Global Economic System Research Articles

Оценка перспектив развития отрасли по ремонту машин и оборудования на основе стратегического анализа

The transformation of socio-economic processes in the global economic system cannot but affect the development of individual industries, which ultimately influence on the management efficiency of key enterprises in the industry as well as the effectiveness of their business processes in the current conditions. The current state of the machine and equipment repair industry can be determined on the basis of a strategic analysis, which will determine the main driving forces in the industry, which in turn is the basis for assessing the prospects for its development and forming effective strategic reactions. The purpose of the study is to identify and analyze factors influencing the current state of the machine and equipment repair industry and to assess the prospects for the development of the industry. The research methods are: comparative analysis of sources, content analysis of documents, expert assessment, statistical analysis, PEST analysis, and SPACE analysis. The result of the study is a list of driving forces in the industry and strategic responses to threats and opportunities that are significant for the industry in the medium term. The authors conclude that the specifics of the development of the machine and equipment repair industry are mainly determined by the following factors: sanctions imposed against Russia by some countries; growth of investments in the industry; increasing the importance of higher education; technological improvements; and the introduction of modern technologies into repair infrastructure. In addition, the authors note that the industry is characterized by the following prospects: the development of repair infrastructure, an increase in the rate of digitalization of business processes in the industry, and growth in production volumes within the framework of import substitution programs.

BRICS economic integration: Prospects and challenges

ABSTRACT Amid the evolving global economic landscape, the BRICS nations (Brazil, Russia, India, China, and South Africa) have emerged as proponents of economic multilateralism, challenging traditional paradigms of economic governance and integration. This article explores the prospects and challenges of economic integration among the BRICS nations, with specific reference to calls for an optimum currency area (OCA). With diverse economic capacities and global aspirations, these countries face significant challenges in policy coordination and structural alignment. This comprehensive literature analysis reveals the potential for and the complexity of achieving economic integration among the BRICS, underscoring the necessity for enhanced cooperation and policy harmonisation. Achieving economic integration, including the establishment of a common currency, requires an understanding of the national and collective economic goals, disparities and challenges. Offering insights into the BRICS’ role in reshaping the global economic system, this analysis contributes to the discourse on economic integration among developing and emerging economies.

Mind the gap between the economic effect of climate change and the reality

Climate change increases its severity day by day and poses a great threat to our world. Climate change problems almost cause the global economic system to be questioned. This issue is also very important for China, India, Brazil, Russia, Indonesia, Mexico and Turkey, which are expressed as E7 (developing) countries. Climate change forecasts for many countries predict that temperatures will rise as precipitation increases or decreases. Technological improvements are predicted to play an important role in mitigating and adapting to the negative consequences of climate change. This study aims to determine the effect of climate change on the economic growth of E7 countries between the years 2004-2021 using panel data methods. Analysis was done with the Stata 15 program. In the study, firstly, the literature on climate change and economic growth is included. Afterwards, the economic consequences of climate change are discussed. In the following section, solutions that will be effective in combating climate change are explained. Then, the empirical analysis and the obtained findings were included and the study was concluded with the conclusion and evaluation. All variables are statistically significant. Accordingly, while temperature and precipitation negatively affect GDP; Urbanization, population growth and HDI positively affect GDP. According to the consequences of the analysis, it was concluded that climate change negatively affected economic growth.

The Impact of the COVID-19 Pandemic on Online Grocery Supply Chain Management: A Case Study in Istanbul

