Economic Regime Research Articles

СТИМУЛЮЮЧИЙ ПРАВОВИЙ РЕЖИМ ГОСПОДАРЮВАННЯ У СИСТЕМІ ГОСПОДАРСЬКОГО ПРАВА: ПОНЯТТЯ ТА СПІВВІДНОШЕННЯ ЗІ СПЕЦІАЛЬНИМ РЕЖИМОМ ГОСПОДАРЮВАННЯ

Scientific approaches to delineating the stimulating legal regime of economic activity as a key element of the special economic regime within the framework of Economic law are substantiated. A definition of the stimulating legal regime of economic activity is proposed as a system of legal norms aimed at regulating economic relations through the use of a complex of legally stimulating means, which pursue the goal of creating conditions for the implementation of state economic policies along its priority directions in a manner that ensures sustainable development of the state and society. Drawing upon theoretical developments within the field of Economic law, it is proposed to recognize the stimulating legal regime of economic activity as a sub-institute within the institution of the special economic regime, highlighting its structure. It is argued that the subject of the stimulating legal regime of economic activity, as a component of the special economic regime, is characterized by a certain specificity. Approaches prevalent in the economic-legal literature for defining the scope of the special economic regime, namely as parts of the state's territory, individual economic sectors, or types of economic activity, are deemed inappropriate for identifying the subject of the stimulating legal regime of economic activity. Particularly, the position is advocated that the scope of the stimulating legal regime of economic activity should encompass economic entities. It is argued that in order to achieve the objectives of the special legal regime of economic activity as a whole, and specifically the stimulating legal regime of economic activity, certain legal constructs developed within the corresponding institutions of economic law acquire particular features, which are enshrined in the legislative acts of Ukraine. Within the framework of the stimulating legal regime of economic activity, legal conditions are integrated into the content of economic contracts, which reflect means of state regulatory impact on economic activity (e.g., conditions related to state support) or determine the extent of guarantees of the rights of economic entities against potential changes in legislation, thereby creating regulatory safeguards. Emphasis is placed on the coordinated operation of legal norms constituting the content of the stimulating legal regime of economic activity, achievable through adhering to legal principles during the construction of specific legal constructs.

Economic and legal prerequisites for the introduction of special economic regimes in the post-war period

The article examines the essence of the process and the economic and legal grounds for the restoration of the post-war economic system. The place of special management regimes in the mechanism of economic recovery is emphasized. The specifics of economic recovery in the post-war period are determined using the example of other countries of the world. A historical retrospective of the mechanism of economic and legal economic growth is presented. The cost of damages from military actions and needs for the economic system of the state is assessed in detail in the economic and legal context. Legislation in the field of introduction of special management regimes in the post-war period was analyzed and evaluated. In particular, it is emphasized that the legal means that exist today cannot fully ensure the specified goals.The author notes that the criteria for determining enterprises, institutions and organizations that are important for the branches of the national economy are not clearly defined enough. Therefore, their practical application is doubtful. The article defines the main steps to create an effective economic and legal mechanism for the recovery of the economy of Ukraine in the post-war period.A number of directions aimed at improving state policy in the field of legal regulation of special modes of economic activity are proposed, taking into account the available European experience, the current situation in Ukraine, as well as the specifics of economic activity in conditions of full-scale war. The author of the article outlines the main directions of reforming legislation in the specified area. In particular, attention is focused on the need to introduce restrictions on trade (or any other types of economic activity) with counterparties from the aggressor country.

Smart manufacturing: definition and theory of stimulating development based on local protectionism

