World Economy Research Articles

Institutional Foundations for the Formation of a Resource-Innovative Model for the Development of the Economy of Russia and Its Regions

Relevance. Global and tectonic shifts in the world economy that occurred in the XXI century in the world inevitably reflected on the state of national economies. The Russian economy, over a decade of economic sanctions against it, which are practically open-ended sabotage by the United States and a number of Western countries against the Russian critical infrastructure - the Nord Stream 2 gas pipeline on September 26, 2022, has found itself in a situation of de facto complete stoppage of export-import operations in the field of foreign trade with European countries.The purpose is to study the institutional foundations of the formation of a resource-innovative model of economic growth in the modern Russian economy. The objectives are interrelated and consist in the following: to analyze an array of economic scientific papers on the problem of research; to analyze the institutional foundations for the formation of a resource-innovative model of the development of the Russian economy; to determine the dynamics of budget financing of scientific research for the period from 2012 to 2022, etc. Methodology is a combination of general scientific research methods – analysis, synthesis of received information, interpretation of data. The information base of the study includes presidential decrees, strategic planning documents, national projects, scientific articles by Russian researchers on the problem under study. Results: the main problems of forming a resource-innovative model of economic growth in Russia at the present stage of economic development are identified; the shortcomings of the state policy in the field of financing R&D, innovative solutions and products that hinder the activities of innovative enterprises in the real sector of the economy are revealed.Conclusions. The Russian economy remains raw in its essential content. However, the introduction of digitalization technologies, artificial intelligence, new ideas and knowledge are gradually forming a resourceinnovative model for the development of the Russian economy.

Displaced Workers During Pandemic: Stories of Resilience and Recovery

COVID-19 hit the world economy hard, and one of the setbacks during the pandemic was the displacement of workers due to lockdowns to avoid the virus. However, three years have passed, and much of the Filipino workforce has been left displaced, disrupting the lives of many, resulting from temporary layoffs to permanent unemployment. Thus, this study focused on the lived experiences of displaced workers during the pandemic, how they managed their difficulties, and the lessons they learned. The study used a phenomenological methodology to give meaning to the displaced workers' experiences as a single phenomenon. The 10 participants were chosen using the purposive sampling technique. One of the criteria for choosing the participants was that they were regular yet displaced employees during the pandemic. An in-depth interview was used in the study to collect the data. The researchers also ensured they followed ethical considerations. Through thematic analysis, the study revealed that while some had a chance to spend more time with their families due to the pandemic, the participants struggled mentally, emotionally, and financially. To recover from these struggles, the study would like to highlight the participants' coping mechanism, adaptive resilience. Lastly, these participants could reflect on their experiences by refining resilience and coping strategies to move forward in their lives as individuals. Based on the findings, the researchers recommend that future researchers use this study to explore innovative ways to support displaced workers and understand the intersection of economic changes with social factors.

Factors for the Success of Tourism Startups During the Pandemic

Due to the pandemic caused by the SARS-CoV-2 virus, numerous sectors of the world economy were practically paralyzed, and tourism activity can be highlighted as one of the main ones. Given that, tourist attractions, equipment, services, and tourist infrastructure sought ways to overcome this moment of crisis. However, only a few were successful. Tourism organizations linked to digital environments, which sought to innovate in the market, faced greater challenges and effectively dealt with the uncertainty environment created by Covid-19, were the ones that stood out the most. These companies that survive during a risky scenario, which have a technological base and a scalable, sustainable, and repeatable business model, are currently called Startups. Therefore, this study aims to analyze and identify the main critical factors for the success of tourism startups during the pandemic, using real examples of organizations that were successful in this period as the main basis for extracting information.

