Articles de revues sur le sujet « Financial crises – Finland – 21st century »

In this second paper in a series of four, we examine how the era of sustained economic growth also gave rise to recurring economic crises. Assessing the economic turbulence of the late 19th century and the early 20th century, and three prominent crises of the 20th and early 21st centuries: the period following the Second World War, the 1980–1981 Recession and the 2008 Financial Crisis, we survey how the economy and policy have reacted historically to shocks to growth, how crises have restructured industry and work, altering productivity and impacting future growth potential, and how the long-run growth trend persists despite periods of decline or stagnation.

Abstract As the world is struggling with the Covid crisis and its numerous aftereffects, it is easy to forget that the present pandemic is only the latest of a whole series of paradigm-changing 21st-century crises. Indeed, the word “crisis” has become one of the key concepts for the understanding of the early 21st century. Thus, crisis seems very much to be the default position of the 21st century, the new norm. In this paper, I argue that the 21st century has a recognizably different cultural logic from what the previous one had: most of our social, ideological, political, financial, and ecological paradigms are either changing or will (or must) change soon. As most of our critical concepts, intellectual tools, and ideological frameworks were made during the boom years of the late 20th century, they are clearly outdated and inadequate today. Thus, in this paper, through taking account of these shifting intellectual and artistic paradigms, I attempt to indicate how the present crisis of knowledge and sense-making may be turned into a process of knowing and making sense of crisis, and thus help us meet the challenges of the new century. It is often through these fault-lines, breakdowns, and inconsistencies of our narratives that one may recognize those pre-crisis assumptions that we have to critically re-evaluate and update in order to understand the new century.1

We are living in a world which is severely crisis-ridden and faces some major challenges. The fact that we are currently facing a genuine global pandemic (COVID-19) brings about even more uncertainty. The social and political institutions, which emerged and consolidated during the 20th century, and which created stability, have become fragile. The young generation born in the 1990s and onwards have experienced 9/11 and the ‘war against terrorism’, the financial crisis of 2008, changes to climate, environmental degradation, and most recently the COVID-19 pandemic. The generation born between 1960 and 1990 have had the same experiences along with severe economic crises in the 1970s and 1980s and the Cold War. Some of these challenges are in different ways intertwined with capitalism and its crises, while others are linked to the rapid development of new technologies, in particular innovations within communication and information technologies. This introduction lists the most important grand challenges facing the world as they have emerged more recently. The five articles following this introduction address some of these challenges, with particular attention to the problems of capitalism and democracy and the relation between these two areas. Most authors agree that climate change and the destruction of the environment are the biggest and most pertinent problems to address, but it is their stance that we can only meet these challenges if democracy is functioning well.

The theory of nonlinear complex systems has become a proven problem-solving approach in the natural sciences from cosmic and quantum systems to cellular organisms and the brain. Even in modern engineering science self-organizing systems are developed to manage complex networks and processes. It is now recognized that many of our ecological, social, economic, and political problems are also of a global, complex, and nonlinear nature. Modern evolutionary economics can be modelled in the framework of complex systems and nonlinear dynamics. Historically, evolutionary economics was inspired by Schumpeterian concepts of business cycles and innovation dynamics. What are the laws of sociodynamics? What can we learn from nonlinear dynamics for complexity management in social, economic, financial and political systems? Is self-organization an acceptable strategy to handle the complexity in firms, institutions and organizations? The world-wide crisis of financial markets and economies is a challenge for complexity research. Misleading concepts of linear thinking and mild randomness (e.g. Gaussian distributions of Brownian motion) must be overcome by new approaches of nonlinear mathematics (e.g. non-Gaussian distribution), modelling the wild randomness of turbulence at the stock markets. Systemic crises need systemic answers. Nevertheless, human cognitive capabilities are often overwhelmed by the complexity of nonlinear systems they are forced to manage. Traditional mathematical decision theory assumed perfect rationality of economic agents (homo oeconomicus). Herbert Simon, Nobel Prize laureate of economics and one of the leading pioneers of systems science and cognitive science, introduced the principle of bounded rationality. Therefore, we need new insights into the factual microeconomic behaviour of economic agents by methods of humanities, cognitive and social sciences, which are sometimes called ‘experimental economics’. Social and economic dynamics are interdisciplinary challenges of modern complexity research.

After two turbulent decades (1980s and 1990s) when emerging-market economies were frequent victims of financial crises, in the first two decades of the 21st century their macroeconomic performance improved. Nevertheless, there were three crisis episodes that hit some of these countries: (i) the spill-over effects of the global financial crisis in 2008–2009; (ii) the consequences of the decline in commodity prices in 2014–2016 for their exporters; (iii) the turbulence in Argentina and Turkey in 2018. Currency crises in Argentina and Turkey in 2018 underlined again the key role of prudent domestic policies. Early policy correction can help to prevent a crisis and avoid its economic, social and political costs. If crisis cannot be avoided, the comprehensive anti-crisis package, including up-front monetary and fiscal adjustment, should be adopted as quickly as possible to arrest market panic and reverse negative expectations.

This article is specifically devoted to financial globalisation and financial crises in the early 21st century. Obviously, it is a topic everyone is interested in after the global financial crisis of 2008–2010, the worst global financial crisis since the Great Depression. Its effects are still felt across the world today. Both industrial and emerging countries still suffer from high unemployment. In some of them, GDP has not yet reached pre-crisis levels. And this global crisis — if it were not enough — was followed very quickly by the Eurozone’s sovereign debt crisis, which even though Ireland and now just recently Portugal have returned to private borrowing markets, is not resolved at all and is pretty much in remission but could come back. Lately, there have been concerns about emerging markets, including the BRICS, starting in 2016. There are various tremors in the emerging markets, capital outflows and currency depreciation. So, all over the world, one can see events that potentially cause questions about financial stability, which is an especially acute issue to look at.

AbstractBoth the financial crisis of the first decade of the 21st century, as well as the deterioration of trade relations between the European Union and the Russian Federation were events that significantly affected the functioning of the largest listed companies on the food market: on the one hand, aggravating the conditions of economic functioning, on the other hand creating a stimulus to seek new innovative solutions to help companies survive on the market. The aim of the work was to present the impact of crises on the intellectual capital of WIG-Food index companies, which is an indirect measure of innovation. The MV/BV and q-Tobin index were used for the study, as well as selected quantitative methods: multiple regression, Ward’s method and seasonal additive decomposition. The results of the work indicate that the companies are divided into two groups, within which similar trends in shaping intellectual capital are observed. In addition, one of the groups clearly noticed the impact of the financial crisis and the introduction of an embargo on the shaping of intellectual capital.

