Western Economies Research Articles

Uzbekistan and BRICS: cooperation and prospects

Uzbekistan’s cooperation with the BRICS countries is very important owing, first, to the growing economic power of the group members and, second, to its role in the qualitative transformation of the global South development scenarios. It should involve joint efforts based on contacts with regional partners, rather than competition, in order to strengthen balanced and inclusive economic growth, improve international competitiveness of the BRICS economies and achieve development levels comparable with those of advanced Western economies. The present paper uses statistical data on foreign economic relations of Uzbekistan and is based on content and comparative analysis of the main indicators related to exports and imports of the goods and services necessary for economic development of the partner countries. Presenting the results of Uzbekistan’s interaction with the BRICS countries, it identifies the main difficulties these countries are faced with, suggests ways of resolving them and outlines possible strategies for cooperation between Uzbekistan and the BRICS countries. This cooperation will help increase trade turnover, which will benefit all the parties involved. At the same time, it may cause serious problems in regional transport, logistics and financing. The paper also considers the BRICS countries’ links with other Central Asian countries.

Determinations of the Strategic Military Actions on Economic Actions in the Conditions of Information Technology and Nonlinear Warfare

Abstract In this article, we refer to the impact of strategic military actions on the economic domain, in the context of nonlinear warfare, hybrid warfare, and the use of information technology, focused and based on the conflict between the Russian Federation and Ukraine, triggered in February 2022. Initially, the war seemed to be a blitzkrieg strategy, but in reality, the special military operation of the Russian Federation was a secondary component of the generalized economic warfare led by the BRICS countries against Western economies. Thus, the military action is essentially attrition-based with limited military objectives and more spatial conquests in the critical infrastructure zones of maritime and energy transport. It interesting and represents a novelty the comparison between the classical theory of war of the Prussian general Carl von Clausewitz and the doctrine of nonlinear warfare of the Russian general Valery Gerasimov, which highlights the transition from classical and conventional kinetic warfare to other modern forms of unconventional conflict (economic, political, diplomatic, psychological). The concept of fourth-generation warfare emphasizes the use of technique and technology, promoting flexibility and adaptability on a large scale, while the fifth-generation war, currently ongoing between the Russian Federation and Ukraine, is a continuation at another level and focuses on indirect actions and strategic economic objectives, expanding the battlefield much more into the virtual and psychological space. The article offers a comprehensive analysis of how modern warfare combines different domains to achieve strategic objectives in an increasingly interdependent world and provides an integrated perspective on its evolution, emphasizing the need for complex and multidimensional approaches.

Impacts of Industrialization on Foraging in Peri-Urban Areas. Insights from Padua, NE Italy

Western European societies, ecologies, and economies were significantly impacted by industrialization after WWII. Steadily increasing urbanization and the abandonment of traditional agricultural activities led to a rapid erosion of local environmental knowledge (LEK). We conducted 40 semi-structured interviews in Padua, one of the most industrialized areas of Italy, to identify changes and drivers of change in plant foraging. We documented the use of 56 plant, fungal, and animal taxa, including the most foraged Humulus lupulus, Silene vulgaris, and Papaver rhoeas. These are mainly prepared in risottos, frittatas, and boiled mixtures. During their lifetime, 68% of the interviewees redirected their foraging area, 25% completely abandoned their foraging practice, and 7% abandoned foraging but resumed it after retirement. Changes in the foraging area and foraging abandonment were mainly driven by increased pollution and lack of land accessibility, as well as partially related lifestyle changes and (micro)climate change. In the face of such changes and with the aim of re-establishing the connection between peri-urban communities and their land, some local committees are struggling to take back the unused spaces of the industrial area and prevent future loss of land accessibility and consequent loss of LEK.