The accelerated development of smart manufacturing is taking place all over the world, but the definition of the theoretical foundations of its stimulation, as well as the unequivocal understanding of "smart manufacturing" concept still has an untapped research potential. Therefore, the purpose of the article is to determine the theoretical foundations of stimulating the development of smart manufacturing in Ukraine based on local protectionism. The systematization and arrangement of concepts related to the Fourth Industrial Revolution (Industry 4.0) allows not only to clarify the concept of "smart manufacturing", but also to distinguish the concepts of "smart production", "smart maintenance", "smart manufacturing” and define the place of the latter in the system of interconnected concepts. Smart manufacturing is a part of smart production that concerns the production of tangible goods through the use of Industry 4.0 technologies embodied in smart services. Based on the definition and role of smart manufacturing, it becomes clear that smart manufacturing cannot exist without “ordinary” manufacturing, as well as conceptual directions for stimulating the development of smart manufacturing are distinguished, relating to: (1) sphere of smart services, generated by Industry 4.0 technologies; (2) sphere of smart production; (3) sphere of smart distribution; (4) sphere of smart exchange; (5) sphere of smart consumption; (6) sphere of production of smart products by smart manufacturing; (7) sphere of production of smart products by "ordinary" manufacturing; (8) sphere of production of "ordinary" products by smart manufacturing; (9) sphere of production of "ordinary" products by "ordinary" manufacturing. Given the reduction of national manufacturing in Ukraine, the development of services to ensure the smartization of manufacturing actually insures the smartization of foreign manufacturing that produces goods that are then imported into Ukraine. Therefore, it is advisable to stimulate the development of smart manufacturing in several directions at the same time: (1) stimulation of the manufacturing as a whole; (2) stimulating the development of smart services and tools for smartization of manufacturing; (3) stimulating the introduction of smart services in manufacturing; (4) stimulation of demand for products produced by the domestic smart manufacturing. There are two centers of smartization of manufacturing in Ukraine: (1) traditional manufacturing, as it invests in its own smartization; (2) a small business that creates smart services. The state, which in recent years has turned into an important player in the field of IT services, currently is not working purposefully on the smartization of manufacturing. In Ukraine there is also a contradiction between the need to harmonize the domestic economy with the EU market and the arrangement of favorable conditions for the development of smart manufacturing. This contradiction has the potential to be resolved on the basis of local protectionism theory through the expansion and improvement of the practice of applying special economic regimes (for instance, technology parks), and as well as the implementation of institutional and organizational solutions that simultaneously correspond to the provisions of both liberal and protectionist schools of economic theory.

European option pricing with market frictions, regime switches and model uncertainty

The impact of market frictional costs on pricing insurance and financial products in a regime-switching environment has not been well-explored. This paper introduces a general pricing model for European options which incorporates market frictional costs, regime switches and model uncertainty. Regime switches are due to changes in an economic environment. Model uncertainty is attributed to misspecification of transition intensities for economic regimes. The selling and buying prices of a European option are determined through stochastic optimal control and nonlinear partial differential equations. A fair value is determined by a closed-form solution to a minimization problem based on a relative entropy. The fair value is consistent with the one obtained using the Esscher transform, which is an important tool in actuarial science. Numerical methods and results for implementing the pricing model are presented. The results indicate that after controlling for the model uncertainty, market frictional costs are more significant than regime switches in accounting for the fair, selling and buying prices.

International anti-corruption concepts and their implementation in Ukraine

The relevance of the research is that Ukraine needs eliminating corruption. A large number of measures have already been implemented; however, Ukraine still lags behind other countries concerning corruption indicators. The corruption does not depend on the political or economic regime. This phenomenon can be found in almost any country since the corruption is a general aspect of the exercise of state authority in the form of specific actions of civil servants. Having analyzed corruption in the civil service of Ukraine, it seems necessary to pay attention to the foreign experience in anti-corruption activities. This circumstance is attributed to many reasons. One of the reasons for applying foreign experience is that developed countries have a more advanced system of civil service. Therefore, the article is focused on the analysis of statistical indicators on corruption in different countries. The aim of the study is to analyze the specifics of tackling corruption in various countries. As a result, the dynamics of corruption in Ukraine are studied. In particular, the creation of specialized anti-corruption bodies and their effectiveness are analyzed. Finally, measures have been developed that would have a positive impact on the effective fight against corruption.

Industrial and Environmental Democracies as Models of a Politically Organized Relationship Between Society and Nature

This paper is based on the concept of environmental political philosophy and from its perspective, it highlights the weaknesses and contradictions of contemporary, existing democracies. It aims to formulate an outline of the concept of environmental democracy, following the accounts of M. Bookchin, R. Morrison and H. Skolimowski, as well as international environmental law enshrined in United Nations documents and resolutions. It is based on the hypothesis that the preservation of a democratic political system in a situation of a collapsing planetary system (the Anthropocene) requires improving the foundations of democratic theory with the insights of the Earth system sciences, particularly of political ecology and critical environmentalism. Through philosophical analysis, explanation and interpretation, this paper explores an environmental democracy that would, on the one hand, preserve the basic constitutional principles of current democratic constitutional regimes, and, on the other hand, reconcile them with the current state of understanding in the Earth sciences concerning the vulnerability of the planetary system. In a sense, J. Habermas’s understanding of human rights characterizes the concept of environmental democracy as a realistic utopia. The author concludes by drawing up the imperative of sustainability, which he sees as a guiding organizing principle of institutions and public policies for the climatic, demographic and economic regime of the Anthropocene. -------------------------- Received: 16/12/2022. Reviewed: 09/03/2023. Accepted: 30/03/2023.