The COVID-19 pandemic has already crippled normal life all over the world. Its negative impact not only changed the human health system tragically but also disrupted the global economic system. One negative result was ended up in the global food supply chain. As the lockdown times have suspended the manufacturing and logistic activities, therefore, the customers have experienced unimaginable chaos in the shopping markets. Moreover, the purchasing habit of the consumers has remarkably changed compared to pre-pandemic. To meet this new demand pattern, many grocery retailers have tried to adapt to the new normal. While before COVID-19 offline grocery purchasing was popular, after the pandemic, online service got tremendous attention in market. In this study, online grocery supply chain management during the COVID-19 in Istanbul is considered. The aim is to find out how online grocery companies will serve more efficiently during the pandemics and which factors have more effect on the customer’s satisfaction. To do so, first, three popular grocery retailers in Istanbul were selected. Then, a related survey was designed to understand the consumer experience as doing online grocery shopping in COVID-19. Unsurprisingly, a result shows that 60% of the respondents did online shopping every 3-4 days in one week, and the delivery time is the most important factor for the customers. Then, the SWOT analyses were performed accordingly, and the related strategies were summarized. Finally, several managerial implications were given to may improve the company’s online services in COVID-19 and post COVID-19 in Turkey.

The Influence of Investments in Science and Technology on the Innovative Development of the Global Economic System

The Influence of Investments in Science and Technology on the Innovative Development of the Global Economic System

China's Economic Evolution: From WTO Accession to Global Leadership

This study provides a comprehensive exploration of the transformative journey of China's economic policies and global engagement from its accession to the World Trade Organization (WTO) in 2001 to the present day. The analysis spans three distinct phases: the initial shift from a centrally planned to a market-oriented system, the full integration into the global economic system marked by meticulous adherence to WTO commitments, and the subsequent era characterized by the Belt and Road Initiative and high-quality development strategies. Examining key milestones such as the establishment of free trade zones, internationalization of the yuan, and participation in significant agreements like the Regional Comprehensive Economic Partnership (RCEP) and the China-EU Comprehensive Agreement on Investment (CECAI), the study highlights China's pivotal role in shaping global economic structures. The findings underscore China's commitment to opening-up, fostering international cooperation, and contributing significantly to reshaping the global economic landscape.

Trends in the development and implementation of competition policy

Aim. To study the trends in the formation and implementation of competition policy.Objectives. To analyze global trends in the process of formation of competitive policy; to identify the influence of endogenous and exogenous factors in the process of competitive policy development; to determine the general trends of the leading states of the world that contribute to the support of competitive relations.Methods. The research utilized general scientific methods (comparative, complex, systemic, structural analysis), the method of cause-and-effect relationship, logical method.Results. Competitive policy in modern conditions has acquired a dualistic character. It combines in a contradictory unity the regulation of firms and households in the domestic and foreign markets, different measures of influence on the subjects of partner and adversary countries, control and influence on the markets of monopolized and competitive industries. The function of competitiveness development includes protection from monopolism and from the rivalry of foreign commodity producers. The boundaries of fair and unfair competition are gradually blurring. Changes in the rules of economic activity legitimize the behavior of economic entities, which previously was defined as unfair and was subject to sanctions provided for by the legislation. A trend common to many countries is the application of standards and norms established at the global level by their authorities regulating competition relations to the market activities of all economic entities in the country. Attempts to adapt the best world experience in supporting competitive relations to the national and historical peculiarities of each country have become widespread.Conclusions. The analyzed trends in the development of competition policy under the influence of the ratio of exogenous and endogenous factors in each country are manifested in two main variants. One of them is the policy of openness, inclusion of the national economy in the global economic system. Another option is the policy of isolation and restraint of competition from foreign market participants. A smaller part of the states prefer to choose one of these options, the majority tries to move along a compromise path, which can bring them success with the right allocation of priorities.

Stability And Risk Management of Global Supply Chains in Foreign Trade Economy

This article provides an in-depth analysis of the key role of global supply chain stability in the international trade economy and the core role of efficient risk management in this process. Driven by the wave of globalization, supply chains have become a key link connecting the economies of various countries. This article provides a comprehensive analysis of the current status of global supply chains and an in-depth exploration of the many factors affecting supply chain stability, including supplier reliability, logistics system efficiency, demand forecast accuracy, and inventory management effectiveness. It further delves into many aspects of supply chain risk management, including risk identification, assessment, mitigation and monitoring. Analyze and formulate contingency plans for emergencies as well as regular monitoring and evaluation strategies and measures to improve the effectiveness and value of risk management. Finally, this study emphasizes the importance of supply chain stability and efficient risk management in the global foreign trade economic system, and provides suggestions for future research directions and possible improvement strategies. This research has far-reaching significance for enhancing the transparency, resilience and sustainability of global supply chains, and is crucial to the stable development of the global economy.