Research issues of the region as an adaptive socio-economic system

Aim. To consider the issues of regional management in the modern conditions of the country’s economic development, which are characterized, on the one hand, by objective factors of the world economy development, such as dynamism, complexity, instability of the foreign economic environment, on the other hand, by the unfriendly attitude of a number of Western countries, which is expressed primarily in the application of economic sanctions to Russia.Objectives. To identify the main directions and peculiarities of the positions of various domestic and foreign authors regarding the issues of the study of the region as an adaptive socio[1]economic system; to formulate the functions and properties of the region as a system.Methods. The authors used empirical and analytical methods of research, defined the region from the position of the system approach.Results. The author’s vision of key properties of the region as a socio-economic system is presented, their description from the position of regional management is given. The existing approaches are analyzed and the peculiarities of the organizational and economic structure of management of the region as a system are defined, and the directions of its development in the conditions of unstable market environment are highlighted.Conclusions. There is an obvious need to form a new methodology of regional management on the basis of the system approach, taking into account the peculiarities of modern economic realities. The first step to this is the substantiation of the region as an open socio-economic system. The idea of expediency of further improvement of the mechanism of regional management on the basis of the principles of adaptation and self-organization is put forward.

Market Trends and Outlook for Oil and Gas, a Review

Hydrocarbon business globally, commands enormous influence over the dynamics of financial integrity on wealth creation in the world economy, through global trade. Citing example with Nigeria’s Oil and Gas industry, her richly endowed mineral deposits, for the past six decades has (directly or indirectly) played very significant role on virtually all economic and commercial activities; in determining the financial health/viability of the nation’s economy. The global economy presently faces challenges of the global warming due to the climate change that has occurred as a result of incremental growth in energy demands and consumption. Energy, known as a critical factor to life is essential for purposes of powering the economy through daily economic activities, and also for maintenance of man’s existence, has its own consequences on the environment in the course of its production and utilization. As a result, it has been proven to be posing a number of challenges, threats to life and man’s sustainable existence because of the adverse incidences on the planet, resulting from impact of carbon emissions being generated from energy consumption of fossil fuels/Oil and Gas sources (among other greenhouse gases, GHGs). Energy transition, as a phenomenal trend on the global energy solutions management, would contain these global challenges (in ever increasing global population with its imminent threat of energy crisis/poverty) by applying energy-mix menu and technologically advanced initiatives (the proposed Maximum energy-minimum emissions strategy) to control global warming by net-zero carbon emissions target through decarbonizing technologies; for sustainability of the planet.

Risk management maturity and robustness in the Chinese manufacturing supply chain: a comparison study across organisational cultures

ABSTRACT Chinese manufacturing, a major engine of the world economy, has been at the heart of the challenge of major global supply chain disruptions. This research explores the relationships among different dimensions of supply chain risk management maturity and supply chain robustness in Chinese manufacturing organisations. A structural equation model is developed and tested based on the participation of 296 supply chain managers. Based on the Competing Values Framework, four different culture groups are assessed to determine whether the relationships differ by culture type. While all model relationships were found to be significant and positive across the culture groups, the weights associated with certain relationships were significantly different. The adoption of the proposed framework could bring the benefit of a more comprehensive evaluation of supply chain risk management maturity, as well as the identification of both strengths and areas where improvements may be necessary for achieving supply chain robustness.

The active underbelly of developmentalism: The power of the state in the twenty-first century

Industrial policy has become one of the buzzwords of state interventionism in the political economy of states. Continuity and change in social contracts, the increasing complexity of multi-level governance in the world economy, and the need for greater degrees of co-ordination and greater amounts of capital in key industrial sectors all require a reinvigorated understanding of the state and of state power. This article seeks to develop such an understanding of one state form: the Developmental State. Through an analysis of the Argentine development experience under Nestor Kirchner (2003-07), this article will reveal the need to develop sophisticated understandings of the state and associated concepts of capacity and autonomy to fully grasp its role in the development process, with a particular focus on industrial policy. Such examination will draw attention to the changing nature of industrial policy, and how this is linked to changes in the state as a result of pressures from below (changing constellation of social forces) and from above (changing nature of global forces).