Preferential Territories in the Spatial Development of the Russian Federation

The spatial development strategy includes many components aimed, on the one hand, at ensuring the balanced development of the regions of the Russian Federation. On the other hand, it is aimed at the formation of preferential mechanisms for territories that particularly require investment and are characterized by negative development trends. The world has accumulated a lot of experience in the functioning of such mechanisms, which allows us to formulate their basic principles and orientation within the framework of the spatial development of a modern state. The article analyzes the main objectives of creating territories with special economic regimes, as well as problems that require attention when coordinating the policy of development of preferential zones, on the one hand, and spatial development in general, on the other. Examples of creation and functioning of preferential territories in different countries of the world are considered. The main stages in the regulation of such territories in Russia are highlighted, as well as the problems that exist on the way of their institutionalization.

International Trade and Wage Inequality in India: Does Direction of Trade Matter?

After following import-substituting policies for nearly three decades, India opted for liberal economic regime in the early 1990s. Since then, it has emerged as one of the fastest growing economies in the world. However, concerns have been raised about the distributional consequences of liberalization. This article attempts to quantify the impact of trade on wage inequality in the Indian manufacturing sector. Estimating a relative wage equation with a panel of 49 manufacturing industries, this article found a positive association between trade and wage disparity in Indian manufacturing, but the association is contingent on the direction of trade. Our results show that after controlling skill-biased technological change and other variables, trade, especially exports to developed and developing countries, has an opposite impact on wage disparity.

Secularize, psychologize, neoliberalize: The entangled Jewish self of North American Jews

AbstractThis article unpacks the construction of the Jewish spiritual self in three current projects of Jewish spirituality in North America—Jewish mindfulness, the neo‐Musar movement, and the nascent Positive Judaism—and explores their relations with the neoliberal economic regime and ideology. Based on the content analysis of 30 popular online and offline texts, among them promotional websites, podcasts, and published works, and data gathered during long‐term ethnographic study on Jewish spirituality in Israel and North America, the article argues that the highly individualized Jewish spirituality has become an institutionally mediated form of Jewish self‐expression. By building on anthropological works about the cultural implications of neoliberalism on the self and following the lead of the foundational works linking Jewish cultural production and neoliberalism in North America, this article offers a perspective on Jewish spirituality that recognizes the relations between neoliberalism, self‐cultivation, and community life. Fusing the spiritual, therapeutic, and neoliberal discourses, projects of Jewish spirituality package neoliberal ideals such as choice, emotional, resilience, well‐being, and happiness as Jewish spiritual commodities. At the same time, the subjectivity cultivated in these projects is a Jewish‐specific formation—a self that is highly individualized but remains strongly connected to its religious‐ethnic community and cultural tradition. Jewish spirituality is thus used here as a case study for how neoliberalism affects contemporary forms of religious practice and creates new ethical orientations to communal belongings.

Long-term effects of extractive and inclusive institutions on entrepreneurship persistence in Russian regions

Some institutions can restrict or stimulate the business activity, which affects long­term economic growth. To assess this influence on regional level, we have collected and processed historical data on the distribution of serfs, the creation of universities, and business activity over more than a century. By business activity, we mean various direct and indirect assessments of the involvement of the population in entrepreneurial activity: merchants, NEPmen, cooperatives, small businesses, etc. Although the geography of business activity has constantly changed, we can identify relatively stable centers (Moscow, St. Petersburg, the south of the Far Eastern Russia) and the periphery (some regions of the North Caucasus, the Central Black Earth and the Volga regions). Econometric calculations confirm the existence of a relationship between the current density of small businesses in the Russian regions and the density of cooperatives in the late Soviet period; the relationship with the density of retail enterprises disappears by the 1970s as the planned economy strengthens. But the relationship with the merchant class is ambiguous: only in some regions did the entrepreneurial culture manage to survive the Soviet period. We distinguish three main channels of influence of the historical level of business activity on the modern one: geographical, functional, and socio­cultural. According to the calculations, the earlier emergence of universities in the regions contributed to the spread of business culture and could stimulate the emergence of more inclusive institutions, but serfdom, as an extractive institution, on the contrary, could limit incentives for entrepreneurship. Even after a radical change in the political and economic regime, the influence of extractive institutions on business activity may persist, and inclusive institutions take a significant amount of time to take root.

