Improving the Methodology for Assessing the Effectiveness of Economic Entities in Modern Conditions

Modern conditions impose special requirements to the assessment of economic entities. Efficiency is an important parameter of the activity of any business. The present research involved a critical analysis of standard methods for assessing the effectiveness of both domestic and foreign practices. The analysis revealed a need to apply new approaches to business efficiency assessment because the standard approach is not systematic and its indicators repeat themselves. The article offers a new conceptual methodological approach to understanding the term efficiency. The new methodological concept is hybrid in nature and includes classical economic, financial, and institutional methods. It also adopts some methods and approaches from management and natural sciences. The authors built a comprehensive model for assessing the effectiveness of an economic entity in modern conditions. It is based on the idea that the optimal methods are those that do not use relative indicators. This model includes three levels of indicators: standard, qualitative, and synergistic. The new approach is systemic and corresponds to modern economic environment, which resolves the issue of relative performance indicators.

Social Entrepreneurship: rethinking theoretical assumptions

Most of the Social Entrepreneurship (SE) literature derives its theoretical assumptions from the field of entrepreneurship in general, and more broadly, from modern economic theory. However, some thinkers notice significant gaps in existing theory and try to conceptualise SE incorporating some missing elements. In this theoretical paper, we explain the origins of contemporary SE concepts, analyse the significant contemporary SE works of leading thinkers and their theoretical assumptions. We also specify major shortcomings in existing concepts and demonstrate the possibility of filling gaps by realism, especially Aristotle’s philosophy. His distinctive realist view of human beings, including entrepreneurs, and his broader view on economics allows us to understand the essential nature of entrepreneurship, providing unique insights regarding the intellectual-volitional faculties of the social entrepreneur.

The Relevance of Islamic Economics and Finance Fundamentals to the Contemporary Economy: Islamic Economist Perceptions

There have been some studies related to the fundamental values of Islamic economics and finance. However, not many studies directly examine the relevance of the fundamental values of Islamic economics and finance to the modern contemporary economy. This study intends to examine the perception of Islamic economists on the relevance of the fundamental values of Islamic economics and finance to the contemporary economy. This research was conducted with a qualitative design by conducting a structured survey and in-depth interviews with 61 participants. Data analysis used in this research is collected from surveys and interviews from several sources and analyzed by qualitative descriptive method. The findings show that the Islamic economists perceived that the Islamic economics and finance fundamental values are relevant to contemporary modern economic conditions. The values are also considered better in overcoming economic and financial problems, thus achieving Islamic goals of public prosperity. The results also reveal the need for more vigorous efforts in promoting Islamic economics and finance fundamental values.==========================================================================================================ABSTRAK – Relevansi Fondasi Ekonomi dan Keuangan Islam dengan Ekonomi Kontemporer: Persepsi Ekonom Islam. Kajian-kajian terkait dengan nilai-nilai dasar ekonomi dan keuangan Islam telah banyak dijumpai dalam literatur. Namun, tidak banyak penelitian yang secara langsung mengkaji relevansi nilai-nilai fundamental ekonomi dan keuangan Islam dalam tataran ekonomi kontemporer. Oleh karena itu, penelitian ini bertujuan untuk mengkaji persepsi ekonom Islam terhadap relevansi aspek fundamental ekonomi dan keuangan Islam dalam terhadap ekonomi kontemporer. Penelitian ini dilakukan dengan pendekatan kualitatif dimana data-data didapat dengan cara survei terstruktur dan wawancara mendalam dengan 61 peserta. Analisis data dilakukan dengan metode deskriptif kualitatif. Hasil kajian menunjukkan bahwa para ekonom Islam menganggap bahwa nilai-nilai fundamental ekonomi dan keuangan Islam relevan dengan kondisi ekonomi kontemporer. Nilai-nilai tersebut juga dianggap lebih baik dalam mengatasi masalah ekonomi dan keuangan kontemporer, sehingga mencapai tujuan syariah untuk kesejahteraan umat. Hasil kajian juga mengungkapkan tentang pentingnya upaya yang lebih gencar dalam mempromosikan nilai-nilai fundamental ekonomi dan keuangan Islam.