Towards the Efficiency of Modern International Financial Institutions: Systemic Methodological Approach

Subject. The variety of international financial institutions (IFIs) that regulate international monetary, credit and financial relations (IMCFR) raises the question of assessing the effectiveness of their activities and the degree of influence on financial stability in the global financial market. Objectives. Based on the categorization of MFIs and a systematic approach to assessing the degree of their mutual influence on the IMCFO system and the global economic system, develop criteria for assessing the effectiveness of MFIs in terms of achieving their statutory goals and ensuring financial stability. Methods. Dialectical methods, the method of system analysis, the method of analysis and synthesis, and the didactic method were used. Results. MFIs are divided into 3 groups according to the taxonomy of influence on ensuring financial stability; within the framework of a systems approach, direct and reverse channels of influence of MFIs of 3 groups on each other and on the IMCFO system and the world economy, the economy as a whole, are analyzed. The criteria for assessing the effectiveness of IFIs are substantiated, including: assessing the degree of influence of IFIs on the composition of economic relations in the IMF; the relationship between the international competence of the institution in regulating the International Monetary Fund and the availability of the necessary powers and financial resources to solve the assigned tasks; simplicity and ease of procedure for allocating the necessary resources to mitigate financial shocks in the IMF and solve short-term problems with the balance of payments. Conclusions. Based on reasonable efficiency criteria, the growing importance of type 2 and type 3 MFIs is recorded, with a certain degradation of “classical” type 1 MFIs and segmentation of regulatory contours to the level of regional associations and professional communities.

Threats of the fourth industrial revolution to the development of national socio-economic systems

The rapid development of technologies has initiated the emergence of an information technology concept that integrates computing resources into physical processes. New technologies that combine physical, information and biological worlds can create opportunities and threats. The purpose of the article is to research a number of theoretical issues related to analyzing the threats of the fourth industrial revolution to the development of national socio-economic systems. With the modern state of technology, socio-economic systems should be considered cyber-physical, in which the organizational, economic, technological, mental and institutional, and other aspects of functioning are interrelated. Changes to the fourth industrial revolution are planned through various technological interventions and the formation of desirable human behavior. This allows the use of resources, technology, and information that are contrary to the interests of individual national socio-economic systems. The lack of universal ethical perceptions of the fairness of the socio-economic system jeopardizes international instruments for balancing the interests of national States and the global economic system. A unique role in ensuring the development of socio-economic systems belongs to a person with a holistic perception of the world, a system of values, and decision-making criteria for their functioning. The socio-economic system should be considered a living, open system that needs to be developed to influence the movement process and achieve the desired state by managing this process. National socio-economic systems' stability and efficiency depend on the flexibility and rigidity necessary to ensure their integrity. Keywords: the fourth industrial revolution, the socio-economic system, the global economy, the ideological function of managing the socio-economic system.

ОСНОВНІ ВИКЛИКИ ТА ПРОБЛЕМИ СТАРТАП-ПРОЄКТІВ У СУЧАСНОМУ БІЗНЕС-СЕРЕДОВИЩІ

One of the most obvious phenomena in the modern economy is the impact of startup projects on the global economic system. It is noted that innovations are mainly stimulated and carried out by a small group of new companies, while most enterprises play a rather limited role. In recent years, the number of start-up entrepreneurs has received considerable attention as researchers, the media, society in general have recognized their role and importance. Startups today are catalysts for economic growth at global and local levels. They have already become a recognized innovative form of entrepreneurial activity with its own peculiarities, advantages and disadvantages. Startup projects attract and generate significant amounts of resources, and are perceived by many as something new, progressive, and doomed to success. Examples of leading companies are often inspiring, but they also create a misleading impression of guaranteed success and unlimited growth potential. An ongoing topic of research in entrepreneurship is understanding the determinants behind the failures and success of new ventures. This is especially relevant for high-tech startups, as these projects are characterized by a high degree of risk in the pursuit of super-fast and significant success, which is much more likely will lead to failure. The article highlights the problematic issues and the main factors that lead to the failure of startup projects. The purpose of the article is to analyze the main current trends related to the startup industry in the context of the transition from the Fourth Industrial Revolution to the Fifth – «Industry 5.0», the main challenges and problems that impede the effective development and scaling and successful implementation of such projects. The general dynamics and percentage of successful and unsuccessful startups, depending on the years of existence of the projects, are determined. The sectoral distribution of startup failures by areas of activity is outlined. The main factors and reasons for the failure of startup projects are identified, systematized and characterized. Relevant conclusions and recommendations for the effective management of startup projects are formed.