Research Paper on Blockchain Technology

Blockchain is a Peer to Peer software technology that protects the integrity of a digital piece of information. It was invented to create the alternative currency Bitcoin but may be used for other cryptocurrencies, online signature services, voting systems and many other applications. In this video we explain how it works and what makes it special. Everyone uses paper money. When you get a 10 dollar bill you trust that it's not fake. If instead someone sent you an email saying "here's 10 dollars" you probably wouldn’t trust it. But when we "transfer money", use an ATM or pay with a deposit card that's pretty much exactly what we do. We're sending money in a digital message. To make sure no one's cheating or sending money they don't have, these “messages” go through a few trusted banks that keep a record of everything. They know how much money everyone has and deduct it properly for every transaction. Now But this has become expensive when there is a millions of transactions around towards the world every minute. The Economist estimates that banks charged us more than 1.7 trillion dollars to process these payments in 2014. That’s about 2% of the entire world economy! With blockchain we can save a lot of this cost because it lets us send money just like sending an email. Alternately sending a lot of payment information through a few servers, blockchain uses thousands of personal computers on the internet. All transactions are copied and cross checked between every computer in a system wide accounting book called the ledger, which becomes very safe at scale. Blockchain doesn’t just allow us to create safe money online, it lets us protect any piece of digital information. This could be online Identity cards, voter ballots, contracts and many other “legal instruments”, bringing bureaucracy into the 21st century.

The Interests of the United States of America in the Persian Gulf Countries and Security Problems

Energy resources play an important role in the process of organizing the national security of a state, which is why establishing control over them is one of the most important goals. That is why the countries of the Persian Gulf are the subject of interest of the leading states of the world, the epicenter of the struggle to secure control over the natural resources of the region. The Persian Gulf is an area of special interest in this direction because it is where the largest reserves of hydrocarbon resources in the world are located today.The Persian Gulf region includes eight states, of which, except for Iran, all countries are Arab (Iraq, Bahrain, Qatar, the United Arab Emirates, Kuwait, Saudi Arabia, and Oman). The vast majority of them have the largest deposits of hydrocarbon resources, which determines the great interest in them in the world.Since oil and natural gas have an important place in the modern world economy, the role of countries with these natural resources in world politics is also great. Since the countries of the Persian Gulf have the largest reserves of natural gas and oil in the world, it can be said that the strategic importance of this region will increase in the coming decades.The relevance of the research is also determined by the fact that the successful pursuit of the above-mentioned states' own strategic interests is facilitated by systematic intelligence activities. Along with this, the relevance of the research is defined by the fact that on the international level from a military-political point of view, the region is important due to the possibilities of deployment of military bases in the target states, including through intelligence activities, and to identify the threats expected from them.

Implementation of Beneficial Ownership in Corporations to Prevent the Crime of Money Laundering in Accordance with Law Number 8 of 2010

The era of globalization influences the development of the world economy and one of them is the existence of many forms of business associations, in this case called corporations. Corporations are organized groups and/or assets, whether they are legal entities or non-legal entities. Corporations are often used as a place or business turnover for the proceeds of crime which is called money laundering. Crimes that are often committed by corporations are crimes related to money laundering. To prevent and eradicate the crime of money laundering, corporations must register their beneficial owners. A beneficial owner is an individual who can appoint or dismiss directors, commissioners, administrators, managers or supervisors of a corporation, has the ability to control the Corporation, is entitled to and/or receive benefits from the Corporation either directly or indirectly, is the actual owner of the funds or shares of the Corporation and/or fulfill the criteria as intended in the Presidential Regulation. The method used in this research is normative juridical, which is research using statutory regulations as study material. The data collection technique used by researchers in this research is a library study technique where data is obtained from scientific writings and research in articles and other journals. In order to prevent and eradicate the crime of money laundering, Law Number 8 of 2010 concerning the Prevention and Eradication of the Crime of Money Laundering was issued, as well as Presidential Decree Number 13 of 2018 concerning the Application of the Principle of Recognizing the Benefits of Corporations in the Context of Preventing and Eradicating the Crime of Money Laundering and Terrorism Financing Crime. When establishing a corporation, the beneficial owners of the corporation must be registered. The hope of this regulation is to prevent and eradicate criminal acts of money laundering carried out by corporations under the pretext or business reasons of corporate businesses.

How do digital financial inclusion, ICT diffusion, and education affect energy security risk in top energy-consuming countries?