This article examines the Libra project, which was announced by Facebook in 2019 as an important turning point in the development of digital currency since Bitcoin. Libra is a kind of stablecoin, and it has been identified as a global stablecoin owing to its wide-ranging impact on the dimension of global finance. Because the Libra project aims to offer a globally accessible low-cost payment system for all users, we analyse it in the research area of global finance with a qualitative approach to the history of economic theories of money and finance. In this area, Karl Polanyi’s thoughts on money and finance and the interpretation by Saiag, which he called a neo-Polanyian approach, deserve attention. Taking this approach, we understand that unofficial functions of haute finance played a significant role in sustaining the international and interdependent financial system in the late 19th and early 20th centuries. In this context, although it also saved colonized and dependent regions from falling into financial crises, it was not socially helpful for them. If Libra wants to be the haute finance of our age in the real sense of serving to bring about financial inclusion, such a point should be considered. However, for the moment, existing international monetary institutions are only keen to take regulatory measures against the risk of dirty transactions. There is a substantial lacuna of publicness in the discussion, and this needs to be filled in in the near future.

The United States experienced a core-shaking tumble from their pedestal of superpower at the beginning of the 21st century, facing three intertwined crises which revealed a need for change: the financial system collapse, lack of proper healthcare and government turmoil, and growing impatience with the War on Terror. This paper explores the American governments’ and citizens’ use of social network sites (SNS), namely Facebook and YouTube, to conceptualize and debate about national crises, in order to bring about social change, a notion that is synonymous with societal improvement on a national level. Drawing on democratic theories of communication, the public sphere, and emerging scholarship on the Right to Communicate, this study reveals the advantageous nature of SNS for political means: from citizen to citizen, government to citizen, and citizen to government. Furthermore, SNS promote government transparency, and provide citizens with a forum to pose questions to the White House, exchange ideas, and generate goals and strategies necessary for social change. While it remains the government’s responsibility to promote such exchanges, the onus remains with citizens to extend their participation to active engagement outside of SNS if social change is to occur. The Obama Administration’s unique affinity to SNS usage is explored to extrapolate knowledge of SNS in a political context during times of crises.

As readily proven by the Credit Crunch and the consequent 2008 Global Financial Crisis, our perception of what law and regulation can achieve to forestall financial calamities and to protect the integrity of the system was seriously mistaken. Besides the misjudged risks generated by financial innovation as well as financial pathology and general incomprehension of finance as such, two further misconceptions are of interdisciplinary nature. On the one hand, the risk-type that was brought to the surface by the Credit Crunch was systemic risk; a risk of complexity and dimensions that was corollary only to the Great Depression erupting in 1929. From a legal perspective, this meant unprecedented interpenetration of various branches of law, from mortgage and corporate to securities law. The central piece in the puzzle – asset securitization – was a synergic product of these. The first conclusion the paper draws is that in the light of this there is a need for a new legal discipline – the law of finance – that would spread over all these branches of law (internal inter-disciplinarity). On the other hand, both the Credit Crunch as well as the subsequent developments on financial markets show that understanding finance and the risks inherent to it are not only becoming increasingly problematic (not only for lawyers) but that some of the risks are unidentifiable (“unknown unknowns”). Finance is inherently complex, yet further exacerbating factors are the growing presence of technology, mathematization of finance (and economics) and the possible synergic effects of various, often seemingly not linked, financial products. The second claim this paper makes consequently is that legal scholarship should face, comprehend and reckon with the roles other disciplines increasingly play in finance (external inter-disciplinarity) and the fundamentally altered nature of finance. Subscribing to the conclusion – on an abstract and theoretical level – that the looming crises should be perceived as multi-disciplinary phenomena that as such require multi-disciplinary panacea and more cooperation from the affected disciplines would be easy. In reality, however, little seems to have changed. Suffice to take a look at law school curricula to realize that actually few have recipes for such seemingly simple but practical questions as how to teach the law of finance, especially where consensus has not been reached even on whether teach it at all. Equally heavy dilemmas are already presented for regulators or judges when deciding on issues from the realms of finance law.

The article actualizes the challenges of developing the theoretical and methodological basis for managing environmental turbulence in the 21st century under the unprecedented changes that have taken place both in the interpretation of the category of turbulence itself and the ability to manage it between the end of 2019 and the present in the context of the COVID-19 pandemic. The results of the analysis of the category of turbulence of the new type are presented, as well as its nature and content are determined. Conceptual approaches to the criteria for the effectiveness of turbulence management have been developed. The vector of the direction of the evolution of national systems of government in the era of total turbulence at the level of public policy has been defined. The experience of the best management practices at the beginning of 2021 is noted, which, however, shows that without the use of an arsenal of hard technologies it is not yet possible to curb the challenges of extremely high environmental turbulence. Based on the study, the authors made the conclusion about the key role of general civil consent and cooperation in the implementation of manual management regime under the conditions of extremely high environmental turbulence of the early twenties of the 21st century. The peculiarities of forming the international socio-economic context of the period of extremely high turbulence, its problems and contradictions are highlighted. The main features of this context of the newest period include the ongoing systemic crisis of the world economy, permanent structural financial and economic crises, as well as the characteristics of globalization and deglobalization processes as major long-term trends. The trend towards general deglobalization, expressed in the strengthening of national protectionism and manifested in the economic policy of nation-states, has become the most pronounced at the current stage. New international platforms have been sought to implement regulatory management actions in the face of new type of turbulence.

Abstract The intrinsic links between national security and other types of security also results from the fact that the threats and challenges of the 21st century no longer address the national segment, but also the entire international community, which causes the occurence of security structures at all levels to manage the crises that arise at some point internationally. It is known that in terms of security, states usually adopt a mutual security and defense policy, using human, material, financial and information resources available to everyone in a collective manner. If NATO is a good and eloquent example in this sense, a viable solution against risks and security threats from a regional perspective appeared in the European Union, which has its own policy for security and defense able to integrate national security politicy the of Member States in that of the Union.

The Professional Communication Unit (PCU) at the University of Cape Town (UCT) has developed innovative, multimodal teaching approaches that aim to contribute to the notion of corporate citizenship. Two separate course partnerships strive to equip senior commerce students with graduate attributes valued in business and government. Course one involves a partnership with environmental consultants who collaborate with staff to mentor students during their institutional investigation of sustainable business practices. Course two involves collaboration between students, staff and small business owner-managers. It focuses on sustainability practices of the chosen SME in relation to the triple bottom line. The model aims to prepare students for societal challenges in the workplace and to offer technical support to these SMEs to increase their competitiveness. In the wake of global financial and environmental crises, this article amplifies the need for collaborative partnering as all constituents aim to remain relevant and sustainable in the 21st century.