EVALUATION OF LABOR MARKET INDICATORS IN THE EVELOPMENT OF GREEN ECONOMY

The Green Economy proposes that these habits need to be reversed and relationships established with both the planet and other people need to be overhauled. It is seen that the free market system, which is supposed to work properly in inter-crisis periods, plays the leading role in state intervention by bringing Keynesian policies to the agenda when a crisis is in question. As manifested in both the Great Depression of 1929 and the Financial Crisis of 2008, the ongoing mainstream economic regime is not perfect and is being radically challenged by the emergence of areas such as the Green Economy. In this study, it is aimed to present a literature review to explain the concept of green energy with the possible reflections of the green economy on employment and employment and to analyse the example of Azerbaijan, the fastest developing country in the world, basically the effect of employment on employment. Correlation, ADF test and Granger Causality tests, which are statistical and econometric models, were used as research methods. As a result, it is seen that employment has an effect on “General power supply”, “Solar electricity” and “Total energy supply from renewable sources”. However, the hypothesis that General power supply, Hydropower, Biomass and waste, Wind electricity, Solar electricity and Total energy supply from renewable sources do not affect employment is accepted at the 5% significance level.

Timing and Sizing Skills of Systematic Strategies across Time and Economic Regimes

The authors first characterize a variety of systematic strategies in terms of timing and sizing skills based on their frequencies and magnitudes of gains and losses over time and then move on to analyze how these characteristics differ over macroeconomic regimes, such as inflationary and recessionary periods. The results are based on new methodologies for significance testing of gain- and loss-based performance measures and complement previous results based on analysis of the Sharpe ratio of these strategies. The empirical results have implications for outcome-orientated portfolio construction as well as strategic and tactical asset allocation, because strategies that have desirable properties—as well as strategies with problematic performance—are identified under each regime. This approach also allows for identification and attribution of the inherent sources of these differences.

An illiberal economic order: commitment mechanisms become tools of authoritarian coercion

Globalization did not negate state power. It changed the toolkit. We expected the norms and incentives of the liberal economic order to push regimes in places like China and Russia to democratize. Instead, authoritarianism appears to be thriving. This article argues that authoritarians have learned how to take advantage of the institutions underpinning globalization for their own illiberal ends. They use courts in major economic powers to negate the effects of international institutions and to target their political competition. They subvert our expectations by repurposing the basic premises of liberalism – predictability and openness. The article demonstrates these claims by examining how the institutions of multiple international economic regimes, which were designed as constraints, have been turned into offensive tools. The findings illustrate that International Political Economy (IPE) scholars need to begin analyzing how governments learned these tactics and whether we can reconcile the contradictions they exploit.

PECULIARITIES OF STATE POLICY FORMATION IN THE FIELD OF SPECIAL REGIMES OF ECONOMIC ACTIVITY

The main purpose is to consider the national experience of changing the specifics of economic activity, the main approaches to the legal regulation of relations in the sphere of economic activity are highlighted in historical retrospect. The article is devoted to the analysis of the procedure of formation and development of the mechanism of state regulation of economic activity in special conditions (preferential principles of economic activity, restrictions on economic activity and mixed legal regimes). Research methodology. Special attention is paid to the possibility of applying the method of legal modeling and introducing a special regime of management in the conditions of martial law. It is emphasized that most countries of the world, including Ukraine, are not ready for "war" and "post-war" economy. There is no adequate economic and legal basis for creating appropriate conditions for economic activity. Important aspects of legal regulation of special economic regimes have been studied. The basic legal documents regulating the principles of state policy in the sphere of economy were analyzed. Different stages of economic development of the country are highlighted. The legal basis of economic activity in the conditions of the martial law regime was studied. The main means of stabilization of the economic system of Ukraine are also indicated. Conclusions. The current stage of development of the Ukrainian economy is characterized by a period of profound transformation of approaches to economic activity. The problem of introducing a system of legal regulation of economic relations is quite acute in the conditions of the urgent need to "restart" the national economic system of Ukraine. It is obvious that there is a need to create effective mechanisms for regulating the creation and functioning of special regimes of economic activity in the context of anti-crisis regulation. Practical implications. Since today there is an urgent need to update the legislation, joint legal and economic research will contribute to the modernization of legislation in this area. Value/originality. The conducted research allows to determine the basic directions of modernization of the system of legal regulation of economic activity.