Conceptual framework for application of modern financial technologies in the Russian industry

This article presents the author’s position on the use of modern financial technologies (FinTech) in the practice of managing domestic industrial companies. In particular, the use of modern financial technologies is possible in the current (operational) financial and economic activities of companies, as well as in their investment and financial activities. The authors considered the key aspects of the development of financial technologies, while identifying five waves of active development of FinTech in Russia. The authors set out the results of a comprehensive analysis of the mechanisms of functioning of FinTech in the modern economic conditions of domestic industrial companies using the example of e-commerce. The features of existing e-commerce systems are considered: B2B, B2G, B2C and C2C. An overview of the possibilities of using various instruments of financial technologies in various types of activities of Russian industrial companies is given. Based on the analysis of actual data from 156 largest industrial companies in Russia (out of 17 industries) included in the Expert-400 rating of the country’s four hundred largest companies, the directions of the formation of modern financial relations, including the supply of goods and services based on the digitalization of management processes using modern tools: e-commerce, including blockchain platforms, as well as Big Data, mobile applications for employees or clients, machine learning. It is shown that practically all the largest industrial companies in Russia – the leaders of their industries – are actively introducing and using all modern financial technologies in their activities. The directions of transformation of business processes of industrial companies in Russia are investigated within the framework of the concept of sustainable development of their business in terms of using a variety of FinTech tools and digitalization. Prospects for the use of modern financial technology tools in industrial production in the first half of the XXI century are considered

Ensuring food security in Kazakhstan in modern economic conditions

Food security occupies a special place in the system of national security of Kazakhstan, since the availability of food serves as a basic indicator of human activity. The country’s maximum participation in the international division of labor in the agro­industrial complex depends on solving the problem of food security. The choice of directions is determined by economic opportunities of the country, its role in the world, conducting of domestic agro­food policy, determination of advanced development strategy of agroindustrial complex, its basic branch – agriculture. Kazakhstan is the largest exporter of grain and takes leading place in the world in flour export. Thanks to good harvests in recent years, Kazakhstan was able to strengthen its ability to stabilize prices in the markets of Central Asia, Russian Federation, the Middle East, Europe and the Caucasus and improve its own prospects in terms of food security in the adjacent regions. The agriculture of Kazakhstan is in urgent need of modernization of its material and technical base, more advanced technologies and more effective and targeted state support, without which its dynamic development observed in recent years will be at risk.

Philosophical Discourse for the Development and Improvement of the Intellectualization of Human Nature

The principal goal of the study is to characterize the philosophical discourse of the development and improvement of human nature in the context of its intellectualization. The article uses a set of methods that make it possible to reveal a philosophical analysis of the development and improvement of human nature in the context of its intellectualization, in particular: general scientific methods; logical methods of theoret- ical analysis; technical analysis, clarification. Because of the study, the philosophical aspects of the devel- opment and improvement of human nature in the context of its intellectualization were characterized. The needs of the modern economic, political, spiritual development of society require further, deeper research of the actual problems of the doctrine of man. Therefore, interest in man and humanity is becoming espe- cially acute, prompting to justify social and cultural transformations.

Development of Model of Proactive Management of Refineries' Equipment Restoration

The article considers the topic of maintenance of equipment in a working condition in the activities of oil producing enterprises. The exploitation of the means of labor takes place in difficult mining, geological and climatic conditions. Ensuring the reliability and efficiency of the surface and underground equipment operation is a priority task for the oil producing enterprises of the Russian Federation. In modern economic conditions, there is a need to improve the efficiency of work on the restoration of equipment.

The Economics of Modern Imperialism

This work focuses exclusively on the modern economic aspects of imperialism. We define it as a persistent and long-term net appropriation of surplus value by the high-technology imperialist countries from the low-technology dominated countries. This process is placed within the secular tendential fall in profitability, not only in the imperialist countries but also in the dominated ones. We identify four channels through which surplus value flows to the imperialist countries: currency seigniorage; income flows from capital investments; unequal exchange through trade; and changes in exchange rates. We pay particular attention to the theorisation and quantification of international UE and of exchange-rate movements. Concerning UE, we extend Marx’s transformation procedure to the international setting. We use two variables in the analysis of UE: the organic composition of capital and the rate of exploitation, and we measure which of these two variables is more important in contributing to UE transfers. We research a time span longer than in any previous study. We also introduce the distinction between narrow and broad unequal exchange according to whether two countries are assumed to trade only with each other or also with the rest of the world. As for the analysis of the exchange rates as a channel for appropriation of international surplus value, we reject conventional approaches because they are rooted in equilibrium theory. We find very strong empirical evidence that exchange rates tend towards the point at which the productivities are equalised. This is only a tendency because this equalisation is inherently incompatible with the nature of imperialism. Finally, given its topicality, we apply our analysis to the relation between the US and China and find that China is not an imperialist country according to our definition and data.