How supply and demand affect national house prices: The case of Ireland

While many western economies experienced substantial fluctuations in house prices since the turning of the century, the Irish residential market stands out as a particular case. Irish house prices experienced profound increases in the period leading up to the global financial crisis (GFC); thereafter the concomitant downturn in both the real Irish economy and financial sector precipitated a dramatic decline in prices between 2007 and 2012. However, since 2012 prices have increased in a sustained and persistent manner. A number of possible reasons are commonly cited for the recovery. In this paper we avail of a new housing and financial sector model, which are part of a broader macro-econometric model, COSMO, of the Irish economy to characterise the determinants of Irish house prices over the period 1995–2019 and in particular to examine the reasons for the post 2012 recovery. The suite of models are used to examine the contribution of developments in both monetary policy and financial stability as well as the performance of the real economy. The role played by the sluggish response of the supply-side of the Irish residential sector is also assessed. The supply-side of the Irish market was especially impacted by the GFC and has struggled to respond to the surge in housing demand which has accompanied the general economic recovery since 2012. Our results have interesting implications for the growing literature examining the intersection of monetary policy and financial stability on house prices.

China’s space sector, firm CSR and patent quality

PurposeThis paper examines firm-level accountability and performance implications under a state-dominated institutional environment, China, for firms engaged in the space economy. Extant studies on the rapidly evolving civil space economy predominantly focus on developed Western economies at national or sector levels, frequently ignoring alternative institutional contexts. Additionally, limited attention has been given to firm-level empirical evidence and analysis, including corporate social responsibility (CSR) practice-R&D quality relationships in the space economy. The paper addresses each of these areas.Design/methodology/approachThis paper utilises multiple regression, propensity score matching and split sampling methods applied to a proprietary dataset of Shanghai and Shenzhen Stock Exchange-listed A-share firms. Results are robust to endogeneity issues, alternative measurement of dependent variables and sampling.FindingsChina’s space firms demonstrate superior CSR performance to their counterparts in other sectors, supporting CSR‘s role in maintaining legitimacy. Their CSR practices also positively contribute to firm patent quality. The link is more pronounced among firms facing higher economic policy uncertainty and for state-owned enterprises (SOEs). The latter is due to SOEs’ government support, advantages in financing and attracting and retaining a high-quality workforce.Originality/valueThis paper adds to discussion on major space power’s, by examining China’s state-dominated civil space sector. It also addresses a lack of empirical firm-level evidence on space firm behaviour by examining the impact of firm-level CSR practices on R&D quality outcomes, areas in which there is a limited literature.

Validating the rapid validity testing concept across regions

Empirical studies in innovation management often draw on data collected in particular regions, mostly in Western economies, and imply universal applicability of the findings across regions. Given the relevance of innovation for economic progress and structural and cultural differences among regions, there is surprisingly little knowledge available on whether the knowledge developed from Western firms can be transferred to emerging economies. This dearth of knowledge is especially notable for the early phases of innovation processes. Rapid iterations between knowledge creation and learning are critical at the front end of innovation (FEI), a phase that, in turn, is crucial for innovation success. In a recently published article, Peña Häufler and co‐authors developed the concept of rapid validity testing (RVT) and found support for its positive relation with innovation performance. Since the authors draw on a sample of Western firms, we explore whether the concept of RVT and its performance relevance remain valid across regional contexts. The data for this study stem from a sample of 1625 respondents from 232 firms in Europe and Latin America. Our findings advance our understanding of innovation management practices in different contexts, informing future research on the approach and relevance of assessing the effect of different contexts on central measures for improving innovative capabilities.

