the period when populists are in power, and (3) the consequences of populist rule. The specific research questions underpinning the articles in this issue are as follows. First, when may a politician or a leader be considered a populist? Second, once in power, do populists actually strive to address issues affecting ‘the people’, i.e., those who have suffered harm at the hands of the elites, and does that include issues that affect the working class? Third, if so, how are these issues addressed? Fourth, what indicators can be used to demonstrate a link between the populist reforms (changes) and populist slogans? In other words, is there a ‘populist agenda’ as far as social issues are concerned? Fifth, are populists effective at implementing their slogans on social issues? Sixth, do populist agendas and actions create (and later implement) a new conceptual model of social and economic relations that could serve as an alternative to the current liberal market economy model? Populist Parties, Labour Law, Social Policy, Argentina, Brazil, Greece, Hungary, Italy, Norway, Poland, Spain, Sweden, United States

СТРАХОВІ ФОНДИ ЯК ДЖЕРЕЛА ІНВЕСТУВАННЯ ЕКОНОМІКИ УКРАЇНИ

The article is devoted to the development of theoretical approaches and the improvement of practical tools for forming, the development and evaluation of the prospects for insurance investment in the economy of Ukraine. Among the main functions of insurance there is an investment function. It is noted that the additional investment function of insurance in the minds of the market mobilizes savings for the development of the national economy. It is stated that insurance reserves contain financial resources with various possibilities for investment recovery arising from the terms of contracts for various types of insurance, from long-term to shortterm. It is determined that to ensure the investment activity of an insurance company, the most important ones are life insurance reserves, which form a long-term basis. The important concept of insurance investment as the purpose of direct investment of insurance reserves, emergency reserves, and the power capital of insurance companies is defined in all forms in various objects and instruments such as and bring income through the withdrawal of profits and (or) the attainment of another beneficial effect. When examining the investment activities of insurance companies, two groups of problems were seen. The first group of problems is associated with the analysis of the investment potential of the Ukrainian insurance sector of the economy in line with various market economic models. Another group of problems is associated with the analysis of the results of investment activity in the insurance sector of the economy. As part of the investigation of the first group of problems, the relationship between insurance premiums and GDP in Ukraine and other countries was analyzed and it was determined that the level of insurance penetration in Ukraine is low. The indicators of the number of insurance companies and their assets were analyzed and it was determined that in Ukraine the trend towards a reduction in the number of insurers will continue. The basis for the investigation of another group of problems was the assessment of the investment activity of insurance companies from the position of investment of insurance reserves and capital assets of insurance organizations in investment instruments mentee. The structure of insurance assets in Ukraine has been analyzed and it has been determined that the structure of allocation of insurance reserves in investment assets is impossible to ensure high profitability. It has been determined that the investment funds that are currently being raised by insurance companies, with the placement of insurance reserves and capital assets, will not be directed directly to the stock market and investment programs that can reduce investment economy, and mainly refer to the banking sector of the economy. The opportunity to invest in the insurance sector of the economy has been restored, which will contribute to the development of the national economy.

CHICHEN ITZA AND ITS ECONOMY AT THE END OF THE CLASSIC PERIOD: TRIBUTE, CENTRALIZED REDISTRIBUTION, AND MARITIME STATIONS

AbstractStudies of the ancient economy associated with the Classic and Postclassic periods of Maya civilization show that, in order to explain it, the market economy model has been widely used, where economic transactions were carried out in marketplaces. In this type of economy, goods are exchanged based on an agreed value that takes into account supply and demand. However, other types of exchange, such as tribute and centralized redistribution, could have been used in those transactions instead of a market economy. This article analyzes the role that tribute and centralized redistribution may have played during the heyday of Chichen Itza between the tenth and eleventh centuries. This site seems to have used its powerful military supremacy to extract tribute from sites and regions it conquered militarily and politically as they experienced their collapse. In addition, the archaeological evidence suggests that Chichen Itza made political as well as economic alliances in different regions of the Maya Lowlands in order to obtain sumptuous goods. These commodities were used by members of the elite to reinforce the power structure and consolidate social relations among the different individuals who inhabited that community located in northern Yucatan.

