Period Of Economic Decline Research Articles

THE COMPLEXITY OF ASSESSING THE LEVEL OF ECONOMIC SECURITY OF INNOVATION-ORIENTED SOCIO-ECONOMIC SYSTEMS

The current macroeconomic and socio-political situation in Ukraine is extremely complicated by a long period of economic decline, the consequences of the pandemic and the conduct of a full-scale war, which actualizes the issue of maintaining an adequate level of economic security of socio-economic systems and, including, the issue of improving approaches to assessing its current level. The evaluation and analytical processes are one of the most important in the system of ensuring the economic security of socio-economic systems of different hierarchical levels, since, under the conditions of qualitative construction and methodology, they allow not only to evaluate the current situation with the level of economic security, but also to establish a complex of positive and negative factors impact on it and simulate various scenarios of changes in the level of economic security in the nearest and strategic perspectives under their influence. In view of this, the issues of comprehensive assessment of the level of economic security of modern socio-economic systems become particularly acute and actualize the need for their in-depth study. The purpose of the study is to develop approaches to comprehensive assessment of the level of economic security of innovation-oriented socio-economic systems. In the article highlighted the approaches to considering the essence and features of socio-economic systems as a whole and innovation-oriented socio-economic systems as their variety. Carried out the analysis of the fundamental characteristics of socio-economic systems. Substantiated the importance of building highly effective mechanisms for managing the economic security of socio-economic systems of Ukraine in the context of crisis macroeconomic processes and military operations on its territory. Studied the existing approaches to the assessment of economic security with the determination of their shortcomings in the context of ensuring the comprehensiveness of the assessment. Determined the list of key characteristics of the innovation-oriented socio-economic system, which should serve as the basis for the development of a comprehensive methodology for assessing their economic security, and the need to use the spectrum of economic interests of the studied systems in the assessment approach.

A década de prosperidade de 2004-2013 e o novo desenvolvimentismo

ABSTRACT Since the 1990s, three different phases marked the Brazilian economy: a 13 year long “quasi-stagnation” (1991-2003); a decade of prosperity (2004-2013); and an 8 year period of economic decline (2014-2021). Leading new developmentalist authors identify policies introduced in the 1990s as causes of slower economic growth. This article argues that, even if that hypothesis is correct, it is still inadequate to treat the last 30 years as a single economic phase. We then compare policies implemented in 2004-2013 with developmentalist recommendations, concluding that most of them are compatible. Finally, the article highlights changes in the international and Brazilian contexts between the 1970s and the present, which reinforce the importance of analyzing the most recent growth experience.

Temporal and Geographic Stress Testing of Entrepreneurial Proportionalities in United States Counties

Urbanization is one of man’s greatest challenges. Its handling requires a better understanding of orderliness in the demographic–socioeconomic–entrepreneurial domain of human settlements. Operating business enterprises are manifestations of successful entrepreneurship, which is the characteristic of interest here. Non-linear entrepreneurial proportionalities can be detected through the use of log–log regressions (power law analyses). Such analyses revealed many entrepreneurial proportionalities in datasets of a large number of U.S. counties. This enabled the examination of the temporal and geographic sensitivities of three entrepreneurial types: total entrepreneurship (expressed in total enterprise numbers), new entrepreneurship (the ability to successfully start enterprises of types not yet present), and existing entrepreneurship (the ability to start more enterprises of types already present). Stress testing of the entrepreneurial proportionalities during a period of economic growth (2000 to 2007) followed by a period of economic decline (the so-called Great Recession from 2007 to 2010) enabled the examination of a hypothesis that suggested that the entrepreneurial proportionalities are not temporally or geographically sensitive. The hypothesis is accepted for new and existing entrepreneurship. Total entrepreneurship is geographically sensitive, but not temporally. There is apparently no lack of entrepreneurship in human settlements. Their total entrepreneurship (expressed as total enterprise numbers) appears to be a function of their population sizes and prosperity/poverty levels.