Energy security has become a crucial issue as the world economy depends more and more on energy supplies. In the context of the top energy-consuming nations, this research examines the connection between digital financial inclusion, information and communication technology (ICT), education, and energy security risk from 2011 to 2022. To that end, the study applies the two-stage least squares and system generalized method of moments estimation techniques. According to our study's findings, digital financial inclusion and associated factors, including automatic teller machines, bank branches, debit cards, and electronic payments, mitigate energy security risks. The energy security risks are also reduced due to ICT, education, gross domestic product, and renewable energy production. However, carbon emissions increase energy security risks. These findings suggest that policymakers in top energy-consuming economies should focus on the digital inclusiveness of the financial sector, ICT diffusion, and human capital to increase the opportunities for investment in the energy sector to mitigate energy security risks.

Legal Regulation of Parallel Import in the States of the Eurasian Region

The article is devoted to the problem of regulating parallel imports in the countries of the Eurasian region, which is significant in the conditions of the modern world economy. The relevance of this issue is related to the economic sanctions applied to such states of the Eurasian region as the Russian Federation and the Republic of Belarus. The legal regulation of issues of protection of intellectual property rights in Russia, Belarus, Kazakhstan, China, and Azerbaijan is analyzed. Special attention is paid to the consideration of the practice of the Constitutional Court of the Russian Federation, as well as legal acts regulating the rights of both copyright holders and importers and consumers, who are subject to the consequences of certain decisions of copyright holders who do not consent to the import of goods into different states.Aim. Research of the legal regulation of the institution of parallel imports in the states of the Eurasian region in the context of economic sanctions.Tasks. Analysis of regulations governing the protection of intellectual property rights in the states of the Eurasian region, research of the main directions of parallel imports in the states of the Eurasian region, as well as identification of the main legal problems associated with the legalization of parallel imports in the region.Methods. Comparative legal and cross-temporal analysis of international and national regulations in the field of antitrust, copyright and customs law, as well as the study and analysis of general scientific literature and the formation of one’s own conclusions during the research.Results. As a rule, the states of the Eurasian region have established the national principle of exhaustion of rights to a trademark, and the international principle is used as an exception for certain groups of goods. The legalization of parallel imports raises several formal questions about the compliance of permission to import without the consent of the copyright holder with the international obligations of various states.Conclusions. In connection with the introduction of economic sanctions against some states of the Eurasian region, parallel imports are an effective mechanism for protecting the domestic market from abuses by copyright holders who unreasonably deny importers the right to distribute goods. Also, one of the methods to neutralize the consequences of sanctions regulation is to use the markets of other countries in the Eurasian region, which do not directly prohibit parallel imports.

CREATING A SUSTAINABLE DIGITAL BUSINESS ECOSYSTEM: CHALLENGES AND OPPORTUNITIES FOR GLOBAL ECONOMIC DEVELOPMENT

This research aims to analyze the challenges and opportunities in creating a sustainable digital business ecosystem to support inclusive global economic growth. The research method used includes collecting and analyzing various documents such as research reports, academic publications, government policies, and industry documents related to digital business ecosystems, sustainability, and global economic development. The results show that the integration between the concepts of digital business ecosystems and sustainability has a crucial role in creating a sustainable business environment. Key factors such as digital inclusion, sustainable innovation and multi-stakeholder partnerships were identified as important elements in achieving this goal. The implications of this research highlight the need for collaborative action between governments, companies, and non-governmental organizations in designing policies and business practices that support sustainable economic growth. Building a comprehensive, forward-thinking, and environmentally friendly digital business network is essential for long-term economic development that positively impacts society. Stakeholders can achieve long-term improvements that benefit future generations by prioritizing economic, social, and environmental sustainability. This research aims to build a durable digital business environment for the betterment of the world economy through its contribution to academic literature and business practice.

State governance through the lens of economic theories

Purpose of the research. This paper presents the results of research on methods and tools of state regulation reflected in schools of economic theory, which originated in the early 16th century and continue to develop to the present day. The aim of the study is to examine the main approaches to state participation in the economic life of a country, in different periods of the history of the world economy. State regulation of the economy is an important aspect of modern economic policy and generates many discussions.Methodology. This research provides an overview of various schools of economic thought and their views on state regulation in schools of economic theory. It includes a discussion of regulatory tools and methods, such as taxes, subsidies, monetary policy, fiscal policy, and market regulation.Findings. The paper also addresses issues of regulatory efficiency, the balance between state intervention and market freedom, and social justice. Understanding these ideas and concepts allows for a conscious analysis and discussion of current problems of state regulation in the modern economy. Recommendations are aimed at studying the effectiveness of state intervention in various economic conditions. This includes assessing the impact of regulation on economic growth, market stability, and social justice.