Трансформация делового климата российского бизнеса в условиях западных санкций

Modern trends and problems in the development of the global economy require a search for increasing the competitiveness of Russian companies in the global economic system. At the same time, one of the most important indicators assessing competitiveness opportunities is business activity and confidence in the future. The article presents an assessment of the business environment and analysis of the business climate of the Russian Federation in the period from 2014 to 2023, including in various sectors of the economy, taking into account positive, negative and restraining assessments given by the heads of large, small and medium-sized businesses. The main problems, internal and external barriers to the functioning of enterprises during the sanctions period under consideration are analyzed. Every year, more than half of entrepreneurs note the problem of rising prices and tariffs, high taxation, instability of the ruble exchange rate and a high key rate. One of the most important, and rightfully one of the three most negative barriers to doing business, is the lack of highly qualified personnel. Also relevant are the problems of unfair competition, difficulties in carrying out foreign economic transactions, underdeveloped infrastructure, insufficient protection of property rights and contract rights; remaining high administrative barriers, etc.

THE SYSTEM OF REGULATION OF FOREIGN INVESTMENTS IN THE PEOPLE'S REPUBLIC OF CHINA IN THE FACE OF GLOBAL CHALLENGES

Foreign direct investments play a significant role in development strategies in developing countries. They are fundamentally important for the country's economic development. Foreign direct investments certainly support the national economy facing domestic investment resources shortage, and may cover the gap between investment resources and national investments. So, foreign direct investments can affect economic development and accelerate economic development. China is an example of a country that has demonstrated incredible growth in a relatively short period of time, becoming an important player in the global economic system. Over the years, foreign direct investments in the country has steadily increased, and a significant role in this investment incentive was played by China's investment policy of the early 2000s, which was aimed at attracting investments into the country, thereby stimulating various production industries. In this context, it is worth mentioning special economic zones that were established to increasingly "open China" to investors and contribute to accelerating economic growth. Additionally, China demonstrates stable economic growth and serves as a popular destination for investments due to the implementation of comprehensive measures aimed at the development of production and other sectors of the economy, a balanced and long-term policy regarding state regulation of investments, as well as measures aimed at implementing state control over foreign investment and protection of national security and interests. Despite the partial openness of this country, as well as its characteristic features, including those determined by the political regime, these aforementioned circumstances provide a basis for understanding the significance of utilizing China's experience, which other countries can adopt to their own political realities. So, China is well known as an importer of investments, but in recent years its role as an exporter of investments has been increasing. China's international presence abroad is growing, and it may happen that China even overtake the United States in the near future. Foreign investments give China an opportunity not only to strengthen its own economy, but also to apply its economic power to increase its influence abroad. Partly guided by Beijing's strategy to enter foreign markets and the "One Belt, One Road" Initiative, which encourage investments in foreign markets, Chinese firms have been actively expanding their foreign presence in a number of sectors in recent years, along with active investments attracted to their country, including through the numerous special economic zones.