How to control and manage vessels’ ballast water: The perspective of Korean shipping companies

Selecting the efficiency of the technologies and reasonable strategies to ensure compliance with stricter international regulations on ballast water are issues that need to be focused on. Particularly, in a period of economic decline, these auxiliary costs due to the regulation enforcement may be a significant burden for vessel operators, especially those with old vessels, where the maintenance costs are high. Because of these new limitations on marine transport, which has been regarded as a more eco-friendly alternative than other forms of transportation, maritime policymakers in each country may need to take prudence in making policy decisions. Nevertheless, few studies have evaluated the existing alternatives that can decrease the invasion risk due to ballast water release, and fewer have developed a general system for determining the optimal technology. Accordingly, in this study, an empirical analysis focusing on the alternatives of ballast treatment systems considered by Korean shipping companies is performed. As the main approach, surveys and interviews are conducted to examine how Korean shipping companies’ real response directions help cope with the International Convention for the Control and Management of Ships’ Ballast Water and Sediments. The results indicate that, among 15 sub-criteria of considerations for response by Korean shipping companies, approval is the most considerable factor. In addition, through the description analysis of Korean shipping companies, a difference in the recognition and response direction according to firm size and vessels’ age was observed. This study’s findings provides valuable suggestions for designing government policies for the shipping industry’s ballast water management.

WE READ TODAY: THE PHENOMENON OF THE INTEGRATED SOCIAL BEING IN V. ZENKOVSKY’S SOFIOLOGY

The publication proposes a set of theoretical and methodological approaches to the formation of a single philosophical and religious construction: "God – man – spirituality + freedom of will – active integrity of the individual – a holistic social system – a holistic philosophical and religious system", thus analyzing the emergence of a holistic personality, as the basis for the formation of a holistic social system, V. Zenkovsky's sophiology combines the process of functioning of two systemic projects – social and divine, it includes the realization of the relationship between God and a man on the basis of spirituality and freedom of will. It should be noted that from the point of view of the chronology of V. Zenkovsky's formation of the socio-economic project of arrangement of the social existence of European civilization, it is carried out in the period of economic decline and economic chaos of postwar Europe of the early twentieth century. Until recently, the implementation of such an approach was perceived as a social utopia, but to understand the need for such a way of unification, the global catastrophe of World War II had to take place. Similarly, the Ukraine’s desire to join the European family six years ago could be considered as the utopia, so we can state the praxeological aspect of the philosopher’s prognostic ideas regarding the formation of a holistic social system. The unique project's possibilities of a single V.Zenkivsky's "economic orchestra" as a free cooperation of European nations on the harmonization principles of economic interests, personal origins and economic individualism are analyzed in the article. The attention is paid to the new holistic form foundation of economic life, which is close to the type of family sociality on the basis of initiative and creativity freedom. Conducting such an orchestra continues to be one of the main problems of the current complex of relations in the European Union, ranging from specific amounts of aid to less affluent EU member states to the Brexit situation in the United Kingdom.

Study on the Potential of Winetourism in Alba County

Abstract The present paper addresses an analysis of the economic, touristic and gastronomic evolution of the county starting from the period before the 1990s until 2016. Initially, the economic growth of Alba County started with its industry, especially the chemical, wood processing, machine building, and food industry, but also with mining. Afterwards, there was a period of economic decline, thereafter the industry in this area started to relaunch, however, below the 1990s level. The results of the study show the existence of many tourist attractions with great potential for growth and it also present the economic growth potential of Sebes, Cugir, Blaj, Alba Iulia, Rosia Montana, Zlatna, Ocna Mures, Arieseni and Aiud. The conclusions of the study highlight the need identified at county level, namely the necessity to turn into account the wine route by expanding accommodation capacities, taking advantage of the touristic objectives, developing the infrastructure and tailoring the offers

Are some populations resilient to recessions? Economic fluctuations and mortality during a period of economic decline and recovery in Finland