US positions in world economy: Current conditions and prospects

There are several indicators which reflect the level of economic development of each country. Among most important — GDP, GDP per capita, scientific and technological potential human resources, the country’s positions in the world trade and capital transactions. The author makes a conclusion that the US positions remain strong in the world economy and international economic relations. The article aims to show the evolution of the American model of capitalism and its opportunities to adapt to new challenges of the 21st century. The author reviews the basic characteristics of this model and its distinction from other market economy models. It is demonstrated that in the USA, the leading role in economic development is played by private sector, and the government occupies much more modest positions. The author demonstrates that due to the liberal model the country has reached significant economic and social results, including high economic growth and high living standards. The advantages of the American model are quite obvious: commitment to high economic efficiency, development of science and innovations, economic growth and high living standards. The shortcomings of the American model are also quite evident. Among them there are: a problem of social and income inequality, the emergence of new economic challenges, including those connected with pandemics and climate change, which test the American model for its sustainability and effectiveness. Another issue is new emerging markets that are not liberal at all. Especially we can talk about China which became the real rival to the American economy. The modern stage of globalization puts several new problems before the American capitalism, such as the is exacerbation of contradictions between old industrial countries and emerging economies, between strengthened multinational corporations and the governments of the countries they came from. The author makes a conclusion that despite both internal and external challenges the existing potential of the American economic model is still not exhausted. At the same time, it is evident that the question of its adaption to all existing issues is quite real and demands solution.

Heydar Aliyev's multifaceted economic policy and the development of entrepreneurship in Azerbaijan

The return of the Great leader Heydar Aliyev marked the beginning of a qualitatively new era - the great path leading to the center of independent state building. Under the leadership of Heydar Aliyev, radical reforms were carried out, and the economic policy related to its development turned into a state strategy that transformed the country into development, and a large number of programs ensuring its independence were developed. Macroeconomic stability of the state was achieved under the leadership of the great leader, the legislative framework for the organization of entrepreneurship, which is the driving force of market economy, and measures aimed at bringing the private sector to the fore were started. The formation of entrepreneurial relations in the market economy model are integral economic parts of the system. The need for the economic development of the country to be the private sector - entrepreneurial activity came to the fore. That is why the formation and development of entrepreneurship is a threat as a priority direction of economic policy. During his leadership, Heydar Aliyev tried to realize the national economic development model with radical reforms, to form powerful entrepreneurs, and to strengthen their positions in society. It is from this economic point of view that special assistance is given to scientific research of Heydar Aliyev's multifaceted policy in the organization and development of Entrepreneurship in Azerbaijan.

To the Ukrainian People – Stable, Systematic and Sustainable Human Development (Historical and Analytical Essays: Reinterpretation of the Past). Part 4. Institutionalization of Economic Sovereignty of Independent Ukraine: Present Origins

The article, prepared in the form of historical and analytical essays, presents the thoughts of the author as a statesman – the last Chairman of the Council of Ministers of the Ukrainian SSR and the First Prime Minister of sovereign and independent Ukraine. The most fundamental provisions of the Agreement on the establishment of the Commonwealth of Independent States (CIS) by the Heads of State and Government and the Statement of the Heads of Government of Belarus, the Russian Federation and Ukraine regarding the creation of a single economic space are given. The essays continued the analytical assessments of the author’s previous articles regarding the methodological provisions and results of the economic reform of 1966-1990. to increase the planning and economic independence of enterprises and associations, branches of industry and the national economy, the republican economy as a whole. Generalized methodical regulations for the creation of funds for production self-development funds of enterprises and associations in the context of the socialization of the means of production as business and management subjects. Examples of the coordination of the economic interests of the republic with the Center of the USSR and the practice of creating Working Groups of the Council of Ministers of the Ukrainian SSR for the development of drafts of the Law of the Ukrainian SSR “On Economic Independence of the Ukrainian SSR”, the Concept of “Ukrainian Market” and the Program for the Transition of the Ukrainian SSR to a Market Economy are given. Special attention is paid to the development of the Program of Emergency Measures to Overcome the Economic Crisis of 1991-1995. Each subsection of the essays includes the author’s proposals for the implementation of rethought government actions by the leadership of Ukraine in the post-war period. The participation of the management and specialists of the sub-departmental Economic Scientific-Research Institute (ESRI) in the scientific provision of institutionalization of individual components of economic sovereignty as a basis for strengthening its statehood is disclosed. The methodological provisions of the two-sector model of the “Plan-Market” mixed economy and the basic version of the Theory of managing socio-economic processes at different levels of management as alternative solutions to the current Anglo-Saxon model of an open market economy are outlined. The results of the activities of the First Government of sovereign and independent Ukraine are briefly given. The essence of the structural and reproducible approach to the formation of a coherent, effective and flexible management system for coal production in a sovereign and independent state is revealed. The recognition of the Planned Sector of the Ukrainian economy model “Plan-Market” as the basis of national revival is substantiated.