Indicators of stability of the world economic system

The state of the global economic system is described by a large number of parameters. It is interesting to find out whether it is possible to collapse these parameters into a single symbol (image, logograph) that would describe the state of the global economic system as a whole. A discrete dynamic model (DDM) was used to describe the global economic system. DDM states can be divided into unstable and stable. The degree of instability of the DDM can be used to assess the likelihood that the economic system would emerge from an unstable state. In turn, stable states are divided into stable points, stable cycles and strange attractors. It was discovered that stable states are characterized by areas of convergence that represent fractal formations. The unique nature of fractals encourages us to assess their usefulness and informative value when describing the state of the world economic system. In this work, we are trying to carry out such an assessment and formalize the characteristics of fractals in order to give a rough description of the states of the world economic system. To get input data, we used information on the rate of change in world GDP provided on the World Bank website as of June 29, 2023.

The Preventive Role of Combating Corruption in the Business World in Light of International Legislation

Interest in combating corruption crimes in the business world has increased recently, as it is considered one of the most important risks that threaten the stability of the global economic, security and political system. Combating the phenomenon of corruption in the business world requires integrated efforts not only at the national level but also at the international and regional levels. Accordingly, countries have entered into international agreements and participated in international and regional organizations and conferences to determine the causes and motives of this phenomenon and to know the means to address it. As well as to benefit from the standards established and established by international efforts, and this is represented by ratifying them in its internal law to achieve the principle of international cooperation and coexistence between these legal systems to confront the problems brought by the phenomenon of corruption, to strengthen the will of the state with the will of the international community in order for efforts and positions to be unified in a way that leads to strengthening the preventive role and internationalization. The solutions to confront this phenomenon and ensure the implementation of the rulings issued to confront it. As a result, the international community realized that corruption in the business world is an international phenomenon that crosses borders and affects all countries negatively and in all fields. Therefore, the parties of this society and all its governmental and non-governmental international and regional institutions took the initiative to activate the preventive role as well as Confront and eliminating this phenomenon through the important roles taken by these parties

ВПЛИВ ГЛОБАЛЬНИХ ЕКОНОМІЧНИХ КРИЗ НА СТРАТЕГІЇ РОЗВИТКУ ЦИРКУЛЯРНО-ОРІЄНТОВАНОЇ ЕКОНОМІКИ

The paradigm of modern global socio-economic development is built on the basis of economic, social and environmental aspects. Under such conditions, the issue of nature conservation, environmental protection and reduction of harmful substances emissions is becoming more relevant. Accordingly, the main direction for achieving the fundamentals and principles of sustainable development is the transition from a linear model of the economy to a circular one in the face of economic uncertainty. Thus, the purpose of the study is to analyse the impact of global economic crises on the development of a circular economy strategy, as well as to justify the need for transition to a circular economy model. To achieve this goal, the study defines the essence and significance of the circular economy model, describes the main strategies of the circular economy, substantiates the impact of globalisation and economic crises on the transition to a circular economy model, and uses analytical data to assess the current state of implementation of the circular economy principles by countries around the world. To make the study more thorough, the authors assessed the current state of waste generation in the regional context of the world and analysed the household waste recycling rate in the European Union. The study also identified a number of countries where the implementation of the principles of the circular economy model is at a high level. In order to implement the best practices of circular economy implementation, the current state of waste generation and recycling in Ukraine is studied. The existing regulatory framework, which is the basis for the implementation of the circular economy, and existing examples of the circular waste recycling mechanism in Ukraine are identified. Based on the results of the study, the author provides recommendations that are a priority for the global and Ukrainian economic model, which will strengthen the mechanisms and tools for implementing the circular economy model in the current global economic system.

БИРЖЕВАЯ ТОРГОВЛЯ И ЗАКЛЮЧЕНИЕ ЧАСТНЫХ КОНТРАКТОВ НА ГЛОБАЛЬНОМ НЕФТЯНОМ РЫНКЕ

The most important element of the global economic system research is the study of the trends in the development of the global oil market. The aim of the work is to build a mathematical model suitable for researching this market in modern conditions. A theoretical game model has been developed, which provides for the possibility of describing oil trade, both through commodity exchanges and under separate agreements between producers and consumers. The parameters of stable states of this market have been determined, both in conditions of non-cooperative behavior of participants, and in the devel-opment of joint strategies for their behavior. With the help of the proposed model, the possibilities of concluding coalition agreements were investigated, both between producers regulating oil supplies on the exchange, and between producers and consumers of oil, concluding private contracts for the purchase of oil bypassing the exchange. The effectiveness of such agreements in the global oil market was assessed. It was concluded that it is possible to use the model to describe the oil market in the presence of sanctions restrictions.