An upward trend in the share of cash in GDP has been observed since the beginning of the 21st century and has not yet been fully explained in the literature. In fact, the interest rate is the only variable that has been well researched and well confirmed as a determinant of the cash/GDP ratio. The novelty of this study is primarily considering new determinants of the share of cash in GDP (including in particular monetization and financial development), as well as testing the significance of uncertainty and institutions. The data cover the period 2001–2020 for 82 countries. The most important conclusions include: the share of cash in GDP is primarily dependent on its lagged values (payment habits) and the ultra-loose monetary policy of central banks. However, some other variables also contribute to this process—such as monetization and crises in the real economy.

The world has spent the 20th century mostly with wars and deep political crises. In the 21st century, problems have become more complex by adding new ones to existing problems. The last crisis, the effects of which are deeply felt all over the world, has already taken its place in world history as the Covid-19 pandemic. Although Covid-19 started with a health crisis, it soon evolved into a deep global economic crisis. During this period, all countries of the world have applied for a large number of financial support to minimize the economic turbulence caused by the pandemic.Within the scope of the fight against the pandemic, one of the countries that provide direct and indirect financial support to many people who have lost income within the framework of monetary and fiscal policies is the USA. The quarantine measures implemented and the deep uncertainty environment necessitated these financial practices. However macroeconomic indicators deteriorated in the period when the pandemic was felt most severely, and ultimately, public expenditures and budget deficits increased significantly. Considering the place and size of the USA in the global economy, the policies put forward by the USA in the fight against the Covid-19 pandemic are more important for the global economy. In this context, in this study, the effects of the Covid-19 pandemic on the USA economy were discussed and policy recommendations were made for the global economic problems caused by the pandemic.

Corona Virus has become one of the most contagious pandemics of the 21st century, which has affected people all over the world. Economically stable countries have not suffered as much from the crises, but third-world countries are suffering greatly from the virus. Pakistan is currently facing financial, economic, and educational crises, on the other hand, people are losing their lives every day. This pandemic has not only created problems for students but also for the government. A staggering economy, growing poverty, and online learning were huge challenges. Marking strategies during online learning were totally absent and lack of student’s concentration increased the different problems. This research study has been conducting to analyze the impacts of the Corona Virus on Pakistan’s education and Madāris even Mosques were also devastated by the epidemic. The present study is also an attempt to elaborate on all those hurdles which appeared during online learning. This research comprises primary and secondary sources including government and official records, journals and books, etc. with an objective to find out the reasons for students' dropout rates along with the need for digital education in Pakistan. Lack of teachers training and unawareness of the new teaching methodologies are still the most noticeable challenges.

After the global crisis of 2008–2009, the world economy entered the era of restructuring. This article focuses on the risks that a new leader will face in the process of shaping the world economy. The methods employed in the research include big data processing of continuous change and the results of the symmetric macroeconomic analysis based on the statistics collected by the International Monetary Fund (IMF), The Word Bank (WB), Bank for International Settlements (BIS), Central banks and Treasuries. The study results proved that the recessionary processes, their depth and global nature, are caused by a combination of world financial system crises and general civilization problems. These new systemic risks for the world economy might result in new global crises that will limit the resources of international financial institutions for sustainable development. Besides, for most banks these crises will mean shifting a big share of derivatives to the off-balance liabilities, using Special Purpose Vehicle (SPV) in deals, followed by an increase in state and corporate debts, trade wars, a slowdown of economic development in China, and widening contradictions between global and national finances. Regular research and systematization have developed certain guidelines for the global economic restructuring process. First of all, it is recommended on the base of interstate compromises to focus on international agreements to ensure a solid foundation for global finance. On the basis of the comparative analysis carried out for the USA, China and other counties, it was made clear that no one leader in world economy in 21st century views the world reserve as based on the currency of one country only. Instead, there will be a slow transition to using Special Drawing Rights (SDR) with a basket from 15–20 currencies G20.

The International Monetary Fund (IMF), only a few years ago fading into obscurity in the thriving world economy, made a comeback during the 2008-2009 crisis. The G-20 re-tasked the Fund and tripled its lending capacity. Notwithstanding its new windfall and duties, the Fund’s legitimacy and effectiveness are in doubt. The main challenges center on disagreements between the Western European nations and emerging markets over the Fund’s governance and focus, a specter of disintegration of the global crisis management architecture by way of bilateral and regional financial arrangements (particularly in Asia), and limitations to the Fund’s responsiveness to major crises. Yet the threat of global financial instability persists, and the Fund is uniquely qualified to counter it. The United States, the Fund’s founder and main shareholder, has sponsored sound reforms to the Fund in the context of the G-20. However, farther-reaching paradigmatic changes are required for the Fund to effectively manage global economic instability in the 21st century: focusing the Fund’s analytical powers squarely on systemic risks and largest economies rather than on small, developing nations; turning the Fund from a crisis firefighter into a global preventive care unit that rewards members for sound policies; and making the Fund a bridge between public and private insurance markets.

The purpose of the article is to try to outline whether the EU is still an attractive actor in international relations, which is conceptualised as a specific soft, normative and the same transformative power and the centre of attraction for states located outside this organisation. The credibility of the European Union on international arena was undermined by global changes taking place in the 21st century, including emergence of new non-European powers, and particularly a series of crises (financial, migration, identity) that have affected the EU recently. In the article the following analysis will be made: the basic components consisting of attractiveness of the EU and evolution of its perception on the international arena, and the main challenges that the EU has to cope with in order to become a significant power again. It is assumed that the European Union certainly lost its attractiveness and prestige as a result of recent transformations that affected it within the system, but also due to the dynamics of the international environment.

Throughout the development sector there has been a pronounced call for new funding mechanisms to address the climate crisis, and much of this is focused on attracting private sources of capital to fund ‘bankable’ projects in climate-vulnerable cities throughout the world. Enacted amidst a 21st century landscape of interlocking financial, epidemiological, and ecological crises, this call features an urgent narrative of ‘resilience-amidst-crisis’ that promotes large-scale, profitable investments as a form of green growth through debt-financing. The political orchestration and administration of new funding mechanisms (particularly green bonds and sustainable bonds) requires a new form of climate governance focused on the channeling of enormous sums of private capital through an assemblage of intermediaries toward profitable climate projects. This article interrogates this trend in climate finance, revealing that the framing, monetization, and orchestration of climate projects is dependent on a narrative of crisis capitalism deeply rooted in a colonial mindset of exploitation and profit. A key aim of this article is to deconstruct the contemporary dominance of crisis-oriented development and suggest the goal of decolonizing and democratizing the climate finance system.