This paper uses individual-level longitudinal data on working-age Finns to examine the health effects of economic fluctuations during a period of economic decline (1989–1996) and recovery (1997–2007) in Finland. We used a nationally representative, longitudinal sample formed by linking population, employment and mortality registers (n = 698,484; 7,719,870 person-years). We implemented a region fixed-effect model that exploits within-regional variations over time in the unemployment rate to identify the effect of economic fluctuations on mortality, controlling for individual employment transitions. Unemployment rates increased from 5.2 % in 1989 to 19.8 % in 1996, declining gradually thereafter and reaching 9.7 % in 2007. Results indicate that these large fluctuations in the economy had no impact on the overall mortality of most working age Finns. The exception was highly educated men, who experienced an increase of 7 % (Rate ratio = 1.07, 95 % confidence interval 1.04, 1.10) for every one-point increase in the regional unemployment rate during the period 1989–1996 due to increased mortality from cardiovascular disease and suicide. This increase, however, was not robust in models that used the employment to population ratio as measure of the economy. Unemployment rates were unrelated to mortality among females, lower educated men, and among any group during economic recovery (1997–2007). For most Finns, we found no consistent evidence of changes in mortality in response to contractions or expansions in the economy. Possible explanations include the weak impact of the recession on wages, as well as the generous unemployment insurance and social benefit system in Finland.

Pandora box: The eurozone and the euro crisis

AbstractThe global economy has experienced considerable turbulence since 2007. The financial crisis has been viewed as the trigger for a prolonged period of economic decline. This decline remains an issue for all member states of the European Union, the eurozone and beyond. We argue genesis of this crisis lies in the integration negotiations of 1991, ratified in 1992. These produced a flawed economic model within the eurozone. Given the seeds of decay were planted at origin; we argue the solution can be found through a reconstructed eurozone via looser integration, where countries less equipped to deal with the realities of closer integration will be economically independent.

How did the Recession Change the Communication of Corporate Social Responsibility Activities?

One key objective of corporate social responsibility (CSR) activities is the enhancement of relationships with stakeholders such as consumers. However, in order for firms to enhance stakeholder relationships, individuals must be made aware of firms' CSR activities. As a result, firms dedicate considerable resources to CSR-related advertisements. The current research proposes that, during recessionary periods, managers alter their CSR communications in response to perceived consumer retrenchment to purchase criteria such as price and quality. Using sensemaking as a framework, we predict that managers used cues from consumers during the recent recession, to alter their CSR communications strategies accordingly. We test our hypotheses through a content analysis of over 4000 print advertisements from 2006 to 2010. Our findings demonstrate that instead of lower levels of CSR communications during the recession, the odds of an advertisement containing CSR messages actually increased during the recession. However, the content of this advertising did change in concert with the sensemaking hypotheses. Specifically, during periods of economic decline, CSR messages were more likely to be integrated into “mainstream” advertising. We also find that the use of self-oriented appeals (e.g., cost savings due to energy efficiency) sharply increased during the period of economic decline. We highlight how managers can use these findings to increase the probability that CSR communications will deliver the expected relational benefits with consumers.

The performance of socially responsible investment funds and exchange-traded funds: Evidence from Johannesburg stock exchange

The research reported in this article explored how the JSE SRI Index performed relative to exchange-traded funds during the period of economic growth as well as during the period of economic decline between 2004 and 2014. The JSE SRI Index and exchange traded funds are analysed by a single factor model as well as other risk-adjusted performance measures including the Sharpe ratio, the Treynor ratio and the M-squared ratio. The single-factor model regression results suggest that during the period of economic growth the JSE SRI index neither significantly outperformed nor underperformed the exchange-traded funds. However, the JSE SRI Index significantly underperformed the exchange-traded funds during the period of economic decline. Further tests that engaged other risk-adjusted measures indicated that the exchange-traded funds performed better than the JSE SRI index in both periods. Based on this research it is recommended that further research be conducted using models that can control for the liquidity difference in funds.