Varieties of intellectual decolonisation: an introduction

ABSTRACT This special issue of Social Dynamics assembles several new articles, essays, and book reviews voicing critical perspectives on intellectual decolonisation. Theoretical approaches to intellectual decolonisation articulate different positions on what it takes for inculcation of ideas to count as colonisation. For some, it is because these ideas’ acceptance enables a harmful political or economic regime that their inculcation amounts to colonisation. For others, it is the ideas’ foreignness by itself alone which makes their promotion colonial. Yet others do not count any peaceful proselytisation as colonisation. Some approaches to intellectual decolonisation embrace relativism; others are objectivist and universalist. Since the various approaches to this topic contradict each other about what intellectual decolonisation is, and how it is to be achieved, it is impossible to be in favour of all versions of intellectual decolonisation. The contributions to this issue argue that certain theoretical approaches to intellectual decolonisation have important drawbacks. Several point out theoretical incoherences and deeply troubling political implications in the “Decoloniality” theory of Grupo Modernidad/Colonialidad. Though the contributions to the special issue highlight flaws in specific approaches to this topic, they do so in order the better to motivate for more defensible approaches to intellectual decolonisation.

Remembering Herbert Gutman's Work, Culture, and Society Fifty Years On

Remembering Herbert Gutman's <i>Work, Culture, and Society</i> Fifty Years On

ВДОСКОНАЛЕННЯ МЕТОДИЧНОГО ТА ІНСТРУМЕНТАЛЬНОГО ЗАБЕЗПЕЧЕННЯ УПРАВЛІННЯ ПОПИТОМ В ЛІБЕРАЛІЗОВАНИХ РИНКАХ ЕЛЕКТРИЧНОЇ ЕНЕРГІЇ

Global decarbonisation and widespread use of alternative and renewable energy sources aims to shortage the fossil fuel using and reduce the harmful impact on the environment within the framework of the sustainable development paradigm. At the same time, wide integration into the power network of unmanaged generating units based on renewable energy sources in the absence of a sufficient number of electric energy storage units of the required capacity in conditions of unpredictability and instability of production may lead to the inability to provide reliable coverage of the consumers power load, which requires the use of alternative ways of balancing the power system. Under such conditions, the coordination of electric power (electricity) demand and supply for should be carried out exclusively by demand-side management in real time or near real time. That is why the improvement of methodological and instrumental provision of demand-side management tasks today is one of the most important components of the effectiveness of the "green" transition. To achieve the goal, the article analyzed the existing DSM-methods, performed an analysis of the requirements of national regulatory documents for DSM and service provision in the liberalized electricity market of Ukraine, described an improved ideal norm method and a modernized toolkit for demand-side management, as well as a reliable budgetary technical solution for the formation of information support for DSM in the retail electricity market is proposed, which together with dynamic pricing and the introduction of real-time tariffs will contribute to ensuring economic regimes of operation of the IPS and high-quality power supply to consumers. References 14, figures 4, tables 2.

The association between system-justifying ideologies and attitudes toward the social market economy in Germany

Although the legitimacy of an economic system is often dependent on citizen support, psychological research has paid little attention to attitudes toward economic systems. In the present study, we examined the link between two system-justifying ideologies, namely, right-wing authoritarianism (RWA) and social dominance orientation (SDO), and attitudes toward the social market economy in Germany. Drawing on system justification theory, we hypothesized that RWA would be positively and SDO negatively associated with support for the social market economy because the social component of the German economic system conflicts with beliefs inherent in SDO favoring a group-based hierarchy. Based on a quota sample of German adults (N = 886), we found support for the predicted associations of both system-justifying ideologies with economic system support, except that RWA was negatively associated with support for the welfare component of the social market economy. However, the positive relationship of RWA with support for the social market economy only emerged after SDO was statistically controlled, suggesting a suppressor situation. These findings demonstrate that system-justifying ideologies bear different relations to pro-market attitudes depending on the type of economic regime. Implications for system justification theory are discussed.

Addressing the rise of inequalities: How relevant is Rawls's critique of welfare state capitalism?

Addressing the rise of inequalities: How relevant is Rawls's critique of welfare state capitalism?

Regulation of preferential territorial regimes in the EU countries

The article considers preferential economic regimes operating in the territory of the countries of the European Union and the UK. The research identifies the features of the spatial socio-economic development of European countries. The study reveals that the preferential regimes are not only the concept of proper legal regulation. We developed an integrated approach to the analysis of preferential regimes as an interconnected and meaningful unity of norms and rules for the purposeful development of economic activity associated with the historical path of the country's development. The paper demonstrates the influence of preferential regimes on the development of individual sectors of the economy. Based on the study of the European countries’ experience, the author concludes that the effectiveness of preferential economic regimes is evaluated very critically, and public authorities often implement formal and incomplete evaluation procedures. The results can be used for attracting new participants to special zones, improving the criteria for selecting territories, residents, and practices for the formation of management bodies for special territories for the development of national regulation. The author believes that certain elements in the experience of foreign European countries may be of significant interest for Russia.