In the 21st century, terrorism has become a global problem and one of the main factor in world politics at all levels. Cyclical economic and financial crises have a detrimental effect on the state of the social sphere in all countries without exception, thereby creating fertile ground for radical sentiments and terrorist intentions. The growth of geopolitical tension in the world over the past decades has also contributed to the expansion of the activity of terrorist groups around the globe. This article through SWOT analysis attempts to study the state of the EU's fight against terrorism. The threat of terrorism and its most severe manifestations also affected the countries of the European Union, which prompted it to develop a specific policy in the fight against terrorism and improve methods for preventing and neutralizing the terrorist threat. When analyzing the development process of anti-terrorist structures and the practice of combating terrorism in the European Union in 2001-2020, one can distinguish undoubted achievements of the anti-terrorist course. The weaknesses and objective shortcomings of this course stem from the complexities in world politics and macroeconomics, as well as from the very nature of the EU as a supranational structure.

Distinguished from the traditional forms of business, namely proprietorship and partnership, a corporation emerged as a new type of business organization in the middle of the nineteenth century in American society, which accepted it only on the understanding that the corporate managers should be professionally well trained and socially beneficial (Khurana, 2010). In order to prepare these new professionals, the business schools came into being in America and elsewhere (Khurana, 2010). However, corporate scandals and financial crises of the late 20th and early 21st centuries posed a valid question about the originally expected role of corporate managers and, in turn, their educators, the business schools. This paper is an attempt to review the post-scandal notion of a corporation and the role of the managers propounded by Canals (2009) and others like Wilson (2004), Mesure (2008), and Koch (2010). It is a qualitative research that finds inadequacies with the existing scholarships and so re-conceptualizes corporation from a holistic perspective. Within that framework, it proposes that the business schools adopt a number of measures to prepare the corporate managers who would efficiently serve the interests of the shareholders and, at the same time, of other stakeholders equally including the society as a whole.

Money is critical for a regenerative future. Transforming it is an unavoidable social, political, and economic endeavor that must be a global priority if we are to prevent future financial crises, reduce economic inequality and adhere to our climate agreements and sustainability goals. For this transition to occur, we urgently need new economic and monetary paradigms that address the root causes of our current unsustainability, offer a new monetary ontology and design, and, more importantly, steer our monetary regime towards the regeneration of our social, economic and ecological landscapes. We need an ecological understanding of money grounded in Ecological Economics and an Ecological Value Theory that lays down the foundations for the conscious democratization, decentralization, and diversification of money. In this work, we revisit and update the missing link between money and sustainability by proposing new ontological avenues and reviewing the design elements and degenerative processes built into the existing system. We also contribute to the development and emergence of an Ecological Monetary Economics by systematizing the ongoing monetary transition toward sustainability and by offering a set of principles drawn from the regenerative economics literature for the conscious design of monetary ecosystems that contribute positively to solving our societal challenges of the 21st century.

In 2015, West Virginia’s flagship food bank confronted a financial crisis that threatened to cut off the supply of emergency food to some 600 agencies serving 300,000 people a month. Focusing on this crisis, we explore the evolution of charitable food networks across the United States with a particular focus on the role of food banking within agro-industrial supply chains. Drawing on a three year institutional ethnography of West Virginia’s food banking economy, we analyze the transition from producer to buyer driven supply chains in a network that is dependent on charitable giving and affective labor to process surplus foods and revalue obsolete corporate inventories. We argue that food banks and their affiliate agencies have become key institutions within a vast food destruction network increasingly serving the needs of large food firms. While food banks and their affiliate agencies provide tax relief for food corporations and offer a highly efficient vent for state subsidized and corporate food waste, they are primarily funded by community-based organizations who are themselves stretched thin by economic crises within their own locales. The entrenchment and evolution of the food waste qua hunger relief circuit is producing new tensions in a network that is conflicted over whom they are ultimately working for, and sheds light on the paradox of hunger relief in the 21st-century.

Globalization leveraged pressure on contemporary society. Today’s most pressing social dilemmas regarding climate change, overindebtedness and aging Western world populations demand rethinking capitalism. Understanding the bounds of capitalism to avoid ethical downfalls beyond the control of singular nation states infringing on intergenerational equity – the fairness to provide an at least as favorable standard of living to future generations as enjoyed today – has become a blatant demand. This article captures the human natural drive towards intergenerational fairness in order to retrieve information on how to implement intergenerational justice. Based on the idea of intergenerational equity as a natural behavioral law, the following paper theoretically outlines the current societal demand for eternal equity and proposes intergenerational justice theories. Intertemporal connectedness and interaction of overlapping generations enables intergenerational benefits transfers and burden sharing. Social mobility within networks comprised of different generations is enhanced through social upward movement opportunities. In addition, meritocracy helps alleviate intergenerational inequality. Describing intergenerational care as something natural that has been practiced ever since helps spearhead interdisciplinary endeavours to solve contemporary predicaments between overlapping generations. Exploring intergenerational opportunities is targeted at innovatively guiding the implementation of justice over time and between generations. Strengthening financial social responsibility, social welfare and environmental protection through future-oriented and socially responsible economic market approaches of capitalism in the 21st century is aimed at alleviating predictable economic, social and environmental crises to ensure a future sustainable humankind for this generation and the following.

Meeting today’s grand challenges means changing the economics paradigm that informs both business practice and business/management education. This paper asks whether business schools meet the challenges of the 21st century and argues not without shifting away from the core—neoliberal—paradigm of economics. This essay makes the following argument. Paradigms shape narratives. Changing core narratives is a powerful lever for transformation. Narratives are constructed of core ideas (memes) that replicate readily from mind to mind. Neoliberalism’s memes are pervasive and highly resonant in business schools. To move towards sustainability, the fundamentals taught in business school need to shift away from neoliberalism’s tenets towards what gives life to economic systems. From a theory perspective, neoliberalism’s lack of attention to social and ecological consequences of economic activity plays a large part in shaping today’s crises, including the pandemic, climate change, and biodiversity loss. A new/next economics paradigm is needed that shifts away from an emphasis on only financial wealth and constant economic growth on a finite plant towards life-centered economies that foster wellbeing and flourishing for all, creating what scholars call collective value. The result of this analysis is a conceptualization supporting new memes that include collaboration and competition, stewardship of the whole system, a cosmopolitan to local sensibility, and recognition of humanity’s deep embeddedness and connection with other people, other beings, and nature. The article concludes that business schools need to meet this challenge head on, changing the fundamentals of what is taught and why.

