Suriname and Guyana face oil-driven climate challenges

Significance Both economies now look set to be driven by oil investment and production for at least the next decade. This economic trend is the opposite of that experienced by many other economies which are attempting to transition towards clean energy in an effort to mitigate climate change impacts. Impacts Submission of Guyana’s second Paris Commitment goals will spark greater scrutiny of current climate change initiatives. Extractives companies operating in Guyana and Suriname may look to fund climate change initiatives there to bolster their reputations. Guyana’s renewable energy commitments will lead to new investment opportunities in this sector from 2022.

Reflective backward analysis to assess the operational performance and eco-efficiency of two industrial districts

PurposeThe best strategy to apply for the future cannot disregard a careful analysis of the past and is the one capable of seizing opportunities from outside. Manufacturing sectors are characterized by sudden changes, and in this work, we analyze the ceramic tiles sector characterized by a mature technology in which innovation has played a key role.Design/methodology/approachThis study aims to provide a sectorial analysis based on a historical data set (2004–2019) to highlight how an industry is performing both operationally and in terms of eco-efficiency. For this purpose, from a methodological point of view, the data envelopment analysis (DEA) was used.FindingsThe results of the analysis show that the Spanish ceramics industry shows a growing economic trend by taking advantage of lower industrial costs, while the Italian industry is characterized by a modest decline partially mitigated by exports. The industrial districts are an aggregation of companies that in the ceramic sector has allowed to combine innovation, sustainability and digitalization and is a model toward the maximization of sustainable efficiency because it is a place of aggregation of resources and ideas.Originality/valueThis study experiments with an innovative way of addressing traditional industry analysis, namely, integrating the reflective management approach with DEA-based backward analysis. This provides decision makers with the basis for new interpretations of variable trends.

The Likely Impact of COVID-19 on US Employment in the Medium Term

COVID-19 caused an abrupt increase in unemployment rates for people across various fields of work. This paper compares the COVID-19 crisis with the Great Recession and the Spanish Influenza. After careful data collection and analysis, it is clear that COVID-19 caused a steep, immediate decline in the economy although it did not last long. By comparison, the Global Financial Crisis was a persistent recession though less severe. Comparison of the health effects for COVID-19 and the Spanish flu reveals that the influenza was much more contagious as it infected 29.3% of the US population in three years. In contrast, this percent is 2.4% for COVID-19 as of August, 2021. The flu outbreak also coincided with WWI which caused further spread of the virus, and an effective vaccine was never developed. Therefore, the current economic decline should not be worse than that of the influenza. Moreover, the government is more actively participating in the economy now than it was during the flu pandemic. The Spanish flu had a V-shaped economic trend despite having minimal government involvement. Because the flu and coronavirus are both pandemic-induced crises, we would expect COVID-19 to be V-shaped as well, which is seen through the graphs below. U.S. data from the Federal Reserve is analyzed graphically in this paper, and it shows that the COVID-19 crisis exhibits a distinct V-shape pattern. This suggests that economic recovery will be faster than the less severe Global Financial Crisis, and that countercyclical government policies may not be as necessary.

BEHAVIOUR OF STOCK MARKET DURING THE COVID-19 PANDEMIC: THE MALAYSIAN EXPERIENCE

The COVID-19 outbreak was triggered in Wuhan, China in December 2019. The World Health Organization (WHO) has declared a public health emergency in January 2020. The literature shows that the COVID-19 pandemic slowed the Malaysian economy. According to the World Bank, Malaysia GDP is USD336.7 bill in 2020, USD 364.7 bill in 2019, a USD28bill reduction or 7.67%. The Malaysian government is trying to address this scenario, it is important to establish and apply expansionary fiscal measures. The dread of the virus's danger has caused people to cease living, working, socializing, doing business, and the other normal activities. Economic consequences are very unclear, making it difficult to take adequate steps to reverse the downward economic trend. The present research analyses the potential economic impact of the COVID-19 pandemic on the Malaysian economy using a systematic review approach. Also, econometric study to determine the degree of integration between the FBMKLI and the COVID-19 daily infected cases. The findings show the relationship between COVID-19 infected cases and the performance of the FBMKLI. Keywords: COVID-19, FBMKLI, Correlation, Malaysia, Systematic Review, Granger causality.