Sustainable and Healthy Gastronomy in Costa Rica – Betting on Sustainable Diets

Abstract Current consumption patterns in Costa Rica, and other countries, are often driven by misinformation and lack of knowledge about the nutritional value and sustainability of food products, which leads to unhealthy diets and loss of food biodiversity. In 2012, Costa Rica launched a multi-stakeholder initiative, The National Plan on Healthy and Sustainable Gastronomy (hereafter referred to as the Plan), to reverse this trend. Healthy and Sustainable Gastronomy (HSG) is an innovative paradigm for the sustainability of natural resources based on the consumers’ decision to prepare and enjoy food to be healthy. It is one of various approaches and solutions provided by One Planet Network, which hosts the UN Sustainable Food Systems Programme. Costa Rica’s Plan promotes a new healthy and sustainable national cuisine as a driving force to create a sustainable food system and improve the health of the population through diet. The cuisine is designed to increase the use of local, traditional and plant-based foods and aims to reduce obesity and micronutrient deficiencies. Additional benefits are food security, increased food biodiversity and tourism through gastronomic food culture. This case study explains the concept of HSG and how Costa Rica implemented it to change consumer behaviour; support local producers; achieve national goals for sustainable development; promote tourism and improve population health. Important progress has been made, but lack of information and awareness about linkages connecting food production and consumption is a major barrier. Information challenges include a lack of traceability systems and eco-labelling to build consumer trust, ongoing consumer education, and ensuring production will satisfy demand. Overall, the authors believe that Costa Rica will act as a model of HSG for other countries to follow in order to achieve sustainable food production and consumption, bridging the gap between emerging markets and Western economies. Information © CAB International 2019

Factors Influencing Private Equity Investments in Asian Countries

An overview of investment activities of the Asian private equity market is presented in this paper. The study began with a close examination of the movements in the Asian private equity market over the last few years and a comparison of Asian and other developed nations' private equity investing practices. The observation gave rise to a hypothesis that Asian and Western economies may not be directly comparable in terms of their influencing factors. As a result, investigating the variables impacting private equity investments in Asian economies has become the primary research question. The private investment activity of five Asian economies—China, Japan, South Korea, Singapore, and India—between 2010 and 2023 was examined in this study. The total private equity investment value across all five Asian economies' sectors was used to gauge the level of investment activity. The study was based on about three major dimensions: the investment environment, economic conditions and research & development. Eight explanatory variables, including GDP, inflation, interest rates, stock market capitalization, research and development expenditure as a percentage of GDP, and the Intellectual Property Rights Index (IPRI), were included in the dataset. The correlation study between each of the eight variables has been performed before more in-depth analysis. The study was conducted using the regression analysis approach. The analysis identified that IPO, GDP and Research & Development (R&D) have a strong and significant impact on private equity investments, being significant drivers in attracting investments. The inflation has shown least influence on private equity investments. The IPRI index, stock market capitalization and liquidation showed no influence on the private equity investments. Lastly the results are subjected to limited data available about the factors. Keywords: Asian economies, Private equity, Investments

Intellectual Property Rights, Global Inequalities, and Secular Stagnation

ABSTRACT Intellectual property rights have played an increasingly important role in the global economy since the 1994 TRIPS Agreement. The nature of this role has since come under the spotlights: do intellectual property rights foster innovation or rent seeking? Do they promote knowledge diffusion and development, or do they skew global competition in favor of Western economies? This article explores some of the most striking developments that recently occurred in the world economy, namely, the rise of inequalities and the emergence of the secular stagnation, in the light of the intellectual property rights debate. This article contends that income inequalities, both between and within countries, are partially driven by monopoly rents accumulated by a minority of large Western corporations (inequality between countries) and redistributed to a minority of employees (within countries). In both cases, the imbalance of profit and wage distribution may be contributing to global slow growth by depressing investments and consumption, ushering in an era of secular stagnation, thereby explaining some of the current trends in the global economy.

Economic Considerations and Public Support for Environment Policy in East and Southeast Asia

AbstractThe “environment–economy trade-off” is a key question in research on public opinion on environmental policies. While evidence from Western economies suggests that individuals are more supportive of environmental initiatives when the macroeconomic situation is favorable, little is known about how environmental policy preferences are shaped by economic factors in East and Southeast Asian countries. Using a survey dataset consisting of 12 countries based on the fourth wave of the Asian Barometer Survey (ABS), we investigate how environmental policy preferences are associated with multiple aspects of economic consideration. In a pooled multilevel analysis, we find that personal economic conditions and perceptions are more consistently associated with greater support for environmental initiatives than objective and subjective national economic conditions. However, an analysis of the heterogeneous effect shows that the effect of individual economic situations is only partially identifiable among lower-middle or upper-income countries in our sample, signaling the complexity of qualifying the relationship between economic considerations and environmental attitudes in a cross-country context.

