ACCOUNTING FOR NATURAL CAPITAL AS AN IMPERATIVE OF THE SOCIO-ECONOMIC PARADIGM OF FINANCIAL STATEMENTS: THE CURENT STATE AND PROSPECTS OF THE REPUBLIC OF MOLDOVA

In the context of the implementation of the concept of sustainable development, the business unit activities are interpreted as a three-component system, including the economic, social, environmental segments of the economy. This trend led to the transition to the socio-economic paradigm of financial statements, which predetermines its deep transformations, one of which is to find ways to recognize natural capital and disclosure of information on its influence on the value of the business as a whole.During the study, the author nominated hypotheses: H1 - recognition and accounting of natural capital is imperative in the context of the implementation of the socio-economic development model; N2 - current in the Republic of Moldova (PM) there is no effective methodology for the financial accounting of natural capital, as a factor in the development of the environmental subsystem of the business unit, and their rationale is given according to the scheme: the imperativeness of the institutional platform of the mechanism of business interaction and natural capital is argued when moving to social -Economic development model; The state of the designated institutional platform in the PM is analyzed; A model of recognition of natural capital on the basis of IFRS is proposed; The overall assessment of the RM financial statement system in the context of its compliance of the concept of sustainable development is given.

Financial market development strategy in crisis: Analysis and recommendations

Subject. The article considers the development strategy of the Russian financial market under new economic conditions. Objectives. The purpose is to elaborate theoretical and practical proposals to improve the financial market strategy for boosting investment and economic growth in crisis. Methods. The study rests on strategizing, which allows to propose a number of initiatives to enhance the strategy of the financial market during the crisis period, based on trends, existing competitive advantages and opportunities of the Russian economy. Results. The paper shows the need to continue the transformation of the financial system, based not only on the liberal economic paradigm and recommendations of international institutions on the free movement of capital, but also on the use of its own strategy, aimed at economic development (including in industrial regions), enabling to address environmental factors. Conclusions. In times of crisis, it is necessary to stir up State institutions for development in financial markets, synchronize monetary and fiscal policies, strengthen the regulation of cross-border capital flows, and use the ESG strategies by public companies in Russia. The establishment of some additional restrictions on capital markets and the foreign exchange market by the financial regulator, the support for the ESG approach by State institutions for development and banks will mitigate systemic risks during crisis periods and attract financial resources to long-term investment projects of the real economy, encourage the growth of capitalization of companies, including in regions.

Design Support Needs to Realize More Effective and Resource-Efficient Offerings: A Comparison Among Large Companies and Small and Medium Enterprises

In an economic paradigm where companies think that more is better and resources are considered infinite, waste, pollution, and environmental degradation are often the result. This can, in turn, be addressed by companies focusing on offerings that are both effective and resource efficient. However, this type of offerings can be more uncertain and complex due to multiple factors such as multiple actors and conflicting objectives taking place at once. Dedicated design support for the relatively new offerings will be helpful for designers in industry. Large and small companies could benefit from the dedicated design support to successfully realize these types of offerings. However, the type of support they might need is not clear. Differences and similarities among large and small companies could guide researchers in providing more reliable support. Therefore, the aim of this research is to present differences and similarities of design support needs among large companies and small and medium enterprises. This is carried out through semi-structured interviews and follow-up meetings. The results show that differences include a formal product realization process for large companies and an informal or no process for smaller ones. Similarities point at design support for better communication and management of their offerings with regard to lead time as well as lifecycle and strategic thinking for decision making. The conclusions highlight the importance for researchers to provide design support that purposefully addresses specific needs.