From Global Economic Crisis to Armed Crisis: Changing Regional Inequalities in Ukraine

Despite the new geopolitical situation caused by the revolution at Maidan in February 2014, little is known about the real economics of Ukraine and its internal spatial disparities. In the survey of regional disparities, data on incomes, employment and unemployment were involved and completed by those on migration and age structure of the population. The spectrum of available data at rayon level is not particularly broad, but this is counterbalanced by the ca. five hundred territorial units that provide a minute picture of the inequalities. According to the classic view, the spatial pattern of economic development is opposite to the Central European west to east slope. In Ukraine, Eastern regions are not more developed as a whole but they accommodate more developed large urban centres. Spatial differences grew most rapidly during the period of economic decline (1990–2000). However, these disparities were mitigated during the two years following the global financial crisis as the latter mainly affected the large urban centres of the economy. Conversely, the Donets Basin as a whole was highly exposed to the effects of these crises owing to its outdated industrial structure (coal mining, iron and steel industry). This led to a rearrangement in the ranking of the east Ukrainian regions based on GDP per capita: Dnipropetrovs’k overtook Donets’k, and the Dnieper Region (including Zaporizhzhia) has a higher output per capita than Donbas. A significant part of the productive capacities and incomes are found in the Donbas, an area hit hard by the fighting; their loss would further deteriorate the state of the country’s economy. The fighting in the Donbas that did by far the greatest harm to the economy among the post-Soviet conflicts. It happened in a period when Ukraine, after the transformation crisis, had been on the path of growth for more than one decade. Concerning population number, area and economic weight, the Donbas exceeds Transnistria or Karabakh by an order of magnitude.

Fiscal state, regional institutions and foreign migratory policy in times of decline: French immigrants in Aragon, 1635–1697

This study examines the policies applied to French immigrants in Aragon between 1635 and 1697, a period of economic decline and constant conflict between Spain and France. The commercial and tax measures imposed by the Spanish monarchy on French immigrants to support the war effort were opposed and constrained by Aragonese institutions, such as the Diputación or the Corte del Justicia de Aragón. After a period of debate the Aragonese Parliament developed an autonomous policy towards the end of the seventeenth century. In the interests of the Aragonese economy and elites, restrictions on migrants were lowered and revised, until they focused mainly on merchants. This legislation allowed immigrant flows to continue, but it could not counteract the decline of economic opportunities for the French in Aragon.

Analysis of the Impact of Globalization and Capital Market Returns on the Ghana Stock Exchange

After independence in 1957, Ghana’s economy was characterized by a massive involvement of the state in almost every sector of the economy, which resulted in the public sector completely dominating production activities and formal employment. By the early 1980s, the economy had witnessed a long period of economic decline that manifested itself in low or negative GDP (Gross Domestic Product) growth, falling export revenue, and deteriorating infrastructure. Additionally, most of the state enterprises were faced with poor financial performance and low productivity culminating in increasing the burden of subsidy costs for government.The challenge faced by Ghana, like other sub-Saharan African countries, prompted the search for renewed economic strategy that would ensure economic growth necessary to reverse the rising unemployment rates. There were also efforts by successive governments to enforce efficiency and productivity in the state enterprises, as well as the wider financial and capital markets. With these objectives in view, the Government of Ghana launched an Economic Recovery Program (ERP) in 1983 aimed at reversing a protracted period of serious economic decline characterized by lax financial management, inflation rates well over 100 percent, and extensive government involvement in the economy. The policies included fiscal and monetary restraint, exchange rate adjustment/devaluation, trade liberalization, divestiture of state-owned enterprises, and private sector promotion. With the implementation of the economic recovery program, Ghana’s economy was poised to embrace globalization with the increased interaction with other economies, which opened the economy to greater and freer external trade and capital inflows. As part of the globalization efforts, the Ghana Stock Exchange (GSE) was incorporated in July 1989, and was subsequently recognized as an authorized stock exchange in October 1990 under the Stock Exchange Act of 1971 (Act 384). One of the main objectives of the Ghana Stock Exchange is to provide the facilities and framework to the public for the purchase and sales of bonds, stocks, shares, and other securities. Since the inception of the Exchange, some significant developments have taken place that has resulted in huge steps towards the liberalization or globalization of the stock market in Ghana. Key among them is the decision by the government to off load its shares in certain strategic state enterprises and banks, including Ashanti Goldfields Ltd. and Ghana Commercial Bank, through the Exchange. Additionally, the Exchange in 1993 opened the market to both non-resident Ghanaians and foreigners, enabling them to invest directly without prior approval. These actions, among others, were recognized by many as an opportunity to attract top rated foreign institutional buyers, which would add a big boost to the development of the stock market in Ghana.With increased efforts still being made by the Ghana Stock Exchange to further open the stock market to the global market, there is the need to assess the effect globalization has had on the stock market since its inception. Thus, after almost two decades of operation by the Ghana Stock Exchange, the issue then arises as to whether the stock market has indeed benefited from the effects of globalization. This study, thus, seeks to evaluate the development of the stock market in Ghana from 1990 to 2010, and assesses the extent to which opening up the market to the global markets has impacted on the development of key stock market indicators.