Abstract: After the reform of the world monetary system in 1971, the competition between countries for the global market is taking place in completely new conditions. Monetary and fiscal authorities have accumulated vast experience in regulating the economy and strengthening country competitive advantages through complex mechanisms of quantitative easing, foreign exchange rates manipulation, increasing debts, etc. Overcoming the consequences of the financial crises of the 21st century every time forces monetary regulators to implement increasingly radical measures in order to save the economy by injecting enormous amounts of liquidity into the market to buy out bad corporate debts as well as government debt securities. At the same time, the questions of how monetary policy affects the level of economic inequality and who is its beneficiary are becoming more relevant.The article seeks to analyze the impact of changes in monetary policy parameters on wealth inequality in the United States. Given the cyclical nature of economic inequality, the main method of research was chosen as a graphical statistical analysis, since it allows to identify trends effectively and keep in focus more than 100-year picture of changes in the analyzed indicators. For a more holistic picture, the dynamics of economic wealth inequality level were compared not only with key indicators of monetary policy, but also with the dynamics of marginal tax rates in US.One conclusion of the research is that wealth inequality depends more on fiscal adjustment and marginal tax rates than on monetary factors. Inadequate marginal income and inheritance tax rates are factors of rising of wealth inequality in US. Changing of monetary system settings also influences on the level of wealth inequality, because it affects the valuation of financial assets, and therefore the wealth of the richest people in US. Another important conclusion is the idea that the new monetary policy, despite all fears that it is a source of growing economic inequality, is acceptable with marginal income and inheritance tax rates of about 60% and with effective macroprudential regulation of US economy.

In the year of Valéry Giscard d'Estaing’s 95th anniversary and the 40th year of the end of his presidential tenure, it seems relevant to compare the economic situations during the presidential mandates of Valéry Giscard d'Estaing and Emmanuel Macron. The goal was set against the background of similar negative factors that influenced the implementation of the programmes of both presidents to modernize the economy, show their desire to develop the European superstructure, and ensure France's leading role in Europe. The features of the liberal economic views of Giscard d'Estaing are highlighted and also contrasted with those of his dirigist predecessors. A change in the scale of state intervention in the economy is determined: from a reduction in the last quarter of the 20th century to a new expansion in the 21st century against the backdrop of crises (the global financial crisis of 2007–2008, the European Sovereign Debt Crisis of 2011–2013, and the COVID-19 pandemic) under Macron. The role of the General Planning Commissariat, recreated to determine economic priorities and concentrate resources on key high-tech areas of economic recovery and modernization, with the cooperation of the State and private entrepreneurship, is analyzed. Under Giscard d'Estaing, these sectors were aircraft and engine construction, high-speed rail transport, telecommunications, nuclear power engineering; under Macron – telecommunications, digitalization, energy saving, environmental protection. To conduct their analysis, the authors used both Russian and international memoirs literature, individual and collective monographs, articles in periodicals, official legal and statistical documents. The conclusion is made about a difficult starting situation, without sufficient support in society, when both reformer-presidents embarked on ambitious economic projects; the commitment of both Valéry Giscard d'Estaing and Emmanuel Macron to the European idea, combined with the Gaullist conviction that France’s path to greatness lies in economic growth and European integration. The decisive importance of the economic factor for the outcome of the 1981 and the upcoming 2022 presidential elections in France is demonstrated.

This article explores the concept of macroeconomic stability originated from the theory of general economic equilibrium (GEE) by L. Walras. Modern macroeconomic models that do not contradict the GEE, a implement the principles of consistency of micro- and macroeconomic analysis, the interrelation of markets, and the effectiveness of market mechanism. Economic fluctuations generated by shocks are in dialectical unity with the state of equilibrium. The aim of macroeconomic policy is to maintain equilibrium (macroeconomic stability) through inflation targeting and effective public debt management. Within the framework of this policy a number of goals are met including the control over inflationary expectations, strengthening confidence in the central bank, and overcoming inflation. However, low inflation rates can produce liquidity traps, thus causing a need to adjust monetary policy and develop its new instruments. At the same time, the global crises of the 21st century, the Great Recession of 2008 and the COVID-19 pandemic, prompts to re-evaluate the contradictions between the theoretical concept of equilibrium and the real state of the economy, as well as measures needed to stabilize it during a recession. The policy of overcoming the crisis in 2020 includes large-scale discretionary fiscal and monetary stimulus according to Keynesian recipes, in the absence of which the loss of jobs, closure of enterprises, and lack of financial stability are inevitable. The gap between theory and reality, as it happened during the Great Depression almost a hundred years ago, once again raises the questions of further development of macroeconomics. The article may be of interest to teachers and students interested in the prospects for the development of scientific knowledge in this area.

Introduction. Economic development of Ukraine in the third decade of the 21st century largely depends on the development of digital technologies, on which the cryptocurrency busi­ness directly depends. According to the Index proposed by chainalysis.com, Ukraine is one of the leaders in the world and the undisputed leader in Europe in the adoption of cryptocurrencies. This became possible thanks to the active development of financial and information technol­ogies in Ukraine, and the financial, economic and military-political crises only give additional impetus to the development of the cryptocurrency business due to its global nature and full or indirect independence from attempts at state regulation. One of the areas of cryptocurrency business development is cryptocurrency mining. The purpose of the article is to reveal the algorithm of conducting business in the field of cryptocurrency mining and the economic efficiency of mining in Ukraine and the possibility of its impact on economic growth in the country. Results. Cryptocurrency mining is the process of creating cryptocurrency coins. It has been investigated that the cryptocurrency mining process is not a financial pyramid or some kind of virtual game, but is one of the newest types of business activity, which requires significant the­oretical and practical economic and technical knowledge, is economically expedient both in the short and long term. When mining, you can use a variety of computer equipment, depending on the miner’s economic tasks and desired results. ASIC equipment has been developed for mining on an industrial scale. Cloud mining is used for investing. If there is no knowledge about mining and limited financial resources, you should use browser mining or mine on your own PC, laptop or smartphone. However, the most efficient and widespread mining takes place on video cards. It was found to be a by-product of mining. It is estimated that there is a slight correlation between the earnings of miners on the Ethermine mining pool and the daily mining profit. Conclusions. Although the history of cryptocurrency business is only one and a half decades, mining, as an object of business activity in Ukraine, is a significant economically effective type of business activity, which is noted in the world rating of the perception of cryptocurrencies, according to which Ukraine is one of the world leaders. Attempts to implement legal regulation of cryptocurren­cy mining both in Ukraine and in other countries, and its gradual implementation do not significantly harm the creation, distribution and use of cryptocurrency coins, however, will create transformed conditions for the economic attractiveness of cryptocurrency mining as business objects.