Prohibitions As Means of “Smart Regulation” of Compensation for Harm to the Environment

Introduction: an important vector of development of modern society is the formation of an ecological and economic paradigm, in whose context the legal regulation of public relations is carried out with the emphasis on the environmental component. The problems of compensation for environmental damage, without losing their independent relevance, become the leitmotif of the modernization of the legal implementation processes. Given that the specifics of compensation for environmental damage are multi-faceted, reflecting cross-industry trends, this area requires the development of “smart regulation”, whose effective means are legal prohibitions. Purpose: to conduct a theoretical and legal study of prohibitions as means of “smart regulation” of compensation for environmental damage. Methods: the research is carried out using a set of methods of scientific cognition, namely, analysis (the analysis of concepts, identification of their features, traits) and synthesis (the generalization of debatable conclusions, contrasted definitions), the method of analogies, with the help of which the characteristics of the studied theses, definitions were projected on legal relations. The preparation of the paper required the use of special legal research methods, such as formal-legal and comparative law. Results: the study focuses on the analysis of the concepts of “environmental harm”, “environmental communications”, “environmental information”, “mechanism of legal regulation”, “smart regulation”, “prohibitions”, presents their author’s interpretations, reflects that prohibitions as instructions to refrain from certain negative actions under the threat of liability in the matters of compensation for environmental damage are effective means of the legal regulation that ensures the satisfaction of the interests of society and nature. Prohibitions, as criteria for distinguishing between the legality and illegality of behavior in the interests of environmental protection, as means of the legal regulation, form the basis for bringing to justice those who violate them. The paper presents the ways of applying and modernizing prohibitions for “smart regulation” of compensation for environmental damage. Conclusions: prohibitions as means of “smart regulation” serve to ensure transparency and efficiency of compensation for the environmental damage, provide innovative communications of decision-makers and citizens in the implementation of their rights to a favorable environment, to compensation for damage caused to the environment in full, provide suspension, restriction, termination of the activities that cause harm from the creation of a regulatory act to its implementation. The analysis of legal prohibitions demonstrates that in the matters of compensation for environmental harm, the problem of legal prohibitions is effective.

Conceptualizing and Key Development Factors of the Sharing Economy in Contemporary Environment

We are already witnessing the emergence of a new economic paradigm - the sharing economy - that will radical transform way of life of society. The new economic paradigm is based on the values of a post-modern society - the imperative of sustainable development models, the growth of meaningful consumption and the development of new types of solidarity. The diversity of business and non-profit sharing services is a result of the growing areas of the sharing economy, the improvement of the technological infrastructure. The sharing economy takes place in organized systems or networks, in which participants conduct sharing activities in the form of renting, lending, trading, bartering, donation and swapping of different physical and non-material resources. The sharing economy framework is an "umbrella" concept. This approach generates not only problems (statistical accounting, regulation, etc.), but has benefits. "Flexible" methodologies that focus on the process of changing sharing practices provide great opportunities for understanding current socio-economic changes and making trustworthy forecasts. Global and country-specific factors determinate the development of sharing projects. Specific factors can include specific tax regimes; expansion of foreign digital platforms that popularize the culture of sharing, socio-cultural practices of non-market exchanges that have developed in countries, which are easily transferred and scaled from an offline to an online, etc. Russian authorities provide the best competitive conditions for sharing services, increase participants' trust, provide information support and promotion. The lack of state support for some sharing sector (in Russia – foodsharing and crowdfunding) leads to a slower its development.

Beyond Neoliberalism

Chapter 4 explains the cultural stories and values that bolster the neoliberal paradigm, one that shapes exploitative socioecological relationships. It argues that ideas have consequences and details the history of Western thought—such as Descartes’ hierarchical dualisms and social sciences’ profound misunderstanding of Darwin’s theory of evolution—that brought extreme individualization, inequality, and fierce competition. These stories and values promote ideas that humans have moral dominion over nature and man has dominion over woman. This world view justifies social inequity as well as humans’ exploitation of other species and the environment. These codified stories and values perpetuate humans’ acts of harm against others and the planet. The chapter further discusses how and why economic context matters in shaping paths of resistance and co-opting alternative and green technologies. It explains the need to scale up socioecological values first in order to cultivate the underlying framework for a new environmental economic paradigm.

South Africa in the Installation Phase of a New Techno-economic Paradigm

South Africa’s situation of financialization, low growth, unemployment, and inequality is linked here to the ‘installation phase’ of a new technology as described by Carlotta Perez. South Africa’s informational economy is examined, and the role of the financial sector is summarized. The article then considers the strengths and weaknesses of the manufacturing and service sectors, and the embeddedness in them of digital technologies. The article concludes by supporting manufacturing as the best route to a new productive economic core while other sites of digital industry take deeper root. The need to shape finance to more national ends is also affirmed.