Illegal hunting and law enforcement during a period of economic decline in Zimbabwe: A case study of northern Gonarezhou National Park and adjacent areas

Illegal hunting of wildlife, or top-down harvesting, is a major issue in today's society, particularly in tropical ecosystems. There has been widespread concern about increasing illegal hunting of wildlife in most conservation areas in Zimbabwe following the political instability and economic decline the country faced since 2000. In this study, we focused on the northern Gonarezhou National Park (GNP), a large and unfenced protected area, and adjacent communal areas in southern Zimbabwe. We hypothesised that illegal hunting activities would (1) be perceived to have increased due to economic collapse and (2) vary with law enforcement efforts. A total of 236 local residents from eight villages adjacent to the northern GNP were interviewed using semi-structured questionnaires from December 2010 to May 2011, and law enforcement data for northern GNP between 2000 and 2010 were retrieved from the park law enforcement database. A total of 26 animal species were reportedly hunted. Bushmeat consumption and the need for local trade to raise income were reported as the main reasons behind illegal hunting. Contrary to the first hypothesis, the majority of respondents (n=156, 66%) reported that illegal hunting activities had declined between 2000 and 2010 largely due to increased park protection as also supported by law enforcement data. A total of 22 animal species were recorded as having been illegally hunted in northern GNP. The number of illegal hunters arrested declined with increased law enforcement efforts although the number of wire snares recovered and hunting dogs shot appeared to increase following increased law enforcement efforts. These results partly support the second hypothesis that illegal hunting activities would vary with law enforcement efforts.

Narrating Past and Future: Deindustrialized Landscapes as Resources

AbstractA growing body of contemporary American literature, “deindustrialization literature,” most of it by writers who grew up after major plant closings, is set in former industrial areas, such as Detroit and Youngstown. These texts focus on the lives and perspectives of those who have inherited the physical, economic, and cultural landscapes of the rust belt. For these writers and their characters, the past is always an important part of the present. The deindustrialized landscape provides not only the setting but also significant plot elements, themes, and symbols through which these writers narrate stories about young adults wrestling with their identities, affiliations, and opportunities during a period of economic decline and social change. These narratives complicate the relationship between past and present through characters' observations of and interactions in the deindustrialized landscape. With a complex, ambivalent perspective, they suggest the possibility of revival for both communities and individuals. A novel and works of creative non-fiction by Youngstown's Christopher Barzak and the short stories of Detroit's Michael Zadoorian illustrate how representations of abandoned mills and decaying commercial and residential sites can reveal the complex and persistent significance of deindustrialization, decades after closings began, while also pointing toward a future that uses the past as a resource.

Understanding Russian regions’ economic performance during periods of decline and growth—An extreme bound analysis approach

This article uses “extreme-bound”-type analysis to revisit the determinants behind the widely differing economic growth in Russian regions prior to the recent global financial crisis. Using data of regional growth in 1995–2006 for 77 Russian regions, it examines the growth drivers for the phase of economic decline up to 1998 and for the period of strong growth afterwards separately. Looking at forty variables considered to be potentially related to growth, it determines, for each of the two periods, the ones robustly associated with Russian economic performance. Among the variables considered are proxies of politico-institutional features, indicators of economic reform, and measurements of both economic and non-economic initial conditions. The main findings are as follows: during the period of economic decline up to 1998, differences in Russian regional growth were almost entirely driven by initial conditions, with resource and human capital endowments, industrial structure, and geographical location playing the dominant roles. However, after the 1998 crisis, the importance of initial conditions declined and was basically reduced to fuel production, advantageous geographical location, and population structure. There is also some evidence that more reform-oriented policies and better regional leadership made a difference. These results could be seen as pointing to determinants of economic performance in periods of actual economic decline being different from those in normal times of economic growth.