A Multidimensional View of Intellectual Capital: The Impact on Innovation Performance

The current economic trend worldwide is for an industrial economy based on tangible assets to convert into a non-tangible economy based on intellectual capital. Lately, a multidimensional view of intellectual capital and its implications on innovation performance have generated renewed research interests. Based on these facts, the relationship amongst different antecedent factors such as culture and trust on intellectual capital components was analysed. In addition, a correlation among intellectual capital components (as non-tangible assets) and innovation performance for the banking sector was established. The positivism philosophy, deductive approach and quantitative methods were used as the research methodology to accomplish the research objectives. In this process, a questionnaire survey and purposive sampling technique were used to collect the responses from 364 employees of the Iraqi commercial banks. The obtained data were analysed statistically using the SPSS v25 and AMOS v24 software. The results revealed a significant impact of culture and trust (antecedent factors) on various intellectual capital components. Furthermore, a strong connection between these antecedent factors and intellectual capital components was evidenced, confirming the study hypotheses. Interestingly, intellectual capital components were found to enhance significantly the innovation performance of the banks, leading to better competitive advantages. In addition, it provided evidence on the impacts of inter-relationships amongst human, structural and relational capitals. Consequently, the study provides academicians and practitioners valuable insights into and guidance on how developing intellectual capital enhances competitive performance, especially in the context of Iraqi commercial banks.

Strategic planning and forecasting as a tool for the economy development of the state

The importance of the study presented is by effective development and management of any system, including the state, it is necessary to implement a set of strategic goals and objectives. The increasing pace of globalization and digitisation of the contemporary world determines the need for all countries to respond to modern challenges and risks. The stagnation of the economic trend caused by the spread of coronavirus infection COVID-2019 and the decrease in the quality of life of the population, the growth of environmental, technological, demographic and other problems are related to such threats. The search for answers so necessary to overcome global challenges in general determines the national security of any country and, in particular, its development and prosperity. The authors of the article proved that it is possible to find the necessary answers only in the framework of the formation of a new model of state development. This model should ensure the strengthening and development of the real sector of the economy, the creation of new growth points from the introduction of innovative technologies and investment activities.

From the Company Town to the Innovation Zone: Frontiers of Public Policy, the State Action Doctrine, and the First Amendment

This article draws on the state action doctrine and the case Marsh v. Alabama to evaluate a recent proposal to create an unprecedented public-private partnership in the state of Nevada. In Marsh, the Supreme Court of the United States held that a private citizen was protected under the U.S. Constitution's First and Fourteenth Amendments in distributing religious literature on the sidewalk of a “company-owned” town. We make the case that both the state policy under consideration and a number of political and economic trend lines indicate that the issue central to Marsh remains pressing at the start of our new millennium: what are the circumstances under which concentrated private power amounts to something akin to government authority, thereby implicating the protections of the national Constitution? Our goal in this piece is not to offer an exhaustive or thorough review of the particulars of the “Innovation Zone” bill under consideration, but to consider, in advance, constitutional problems that might arise from granting corporations broad powers traditionally wielded by governments.

APPLICATION OF CROWDFUNDING AS AN ALTERNATIVE SOURCE OF PROJECT FINANCING IN EU COUNTRIES - ASSUMPTIONS OF ITS DEVELOPMENT IN BOSNIA AND HERZEGOVINA AND CROATIA