THE CLUB OF ROMAN AND MODERN NARRATIVES OF KAZAKHSTAN

Roza Muratova E-mail: rose1950@mail.ru Doctor of Economic Sciences, Chief Assistant Prof. PhD Kazakh National University named after Al-Farabi Almaty, Kazakhstan https://orcid.org/0000-0002-5382-0024 Mariana Petrova E-mail: m.petrova@ts.uni-vt.bg Doctor of Economic Sciences, professor, St. Cyril and St. Methodius University of Veliko Tarnovo Veliko Tarnovo, Bulgaria https://orcid.org/0000-0003-1531-4312 Dana Baigojaeva E-mail: 020950d@gmail.com ICHR, Novotel Almaty, Kazakhstan https://orcid.org/0009-0008-4607-8299 Abstract: The Club of Rome is an international non-governmental organization that unites world-famous scientists and public figures from different countries. The contribution of the Club of Rome is best known for its report “The Limits to Growth”, which was a turning point in addressing the challenges of sustainable development. In the article we examine the background to the creation of the Club of Rome and the contradictions that arise during the club’s activities. We also provide critical statements about the conspiracy theory of the activities of the Club of Rome. The article proves that conspiracy theories and the activities of the Club of Rome do not have a specific logical connection. In the article, we set the task of reforming the economy, the task of gradually moving away from measuring the level of economics with GDP indicators, as not meeting the tasks of assessing the level of social well-being of the country, since the formation of GDP is based on the world price environment of products and services. The main hypotheses of our research are an attempt to substantiate the transition to an objective measure of the state economy. Our article attempts to analyze a new approach to human economics as an element of the biosystem. The article poses the problems of transition to a regenerative economy and management, and notes therelevance of solving these problems for Kazakhstan, in particular the issues of regenerative agriculture and regenerative urbanism. We also analyzed ideas for implementing the principles of the “donut economy.” The work presents the directions of modern research of the Club of Rome and work, in continuation of “The Limits to Growth” 50 years later. We also noted that the activities of the Club of Rome do not lose their relevance and the solution of global issues of global development are of a local nature for Kazakhstan. The use of the research results is possible in the educational process and in scientific research of the world economy. Keywords: reports to the Club of Rome, global issues, planetary boundaries, regenerative governance and economics, social developmentJEL classification: F47

Innovation of Enterprise Management in the Era of Artificial Intelligence

As a product of social development and technological innovation, Artificial Intelligence has become the driving force of technological innovation and industrial transformation. It profoundly impacts the world economy, social progress as well as people’s lives. Artificial Intelligence’s commercial applications innovate enterprises’ internal operations and production processes, bringing both challenges and opportunities for management. This article analyses innovation in modern enterprise management with specific applications of AI to management theories. Some suggestions are also made for enhancing the application level of Artificial Intelligence in enterprise management.

Trade Protectionism and International Trade Policy Study

In the context of globalization and the close interconnection of economies, international trade has become a key driver of economic growth and global cooperation. However, the resurgence of trade protectionism has posed a series of challenges to international trade. The trade war between the United States and China stands as one of the most prominent cases of international trade friction, providing a valuable empirical scenario for the study of trade protectionism and international trade policies. This paper begins with an overview of the US-China trade war, including the development of trade relations, the scale and structure of trade between the two nations, and the causes and key issues of the trade war. Subsequently, the article reviews the theoretical underpinnings of trade protectionism, focusing on the concepts and forms of protectionism, as well as the motivations behind it. Through the analysis of the US-China trade war case, the paper examines the direct and indirect impacts of this trade conflict on the economies of both countries and the international trade order at large. The research finds that while trade protection measures may benefit certain countries or industries in the short term, such practices are likely to harm the overall interests of the global economy in the long run, increasing uncertainty and instability within the international community. Finally, based on the current state of international trade, this paper proposes a series of strategies to address trade protectionism and offers insights into the future development trends of a new international trading system and international trade policies. The article emphasizes that in the face of the challenges posed by trade protectionism, the international community must work together through dialogue and cooperation to find long-term solutions to global trade imbalances, thereby promoting the shared prosperity and development of the world economy.