The Theory of "Socialism with Chinese Specifics" And the Features of Building a Model of A Socially-Oriented Market Economy in China

The article examines the theoretical foundations of socialism with Chinese characteristics and the peculiarities of building a modern social market model in China. The main stages of the process are analyzed, from the initial stage at which a socialist society was created to the comprehensive modernization of socialism, the formation of a modern social market economy, and the building of Moderately prosperous society (Xiaokang). The role and contribution of Deng Xiaoping, one of the leaders of China and the main ideologist of socialist theory, in building a socialist system with Chinese characteristics is shown. The main provisions of Xi Jinping's concept of common prosperity and the course of its practical implementation are considered. The capability of the Chinese leaders to transform China into a "rich and powerful, democratic and civilized, harmonious and modern socialist state" by 2049 – the centenary of the founding of the People's Republic of China (PRC) – is evaluated.

Inequality and Asset Fire Sales

It is widely acknowledged that fire sales were a critical factor in inducing and exacerbating the financial crises of 2007--2008. The leverage of financial intermediaries, which is defined as the ratio of total assets to capital, is a key factor in causing fire sales. Why do financial intermediaries expand their balance sheets despite subsequently having to sell their assets at discounted prices? To examine this question, we incorporate financial intermediaries into a three-period incomplete market economy model, in which households face countercyclical and uninsured idiosyncratic income shocks. We demonstrate that countercyclical income inequality and market incompleteness result in leveraged investment and subsequent asset fire sales by financial intermediaries in equilibrium. The first contribution of this paper is that we demonstrate that the mechanism between asset prices and leverages could successfully solve the famed asset-pricing puzzles. The second contribution is that we analyze the impact of financial regulation on the welfare of ex ante homogeneous households.

Современные методы управления экономикой сельского хозяйства Киргизской Республики и роль государства в обеспечении устойчивого его развития

The article examines the theoretical concepts of market economy models regarding the role of the state in ensuring more sustainable economic development, as well as the transformation of the structure of the region’s economy, which is impossible without an influx of investments and ensuring the availability of financial resources. There is a growing general understanding in the Kyrgyz Republic that striving for economic growth without sufficient attention to other social tasks is not enough for the prosperity and development of society in a human and environmental sense. Contrary to popular belief, the Government can play an important role in regulating the market economy and invest in human resource development. For countries with economies in transition, too far-reaching measures to eliminate the public assistance system in order to increase the competitiveness of the economy are likely to lead to poor results, further weakening the nation-State.

Stages of interaction of China and the Sverdlovsk region (Russia) under conditions of transformation in economic development models

The authors of the article observe the evolution of the economic cooperation between the Sverdlovsk region in Russia and the People’s Republic of China (PRC). In the research two major stages of the collaboration between two countries can be traced clearly: “the nomenklatura partnership” in the second half of the 20th century and “the market pragmatism” at the beginning of the 21st century. The aim of the paper is to investigate the ways of integration of the Sverdlovsk area as an old industrial region in the system of economic interaction with the People’s Republic of China, and define the reasons and factors for the dominant position of PRC in the foreign trade and economy of the Sverdlovsk region and the Urals, in general. The novelty of the study is to identify the particularity of the economic relations between one of the regions of the Russian Federation and the PRC under different conditions of the planned and market economic models using the demonstration of the exact examples. The research problem is to identify the risks and the drivers of the intensification of economic relations between the Sverdlovsk region (including its capital city of Yekaterinburg) and the PRC. Current research is carried out on the basis of a concrete-​​historical approach to the study of the stages of economic interaction between the USSR and Russia with the PRC using systemic and logical methods of analysis of the problems considered in it.