Linking environmental sustainability, social sustainability, corporate reputation and the business performance of energy companies: insights from an emerging market

Purpose This study aims to examine the impact of environmental sustainability, social sustainability and corporate reputation on the business performance of energy companies operating in an emerging market. Design/methodology/approach A self-administered questionnaire was distributed to 400 managers in top and middle-level positions in energy companies located in Kuala Lumpur, Malaysia were collected through an online survey. These managers had a strong understanding of the operational aspects of the companies and possessed good knowledge of the company’s performance. The collected data were analyzed using multiple regression analysis to assess the hypothesized relationships. Findings The findings reveal significant influences of corporate reputation, environmental sustainability and social sustainability on the business performance of energy companies operating in an emerging market. Notably, corporate reputation emerges as the primary predictor, underscoring the significance of emphasizing the fundamental aspects of companies such as superior products or services, effective management practices and investment quality. A strong reputation is essential for attracting investors, customers and other stakeholders by meeting their expectations for high-quality products or services. It serves as a crucial factor in establishing trust and credibility, which are vital for sustained success in the market. Practical implications Energy companies should proactively integrate corporate reputation into their operational strategies to enhance business performance. Furthermore, they should develop and execute comprehensive environmental and social sustainability initiatives within their organizations. By doing so, they can effectively enhance both financial and non-financial performance while fostering a culture of employee engagement aimed at further enhancing productivity. Originality/value This study stands out as a unique and significant contribution to theory by using the triple bottom line framework as the underlying theory and integrating corporate reputation into the proposed framework. It represents a novel approach, particularly within the context of energy companies operating in an emerging market. This research serves as a valuable complement to prior studies primarily conducted in developed (Western) economies, expanding the knowledge base in this field.

Empirical analysis of optimized portfolio allocation based onMarkowitz and index models

There is a need to achieve a balance between asset returns and risks. This has remained a central focus of financial market research. It has served as a crucial reference for investment decision-making. There has been a weakness as this financial investment theory relies on qualitative analysis. This method has lacked robust quantitative methods. The resurgence and expansion of Western economies have led to a flourishing financial investment activities. This has prompted the emergence of the Modern Portfolio Theory (MPT). The theory was pioneered by Harry Markowitz in 1952. MPT has rapidly evolved over the period. It has attracted numerous scholars and yielded substantial research outcomes (Markowitz, 1991).

Historical retrospects of ensuring financial and tax security of the state (domestic and foreign experience)

The paper states that there is no codified legislation in our country that would regulate legal relations in the field of financial security of the state. Existing regulations regulate only certain aspects of providing a safe space. The modern conversion of current legislation in the security sphere, which remains imperfect to this day, is analyzed. Its future depends on how legally, professionally and effectively the legal mechanisms for ensuring the financial security of the state will be formed. Financial security is a criterion for the effective functioning of the state. Without proper provision of financial security, in practice, it is impossible to solve any of the tasks facing the state. It is always necessary to pay attention to the financial security of the state, but especially in times of economic restructuring, the transition to a new economic and financial development strategy, when it is necessary to form and use huge amounts of financial resources. Note that the disconnection between transnational capital and the national community, the state with its territory and population, destroys the social obligations of capital. Even in the most economically developed states of the world, this trend is developing, but the power of Western economies and the preservation of certain value-ideological foundations allow for the time being to maintain and strive to maintain social harmony within the framework of their national communities. Having analyzed the genesis of regulatory and legal provision of financial security, it was concluded that in the given conditions for the development of science it is necessary to apply a synthesis of definitions of "financial security of the state", a systematic approach to understanding the essence of such a difficult structured phenomenon as security in its various manifestations: financial, economic, national , to transfer creative scientific potential to the legal field with the aim of forming a balanced systemic legal basis, which will provide an opportunity to form an effective mechanism for ensuring the financial security of the state. The task of security during data transmission through local, distributed or global networks against accidental or intentional change, destruction, disclosure, as well as unauthorized use is solved separately. The existence of financial security of the state is the activity of the state as a whole and its parts, it should be aimed at comprehensive development of the financial sphere.