The challenge of eco-generativity. Embracing a positive mindset beyond eco-anxiety: a research agenda.

Climate change has emerged as a tough challenge affecting the world's society and economy in the twenty-first century. Furthermore, it has been determined that global warming and climate change have detrimental effects on human health both physical and psychological. In this framework, eco-anxiety has emerged as a new construct to assess the distress in relation to climate change and its effects. In the current article, after a study of the literature regarding both eco-anxiety and generativity related to environmental issues, in the search for a healthy response to eco-anxiety, we propose the construct of eco-generativity as a sustainable development-related concept for the health of planet earth and people in the present and in the future. Accordingly, we explore the definitions of generativity in relation to the ecological environment, examining the development of the concept in accordance with the most recent research. Subsequently, according to the lens of psychology of sustainability and sustainable development, we propose key elements of eco-generativity in terms of construct and measures. Finally, a research agenda for future research and intervention on eco-generativity is provided.

CONVERGENCE IN THE FIELD OF ECONOMICS AND LAW: CORRELATION OF PROCESSES

The activities of the modern state are carried out taking into account the trends inherent in the global community. One of the driving forces behind these trends is the strengthening of economic integration due to the increasing role of finance in the world economy, the effects of globalisation, liberalisation, concentration and centralisation of financial capital, which have shaped the new shape of the modern economic system. The integration of the world economy requires the integration of law in accordance with generally recognised norms and principles at the international level. The international character of law is an external circumstance that determines the facts of legal regulation of the convergence of states and peoples, their economies, cultures and ideologies. Convergence leads to the convergence of different legal systems and economic models. These circumstances indicate the existence of a global phenomenon that can be described as the process of economic and legal convergence. The subject of the study is the patterns of convergence in the field of economics and law. The authors aim to study the genesis of the convergence theory, identify the main trends and prospects for the development of convergence in the current environment, and explain the patterns of convergence in the field of economics and law in the context of globalisation. The methodological basis of the research is the theory of economic and legal convergence, the theory of state regulation of the economy, the theory of socio-economic systems and economic growth developed in the works of domestic and foreign economists, lawyers and philosophers. The study of basic economic and legal institutions is carried out on the basis of the dialectical method, general scientific methods of abstraction, analysis, synthesis and systematic approach. The research of certain issues was carried out using special methods: historical, comparative, interpretation of law, logical and legal, as well as methods of specific economic research, etc. The authors analyse certain issues of economic and legal convergence in terms of their historical formation, relevance, efficiency and prospects for application. Results. Convergence in the field of economics and law is a process of interaction of relevant elements both within national systems and economic and legal systems of different states, characterised by convergence, an increase in the number of links between the elements of converging objects and a certain degree of consistency of the impact of these elements on social relations. On the basis of the study, the authors believe that the use of convergence processes in the field of economics and law at the global level should be carried out only in a harmonious manner, creating common balanced results based on a unifying model of coherent cooperation of the subjects of these processes.

The European energy crisis, the Dutch TTF, and the market correction mechanism: a financial markets perspective

Abstract In September 2022, the Title Transfer Facility (TTF) prices spiked at unprecedented levels. For various reasons, including the Russian invasion of Ukraine, Europe was facing an energy crisis: gas supply was significantly reduced while demand remained unchanged. Policymakers responded with a variety of measures, including regulatory interventions on the TTF market. While seeking to improve the situation in the ‘real world economy’, these measures have an important financial regulatory angle. This article investigates the potential impact of these interventions, in particular of the Market Correction Mechanism, on the wholesale gas market from a financial markets perspective. Considering, amongst others, observations from the EU Agency for the Cooperation of Energy Regulators, the European Securities and Markets Authority, and the European Central Bank, it appears that these interventions may have unintended negative consequences in light of the functioning and attractiveness of the Capital Markets Union and achieving strategic autonomy.