Актуальность темы исследования. Беспрецедентные изменения в глобальной экономике с начала 20-х годов XXI века обострили проблему обеспечения финансовой стабильности на глобальном и национальном уровнях. Постановка проблемы. Обеспечение финансовой стабильности сталкивается с внешними и внутренними вызовами, к которым относятся новые типы рисков и трансформация управления системными рисками. Цель исследования. Проведение анализа двух наиболее значимых современных вызовов (риски «черных лебедей», изменения в регулировании системно значимых финансовых организаций) для определения изменений в фокусе регулирования финансового рынка, важных для обеспечения финансовой стабильности. Результаты. Методы исследования рисков «черных лебедей» находятся в стадии формирования. Способы противодействия данным рискам, предполагающие меры в отношении маловероятных рисков, противоположны рискориентированному подходу, нацеленному на минимизацию наиболее вероятных рисков. Предлагаем концепцию регулирования рисков «черных лебедей» учитывать в прогнозировании кризисов, за рискориентированным подходом оставить регулирование и надзор за деятельностью финансовых институтов, а в управление системными рисками следует включить новые составляющие, помимо регулирования системно значимых финансовых организаций. Анализ показал, что существующие инструменты регулирования системно значимых банков нуждаются в совершенствовании, а также в адаптации для применения к новому виду системообразующих организаций, которым становятся бигтехи. Ключевые выводы. На современном глобальном финансовом рынке изменяется фокус регулирования, важный для обеспечения стабильности рынка: 1) на смену системным рискам приходят риски труднопрогнозируемых, маловероятных, но значительных по своим последствиям событий, прогнозирование и выявление которых нуждается в методологических исследований; 2) на смену глобальным системно значимым банкам как объектам управления системными рисками и выразителям идеи системной значимости приходят финтех-компании. Unprecedented changes in the global economy since the early 20s of the 21st century have exacerbated the problem of ensuring financial stability at the global and national levels. Ensuring financial stability faces external and internal challenges, which include new types of risks and the transformation of systemic risk management. To analyze the two most significant modern challenges (risks of "black swans," changes in the regulation of systemically important financial organizations) to determine changes in the focus of regulation of the financial market, important for ensuring financial stability. Black Swan risk research methods are in the process of being formed. Countermeasures against these risks, which involve measures against unlikely risks, are the opposite of a risk-oriented approach aimed at minimizing the most likely risks. We propose that the concept of regulating the risks of "black swans" should be taken into account in predicting crises, and the risk-oriented approach should be followed by regulation and supervision of the activities of financial institutions, and new components should be included in the management of systemic risks in addition to the regulation of systemically important financial organizations. The analysis showed that the existing instruments for regulating systemically important banks need to be improved, as well as adapted for application to a new type of system-forming organizations, which are becoming big tech. In the modern global financial market, the focus of regulation is changing, important for ensuring market stability: 1) systemic risks are replaced by risks of difficult to predict, unlikely, but significant in their consequences, the forecasting and identification of which needs methodological research; 2) fintech companies are replacing global systemically important banks as objects of system risk management and expressing the idea of systemic significance.

Prior to globalization, crises were due to local or regional environmental abuses, leadership conflicts, local or regional climatic disasters, major epidemics or pandemics. The humanity of the beginning of the 21st century is facing for the first time a situation of global change on a planetary scale. The origin of this change is endogenous to the human species. Scientific and technological evolution has endowed humanity with powerful means of action that have transformed it into an important actor in the planetary ecology. This transformation is a consequence of fundamental factors that have reinforced each other. The use of fossil fuels returns to the environment gigantic amounts of solar energy fossilized in vegetable form during the billions of years of the primary, secondary and tertiary geological ages. The inevitable consequence is and will be more and more, global climate warming. This profound change could it surely causes serious adjustment disorders in all human societies. It is in this sense that the word "crisis" acquires its full and sinister meaning. A financial crisis is nothing more than the repetition of a psychosociological episode also recurrent in the evolution of the economy. A remarkable consequence is that man (biological, psychosocial) has become a "piece" of a huge machine, on a planetary scale, and his activities are increasingly conditioned by this machine created by himself. The concept of competitive advantage generally dominates economic thinking. This way of thinking reflects the historical situation of humanity. Until today, the human species could progress without limits towards greater use of its planetary environment. The waste did not have a negative ecological significance. The most sensible and appropriate objective, certainly, is not to lead all of humanity to share the waste that, by hyper-consumption, characterizes, for the moment, the societies considered as developed. A rational objective would be to guarantee to all humanity a level of life as satisfactory as possible, based on truly renewable planetary resources, assuming the need to keep the planet habitable.

Professional sports leagues today are trying to increase their income and looking for new sources for this. In the United States, most leagues in one sport are monopoly structures. Considering the National Football League in this context, it is worth noting its rather strict policy towards possible competitors at the football market. At the same time, throughout the history of American football, there have been attempts to organize competing structures that have been more or less successful. The purpose of the study was to identify the features of the formation American football organizations in North America at different times, the factors of successes and failures. Material and methods. The main material on which the study was based was data from the Internet, official websites of American football organizations and official ratings of Forbes magazine. To achieve the stated purpose, we used the following research methods: data analysis and generalization; theoretical interpretation and explanation; analysis of documentary materials. Results and discussion. The study results showed that during the formation and development of American football in the United States, except for the National Football League, six other organizations tried to create competition for it at one time or another. Among them were All-American Football Conference, American Football League, World Football League, United State Football League, Xtreme Football League, and Alliance of American Football. All these organizations generally sought to be better than National Football League through more progressive steps towards the development of football, but the conservatism of the National Football League always allowed it to remain the winner. Most of the newly formed leagues could not withstand the uncompromising financial struggle for high-class athletes, but the XFL and AAF, which was created in the 21st century, were defeated by precautionary measures during the COVID-19 pandemic and the game seasons were canceled. Conclusion. The key factors formation of organizations that sought to develop American football in the United States (except the National Football League) were: the growing popularity of this sport; a large number of athletes, who aspired to develop in this sport, but could not do it in National Football League; the emergence of enthusiasts with significant financial resources, who sought to invest in football projects and at the same time increase their own resources; technological progress, in particular in football. However, none of these organizations stayed long in the football business and lost to the National Football League. The reasons for this were: improper distribution of financial resources in the middle of the leagues; unjustified steps in the desire to be more progressive than the National Football League; the dominant authority of the National Football League; external factors (wars, epidemics / pandemics, global economic and political crises, etc.)