RCEP이 아세안 무역에 미치는 영향

Purpose - This research aims to enhance the understanding of Asia’s economic relationships and international economic governance, with a focus on the Regional Comprehensive Economic Partnership (RCEP). Specifically, this paper seeks to provide recommendations for South Korea’s participation and effective utilization in RCEP within the Asian region. Also this study suggests the significance of the Rule of Origin in Free Trade Agreements (FTAs), and highlights the importance of a cumulative certificate of origin, which refers to a document that verifies the cumulative origin of goods in international trade, applicable to 15 RCEP countries, as compared to existing bilateral FTAs.
 Design/Methodology/Approach - This paper reviews previous studies related to ASEAN and RCEP, discussing the findings and key issues addressed in earlier research efforts. News articles and statistics either of political conflicts or economic implications are utilized in this context.
 Findings - Currently, the global economic governance system, centered around the World Trade Organization (WTO), is facing challenges due to economic and trade friction between major powers, exacerbated by the COVID-19 pandemic. Regional economic integration bodies like RCEP are taking on a new central role in international trade rules.
 Research Implications - This research implies that the economic relations in the Asia-Pacific region have been steadily strengthening, and this contributes to maintaining stability through economic interdependence even in the presence of political conflict, and there is a room for South Korea to contribute.

Searching for global equilibrium: How new economic statecraft undermines international institutions

The rise of “new economic statecraft”—intervention in trade and investment for foreign policy reasons—is increasingly threatening the stability of the global economic system. Building on previous work, we consider the types of intervention we have seen, classifying state measures as behind the border, at the border, and beyond the border. In addition, in the past, we have focused on understanding variation in new forms of economic statecraft through a five-factor model. This paper's central goal is to evaluate alternatives for constraining economic statecraft via institutional approaches. To this end, we draw on an analytical classification framework to theoretically and empirically analyze both sectoral and overall bilateral, minilateral, and multilateral institutional approaches to glean lessons for the management of new economic statecraft.

СУЧАСНІ ФОРМИ СПІВПРАЦІ УКРАЇНИ З МІЖНАРОДНИМИ ФІНАНСОВИМИ ІНСТИТУТАМИ

In this article, the importance of modern forms of Ukraine’s cooperation with international financial institutions (IFSs) is discussed. The author systematised IFIs by classification criteria and looked into the main forms of financial cooperation between the government of Ukraine and IFIs. The analysis indicates that in today’s global economic system, the most common form of cooperation between governments and IFIs lies in lending. The structural and dynamic analysis of the forms of financial assistance from IFIs to Ukraine also confirmed this. The analysis of the cooperation between the Ukrainian government and IFIs also confirmed that loans from IFIs are the main source of long-term financing for socio-economic development projects in Ukraine’s priority sectors. Additionally, the author analyses the aspects of Ukraine’s cooperation with the IMF, the World Bank Group, and the IBRD, and identifies the areas of use of credit and investment resources in 2020-2023. Hence, the borrowed credit resources received by Ukraine from the IMF are used to service external debt, finance the budget deficit and deficits in the balance of payments and trade. In times of crisis for Ukraine’s economy, the IMF’s loans help replenish the NBU’s foreign exchange reserves, maintain the stability of the national currency, and optimize the monetary policy of the National Bank of Ukraine which stimulates lending to the real economy. Ukraine used the loan resources from the IFIs of the World Bank Group to cover the budget deficit, to implement institutional and structural reforms as well as long-term investment projects. The author also defines the importance and role of international technical assistance in the framework of Ukraine’s cooperation with IFIs, proving that international technical assistance is provided to Ukraine on a free and non-refundable basis by donor countries and international institutions. In conclusion, the author underlines the expected risks and necessity of this cooperation.