The relation and development of expenditure inequality and income inequality of Czech households

The paper focuses on an analysis of income inequality and expenditure inequality of households in the Czech Republic for the period 2001 - 2009, based on data from the Statistics of Family Accounts. The basic methodological tool is the Gini coefficient and its decomposition according to individual categories of consumer expenditure. The conducted research reaches the conclusion that income inequality is higher than inequality in consumer expenditure, and income inequality for the analyzed period is growing at a higher rate than expenditure inequality. Tax-transfer tools effectively eliminate income inequality, but nevertheless inequality of disposable income exceeds the inequality of net monetary expenditure. As regards the mutual relationship of income inequality and expenditure inequality, expenditure inequality within a period of economic growth and boom copied the course of income inequality, while within a period of economic decline and recession both inequalities showed a completely different development. The main determinant affecting income inequality may be considered to be non-consumer expenditure, particularly expenditure for the acquisition of real estate.

LETS as Alternative, Post-capitalist Economic Spaces? Learning Lessons from the Totnes ‘Acorn’

Against the complex economic backdrop of a deep-impact recession, rising public debt, and national austerity measures, this paper revisits LETS as one example of an alternative economic system and perhaps a more relevant operating mechanism for some communities in the months and years ahead. Drawing on the case study of the Totnes Acorn, this paper considers the continued relevance of LETS in a contemporary, perhaps even post-capitalist context, and against competing initiatives such as local currencies, resurging time banks, and the Big Society campaign. It is argued in this paper that the changing economic and political landscape of the last decade, which has coincided with rises in personal wealth, coupled with the celebrity status of the Transition Towns Initiative, the dated image and administration of some LETS may explain their decline during a period of economic decline. Yet their potential economic role could be reinvigorated and prove invaluable as a mechanism to stimulate and maximise local economic activity in the years ahead, as the full effects of expenditure cuts and a possible double-dip recession begin to take hold.

Sweet Auburn: Constructing Atlanta's Auburn Avenue as a Heritage Tourist Destination

Utilizing redevelopment plans created by Central Atlanta Progress, this study explores the process of constructing a heritage tourist landscape on Atlanta's Auburn Avenue. Once home to the wealthiest African American community in the United States, Auburn Avenue went through a period of economic decline in the 1970s and 1980s. In 2000, planners for the City of Atlanta focused on redeveloping the Auburn Avenue corridor. At that time, Central Atlanta Progress began to update plans to convert Auburn Avenue into the United States' premier African American tourist destination. Utilizing those plans, this article argues that the city's redevelopment vision ties into particular aspects of African American identity, which link to neoliberal economic policies in an effort to turn Auburn Avenue into a "culturetainment" district. This vision is juxtaposed against the reaction of community residents who seek an alternative redevelopment vision.

Understanding Russian Regions' Economic Performance During Periods of Decline and Growth - An Extreme Bound Analysis Approach

This article uses extreme-bound-type analysis to revisit the determinants behind widely differing economic growth in Russian regions. Using data of 77 regions for 1993-2004, it separately examines the growth drivers for the phase of economic decline up to 1998, and for the period of strong growth afterwards. Looking at forty variables considered to be potentially related to growth, it determines, for each of the two periods, the ones robustly associated with Russian economic performance. Among the variables considered are proxies of politico-institutional features, indicators of economic reform, and measurements of both economic and non-economic initial conditions. The main findings, based on close to one million regressions, are as follows: during the period of economic decline up to 1998, differences in Russian regional growth were almost entirely driven by initial conditions, with resource and human capital endowments, industrial structure, and geographical location playing the dominant roles. However, since the 1998 crisis, the importance of initial conditions has declined significantly, and is now basically reduced to hydrocarbon wealth and advantageous geographical location. More reform-oriented policies, as well as better regional leadership are found to have come to make a significant difference. These results point to determinants of economic performance in periods of actual economic decline being quite different from those in normal times of economic growth.