The article analyzes and summarizes information on breeding and seed production of the main forest-forming and commercial species for the countries of Northern Europe and Russia: Scots pine (Pinus sylvestris L.) and Norway spruce (Picea abies (L.) H. Karst). It is shown that in the last 40–50 years Sweden and Finland have completed the first (primary) cycle of plus-tree breeding, and the second cycle is being actively pursued. In terms of seed production, this means a gradual replacement of the 1st generation forest seed orchards with the forest seed orchards of enhanced genetic value (of 1.5 and 2nd generation). By the middle of the 21st century, the productivity of new artificial stands is expected to increase by 20–25 % in terms of stem wood stock due to breeding work. Successful and quite large-scale works were undertaken in plus trees phenotypic breeding and forest seed orchards (1st generation) planting in some regions of European Russia in the last third of the 20th century. However, even this first (primary) cycle of plus-tree breeding has not been fully completed. The latter makes it possible to lay out the necessary areas of multiplicative populations of increased genetic value – forest seed orchards of the 1.5 generation. Although this is impossible to achieve in many subjects of the Northwestern Federal District due to the insufficient number of selected plus trees and, most importantly, the extremely small area of progeny tests. At present, the vast majority of initially selected plus trees were not genetically tested, which hinders the possibility of further development of the plus-tree breeding system. Russia also lacks special breeding zoning of the main forest-forming species, providing a spatial organization of breeding work and the use of seeds from forest seed orchards. A federal program for the preservation and sustainable management of forest genetic resources of the Russian Federation, together with a number of subprograms for genetic research and breeding of the most important forest-forming species, should be developed to achieve progress in this direction, considering current advances in molecular genetics and biotechnology. Acknowledgments: Financial support of the research was provided by the federal budget for the state assignment of the Forest Research Institute and the Department of Multidisciplinary Scientific Research of Karelian Research Centre, Russian Academy of Sciences with partial support of the World-class Scientific and Educational Center “Russian Arctic: New Materials, Technologies and research Methods”. For citation: Raevsky B.V., Ignatenko R.V., Novichonok E.V., Prokopiuk V.M., Kuklina K.K. The Current State of Conifer Species Breeding and Seed Production. Lesnoy Zhurnal = Russian Forestry Journal, 2022, no. 6, pp. 9–37. (In Russ.). https://doi.org/10.37482/0536-1036-2022-6-9-37

The Two Incompleteness Theorems of Kurt Friedrich Gödel and the Impossibility Theorem of Kenneth Arrow claim that logic, the most reliable of human knowledge, is incomplete or can be inconsistent. The Fuzzy Completeness Theory states that the Fuzzy Logic of Lotfi A. Zadeh has resolved the incompleteness and impossibility in logic and made logic complete and knowledge reliable with the new concept of Range of Tolerance, within which logic is still complete and knowledge, valid. In the Age of Reason about 300 years ago just prior to the Age of Science, reasoning is free for all, without the constraint of the laws of nature, which would be discovered in the Age of Science. However, the Scientific Method of reasoning by empirical verification depends so much on faith that it is logically and empirically dismissed by mathematicians and logicians, especially, after the exposure by Thomas Kuhn and Paul Feyerabend that a scientific advancement is akin to a religious conversion. On the other hand, mathematicians and logicians have been working steadily to find the limit of reliable knowledge. In the current state of knowledge, Kurt Gödel has the last word with his Two Incompleteness Theorems, which conclude that the most reliable of human knowledge, logic, is incomplete, casting doubt whether knowledge is completely reliable. Gödel’s view is further supported by the Impossibility Theorem of Kenneth Arrow. However, Zadeh and the author of this paper extend Zadeh’s concept of Range of Value in Fuzzy Logic to that of Range of Tolerance. Accordingly, Fuzzy Logic deals with the sacrifice of precision in the process of expanding the Range of Tolerance of a creation in order for the creation to survive and flourish for all the possibility of an uncertain future. In knowledge, incompleteness in logic can be resolved by the Range of Tolerance covering the incomplete part or ignoring the infrequent impossibilities, and, thus, making logic valid, again. Knowledge is derived generally from reason. Technically, the Fuzzy Completeness Theory classifies 16 Methods of Reason. The 16 Methods are the combination of the 4 basic Methods of Reason: 1) Logic, 2) Mathematics, 3) Empirical Verification, and 4) Others, each of which has 2 forms: 1) Fuzzy and 2) Exact and two types: 1) Complete and 2) Incomplete. Gödel, Arrow, and the Author agree that no matter how rigorous is the Method of Reason the reason cannot be complete, when the reason is Exact. When a solution is newly defined as an answer within the Range of Tolerance of the solution, Fuzzy Logic resolves the incompleteness in logic and becomes the new foundation of knowledge, replacing Exact Logic. With this definition of a solution, Fuzzy Logic covers the incomplete or the impossible parts of the solution by expanding sufficiently the Range of Tolerance to make reason complete and knowledge reliable, but only within the Range of Tolerance. To summarize, even though the world’s leading intellectuals have proven, directly, that logic is incomplete and, indirectly, that knowledge is invalid, reality is still operating smoothly, and science has even demonstrated the power of knowledge. The conflict between the most reliable knowledge, namely, logic and the real world is resolved by Fuzzy Logic, which introduces the new concept of Range of Tolerance, within which reality can still operate in accordance with the laws discovered by knowledge. In sum, reality is fuzzy, not exact. The breakthrough impact of this paper centers around completeness theory and Fuzzy Logic. In the early 21st century, the mainstream knowledge is still not aware that the supply and demand model is incomplete, and that the DNA-protein system resembles computer science based on logic more than science based on experimentation. The current computer is based on exact logic and is designed for temporary existence, while the living system is design for permanent existence and must depend on the Range of Tolerance based on Fuzzy Logic to survive permanently in an uncertain future. Financial crises will be caused by the unstable investment return, which is the incomplete part in the supply demand model. Complexity crises will be caused by the lack of the requirement of permanence or complete automation, which is the ultimate solution to unlimited complexity. The 16 Methods of Reason correspond roughly to Culture Level Quotient (CLQ), which is a non-technical measure of a person, a people or a nation.