A new economic trend in the financing of projects, start-ups, innovative projects and many other projects from various fields (music, film, games) is widespread today and its called crowdfunding or group financing. With the development of new technologies, and thus social networks around the world, it creates the possibility and potential advantage of associating around the world in raising funds in an alternative way. Crowdfunding can be organized in several forms or models. The basic division is the one that is carried out by the European Commission: Reward-based crowdfunding, Donation-based crowdfunding, Share-based crowdfunding and Investment-based crowdfunding. The crowdfunding market is constantly growing. As conditions for traditional funding become more stringent, crowdfunding could be a potential key to success. Prospects for the development of crowdfunding in Bosnia and Herzegovina and Croatia are reflected in the legal regulation of this method of financing, which would facilitate administrative work, reduce handling costs and create legal certainty. Following the established regulations, intensive attention should be dedicated to the promotion of crowdfunding and "raising awareness" of citizens, pointing out the possible benefits and advantages that it offers. This will take some time, so that in the foreseeable future, alternative financing of crowdfunding will gain in importance in Bosnia and Herzegovina and Croatia.

Global Impact of Non-essential Heavy Metal Contaminants in Industrial Cannabis Bioeconomy

The intrinsic signatures of Cannabis species to bioaccumulate non-essential harmful heavy metals (HMs) are substantially determined by their high tolerance, weedy propensities, phenotypic plasticity attributes, and pedoclimatic stress adaptation in an ecological niche. The detection trends of HMs contaminants in cannabis products have reshaped the 2027 forecast and beyond for global cannabis trade valued at $57 billion. Consumer base awareness for the cohort of HMs contaminants viz., lead (Pb), mercury (Hg), arsenic (As), chromium (Cr), cadmium (Cd), and radioactive elements, and the associative dissuading effects significantly impact cannabis bioeconomy. On the premise that fiber hemp (Cannabis sativa L.) could be repurposed to diverse non-consumable products, concerns over HMs contamination would not significantly decrease fiber trade, a trend that could impact globally by 2025. The economic trend will depend on acceptable consumer risk, regulatory instruments, and grower's due diligence to implement agronomic best practices to mitigate HMs contamination in marketable cannabis-related products. In this unstructured meta-analysis study based on published literature, the application of Cannabis species in HMs phytoremediation, new insights into transportation, distribution, homeostasis of HMs, the impact of HMs on medical cannabis, and cannabis bioeconomic are discussed. Furthermore, a blueprint of agronomic strategies to alleviate HMs uptake by plant is proposed. Considering that one-third of the global arable lands are contaminated with HMs, revamping global production of domesticated cannabis requires a rethinking of agronomic best practices and post-harvest technologies to remove HMs contaminants.

INSTITUTIONAL THEORY IN THE DEVELOPMENT OF ECONOMICS

Theoretical bases of establishment and development of institutional theory as a new direction of economic science are analyzed. The preconditions for the emergence of institutionalism are studied, the fundamental differences between the new economic trend and classical economic theory are considered. The weakness of economic theories on the role and importance of the state in economic development is noted, the need to synthesize the strengths of institutionalism with neoclassicism to link the social attitudes and interests of individuals is emphasized. The stages of development of institutional theory, different approaches of institutional scientists, the emergence of a new, modern direction – neo-institutionalism – are studied. Differences in the interpretation of the term “institution” between traditional institutionalists and neo-institutionalists are outlined, which indicates a different methodology of its perception. It is emphasized that the doctrine of the depth of nature of institutions and its interpretation divided institutionalism into old and new. If the old questioned the individualistic worldview inherent in the neoclassical paradigm, then the new institutionalists do not deny the individualistic approach. Economic institutions that operate within the social environment are the frameworks or constraints that govern the behavior of society in economic conditions. Emphasis is placed on the prospects for further development of institutional theory, which allows the emergence and development of other theories, social sciences, reveals hitherto unexplored or little-studied phenomena and processes. In modern conditions, the economic difficulties faced by the world economy convincingly confirm the relevance of institutional theory, and the construction of an efficient economy is not limited to an approach based solely on the methodology of the classical school of economic theory. The contradictions posed by modern globalization are becoming a large-scale source of social, political, economic and even military challenges for less developed countries in relation to the more prosperous ones, and international institutionalization is the mechanism designed to alleviate instability.