Collaborative Action, Policy Support and Rural Sustainability Transitions in Advanced Western Economies: The Case of Scotland

Rural areas face profound challenges in transitioning towards sustainability. Intensive agriculture is deeply implicated in high greenhouse gas emissions, biodiversity decline and water pollution. As a more socio-economically heterogenous rural Europe emerges with a greater non-farming component, changes such as in-migration and tourism in some areas can also be seen to compromise sustainability, as can an ageing and declining population in others. The dominant means of European rural policy support has been direct income payments to farmers, with modest but increasing expectations of environmental cross-compliance over time. Since the early 1990s, new policy means have been introduced, many based around collaborative actions to enhance sustainability. These include the European Union (EU) Leader scheme, environmental cooperatives, catchment management projects and support for community renewable energy. These changes mark a shift from sectoral support to a more territorial and place-based policy, often built around collaborative partnership models. Scotland has developed a wide and distinctive range of communitarian policies to support sustainable rural development which connect to this territorial approach. This paper reviews the contribution of communitarian and collaborative policies to sustainability transitions, drawing primarily on Scottish policy but referencing these policies against policies in other developed economies.

Social work’s opportunity and obligation to achieve population health equity

ABSTRACT US healthcare remains a system in crisis, wherein spending outpaces other Western economies but health inequities match those of an emerging market economy. As a country founded in tenets of white supremacy, structural racism persists as evidenced by longstanding race-based disparities. Although the population health approach offers a potential framework for preventative and community-based health, without overt race-conscious design, race-based disparities will be replicated. This article outlines the current US context and healthcare policy changes that led to population health taking hold. It then articulates social work’s pivotal role in population health by explicitly challenging colorblindness to reach race-based health equity. Opportunities for social work practice, leadership, and research are discussed.

Do innovation and renewable energy transition play their role in environmental sustainability in Western Europe?

Western European economies are among the top innovative countries in the globe and show a remarkable commitment to environmental sustainability through innovations and renewable energy targets. Particularly, renewable energy transition (RET) may shift Western European economies from unclean to clean energy sources and could reduce pollution. Therefore, we analyze the impact of RET and patents on CO2 emissions in 25 Western Europe countries using a period 1995–2020 and cross-sectional dependence techniques. Moreover, the impact of economic growth is also analyzed to examine the Environmental Kuznets Curve (EKC). The results suggest the presence of EKC with a turning point at GDP per capita of 50,287 dollars and Denmark, Iceland, Sweden, Ireland, Norway, Luxembourg, and Switzerland are found at the second stage of the EKC in the long run. Moreover, RET reduces CO2 emissions in the long and short run, Thus, RET helps to achieve environmental sustainability by reducing CO2 emissions in Western European economies. However, patents have negative effects in the long run but do not affect emissions in the short run. Thus, innovation helps to sustain an environment in the long run.

Экономические связи России с зарубежными странами в 1995–2020 годах: анализ межстрановых таблиц “затраты–выпуск” ОЭСР

The paper analyzes the dynamics of Russia’s structural economic relations with countries of the “unfriendly” and “friendly” (including “neutral”) spectrum in 1995–2020 according to data from intercountry input-output tables prepared by the OECD in 2023. The analysis focuses purely on “input” connections that involve the supply of imported intermediate production goods and final investment goods necessary for the production process at Russian enterprises. It is shown that import intensity of Russian final goods was not very high across industries (the remarkable exclusion is production of motor vehicles, trailers and semi-trailers), though input-output tables do not allow us to understand the quality and criticality of imports of industrial goods. In addition, the non-stop growth in the share of “friendly” countries is absolutely obvious. However, despite the steady decline in imports (by value added) from “unfriendly” countries in relation to imports from “friendly” countries, by 2021 the first category continued to remain prevalent in many cases, especially in machine building. The steady increase in the share of added value of “friendly” countries in the output of Russian products is apparently the result of such world processes as globalization, the rapid growth of the Chinese economy and other large developing countries, as well as the deindustrialization of Western economies. In the case of investment (capital) goods, for which Russia’s share was initially quite small, it seems that not only the global factors discussed above were at work, but also some targeted efforts of government at import substitution. It seems obvious that Russia currently faces a problem of restructuring its external economic connections and must adapt to changing global processes, maintaining a constructive approach to participation in the cross-country division of the production process, and taking into account geopolitical realities, develop new models of cooperation and integration.

Effects of Indebtedness, Taxes and Financial Distress on the Demand for Non-Mandatory External Audit: Evidence from the Chinese Firms

This paper aims to examine the determinants of firms’ demand for non-mandatory external audit in China. Although the demand for non-mandatory external audit has often been investigated for the western economies, we are the first to present evidence for the China by using a unique dataset that the World Bank provided. Using enterprise surveys to estimate the likelihood of firms engaging non-mandatory external audit, the paper uncovers how the indebtedness, tax inspection probability, and the financial distress affect the demand for non-mandatory external audit. The results indicate a positive association between tax inspection probability and demand for external audit. Contrary to the previous literature, the likelihood of demanding external audit diminishes as financial distress level of the firm rises. This result indicates relatively high audit costs for the financially distressed firms that can not afford to cover their non-operational costs.

It's not all about money: Understanding Chinese student switchers in Britain

AbstractThis study challenges the assumption that international students from the Global South migrate to advanced Western economies primarily for economic gain and social distinction. Through temporally focused interviews with Chinese student switchers in the United Kingdom, that is, migrants who moved from China for university and remain working in situ after graduation, we examine how lifestyle factors may come into play in evoking and accommodating (im)mobilities. Our findings reveal how participants' experiences before, during and after international education are narrated as an entanglement of affective and rational concerns. We highlight how their migration decisions are driven by the search for a desired lifestyle that features work–life balance and a perceived release from a work‐oriented and socially pressurized life in China. Yet, their final emplacement remains an open question due to familial responsibilities in China and Chinese citizenship regulations. The study provides an original conceptual amalgamation of student migration and lifestyle mobility, and sheds further light on the importance of life courses in international student migration literature and lifestyle mobility studies.

Three waves of schooling marketization in urban China amid changing political economy since the 1990s

Schooling marketization is a global syndrome characterizing post-1980 societies. However, while many studies have examined the political economy and politics of schooling marketization in Western economies, China’s schooling marketization remains insufficiently understood. Moreover, the existing studies have the analytical tendency to fall into the trap of methodological nationalism, with an exclusive focus on the state restructuring under neoliberalism and neoliberal globalization, leading to schooling marketization being viewed as a static and locally homogeneous practice. This paper fills these gaps by developing a city-level and time-sensitive analysis of local practices of marketizing the urban schooling system in the post-reform age. Two cities in western China—Chengdu and Mianyang—are taken as cases for comparative analysis. We found three waves of schooling marketization in urban China that are driven by the changes in the political economy between the 1980s and 2010s. Through a cross-fertilization of the outward-looking approach to geographies of education and geographic political economy, we understand China’s schooling marketization as a state-mediated institutional transformation that is employed to serve the local economic restructuring/time-varying urban growth strategy, which is staged by the changing (inter)national political economy.