Social innovations are activities aiming at implementation of social objectives, including mainly the improvement of life of individuals and social groups, together with public policy and management objectives. The essay indicates and discusses the most important contemporary problems, solving of which requires social innovations. Social innovations precondition the progress of civilisation. The world needs not only new technologies, but also new solutions of social and institutional nature that would be conducive to achieving social goals. Social innovations are experimental social actions of organisational and institutional nature that aim at improving the quality of life of individuals, communities, nations, companies, circles, or social groups. Their experimental nature stems from the fact of introducing unique and one-time solutions on a large scale, the end results of which are often difficult to be fully predicted. For example, it was difficult to believe that opening new labour markets for foreigners in the countries of the European Union, which can be treated as a social innovation aiming at development of the international labour market, will result in the rapid development of the low-cost airlines, the offer of which will be available to a larger group of recipients. In other words, social innovations differ from economic innovations, as they are not about implementation of new types of production or gaining new markets, but about satisfying new needs, which are not provided by the market. Therefore, the most important distinction consists in that social innovations are concerned with improving the well-being of individuals and communities by additional employment, or increased consumption, as well as participation in solving the problems of individuals and social groups [CSTP, 2011]. In general, social innovations are activities aiming at implementation of social objectives, including mainly the improvement of life of individuals and social groups together with the objectives of public policy and management [Kowalczyk, Sobiecki, 2017]. Their implementation requires global, national, and individual actions. This requires joint operations, both at the scale of the entire globe, as well as in particular interest groups. Why are social innovations a key point for the progress of civilisation? This is the effect of the clear domination of economic aspects and discrimination of social aspects of this progress. Until the 19th century, the economy was a part of a social structure. As described by K. Polanyi, it was submerged in social relations [Polanyi, 2010, p. 56]. In traditional societies, the economic system was in fact derived from the organisation of the society itself. The economy, consisting of small and dispersed craft businesses, was a part of the social, family, and neighbourhood structure. In the 20th century the situation reversed – the economy started to be the force shaping social structures, positions of individual groups, areas of wealth and poverty. The economy and the market mechanism have become independent from the world of politics and society. Today, the corporations control our lives. They decide what we eat, what we watch, what we wear, where we work and what we do [Bakan, 2006, p. 13]. The corporations started this spectacular “march to rule the world” in the late 19th century. After about a hundred years, at the end of the 20th century, the state under the pressure of corporations and globalisation, started a gradual, but systematic withdrawal from the economy, market and many other functions traditionally belonging to it. As a result, at the end of the last century, a corporation has become a dominant institution in the world. A characteristic feature of this condition is that it gives a complete priority to the interests of corporations. They make decisions of often adverse consequences for the entire social groups, regions, or local communities. They lead to social tensions, political breakdowns, and most often to repeated market turbulences. Thus, a substantial minority (corporations) obtain inconceivable benefits at the expense of the vast majority, that is broad professional and social groups. The lack of relative balance between the economy and society is a barrier to the progress of civilisation. A growing global concern is the problem of migration. The present crisis, left unresolved, in the long term will return multiplied. Today, there are about 500 million people living in Europe, 1.5 billion in Africa and the Middle East, but in 2100, the population of Europe will be about 400 million and of the Middle East and Africa approximately 4.5 billion. Solving this problem, mainly through social and political innovations, can take place only by a joint operation of highly developed and developing countries. Is it an easy task? It’s very difficult. Unfortunately, today, the world is going in the opposite direction. Instead of pursuing the community, empathic thinking, it aims towards nationalism and chauvinism. An example might be a part of the inaugural address of President Donald Trump, who said that the right of all nations is to put their own interests first. Of course, the United States of America will think about their own interests. As we go in the opposite direction, those who deal with global issues say – nothing will change, unless there is some great crisis, a major disaster that would cause that the great of this world will come to senses. J.E. Stiglitz [2004], contrary to the current thinking and practice, believes that a different and better world is possible. Globalisation contains the potential of countless benefits from which people both in developing and highly developed countries can benefit. But the practice so far proves that still it is not grown up enough to use its potential in a fair manner. What is needed are new solutions, most of all social and political innovations (political, because they involve a violation of the previous arrangement of interests). Failure to search for breakthrough innovations of social and political nature that would meet the modern challenges, can lead the world to a disaster. Social innovation, and not economic, because the contemporary civilisation problems have their roots in this dimension. A global problem, solution of which requires innovations of social and political nature, is the disruption of the balance between work and capital. In 2010, 400 richest people had assets such as the half of the poorer population of the world. In 2016, such part was in the possession of only 8 people. This shows the dramatic collapse of the balance between work and capital. The world cannot develop creating the technological progress while increasing unjustified inequalities, which inevitably lead to an outbreak of civil disturbances. This outbreak can have various organisation forms. In the days of the Internet and social media, it is easier to communicate with people. Therefore, paradoxically, some modern technologies create the conditions facilitating social protests. There is one more important and dangerous effect of implementing technological innovations without simultaneous creation and implementation of social innovations limiting the sky-rocketing increase of economic (followed by social) diversification. Sooner or later, technological progress will become so widespread that, due to the relatively low prices, it will make it possible for the weapons of mass destruction, especially biological and chemical weapons, to reach small terrorist groups. Then, a total, individualized war of global reach can develop. The individualisation of war will follow, as described by the famous German sociologist Ulrich Beck. To avoid this, it is worth looking at the achievements of the Polish scientist Michał Kalecki, who 75 years ago argued that capitalism alone is not able to develop. It is because it aggressively seeks profit growth, but cannot turn profit into some profitable investments. Therefore, when uncertainty grows, capitalism cannot develop itself, and it must be accompanied by external factors, named by Kalecki – external development factors. These factors include state expenses, finances and, in accordance with the nomenclature of Kalecki – epochal innovations. And what are the current possibilities of activation of the external factors? In short – modest. The countries are indebted, and the basis for the development in the last 20 years were loans, which contributed to the growth of debt of economic entities. What, then, should we do? It is necessary to look for cheaper solutions, but such that are effective, that is breakthrough innovations. These undoubtedly include social and political innovations. Contemporary social innovation is not about investing big money and expensive resources in production, e.g. of a very expensive vaccine, which would be available for a small group of recipients. Today’s social innovation should stimulate the use of lower amounts of resources to produce more products available to larger groups of recipients. The progress of civilisation happens only as a result of a sustainable development in economic, social, and now also ecological terms. Economic (business) innovations, which help accelerate the growth rate of production and services, contribute to economic development. Profits of corporations increase and, at the same time, the economic objectives of the corporations are realised. But are the objectives of the society as a whole and its members individually realised equally, in parallel? In the chain of social reproduction there are four repeated phases: production – distribution – exchange – consumption. The key point from the social point of view is the phase of distribution. But what are the rules of distribution, how much and who gets from this “cake” produced in the social process of production? In the today’s increasingly global economy, the most important mechanism of distribution is the market mechanism. However, in the long run, this mechanism leads to growing income and welfare disparities of various social groups. Although, the income and welfare diversity in itself is nothing wrong, as it is the result of the diversification of effectiveness of factors of production, including work, the growing disparities to a large extent cannot be justified. Economic situation of the society members increasingly depends not on the contribution of work, but on the size of the capital invested, and the market position of the economic entity, and on the “governing power of capital” on the market. It should also be noted that this diversification is also related to speculative activities. Disparities between the implemented economic and social innovations can lead to the collapse of the progress of civilisation. Nowadays, economic crises are often justified by, indeed, social and political considerations, such as marginalisation of nation states, imbalance of power (or imbalance of fear), religious conflicts, nationalism, chauvinism, etc. It is also considered that the first global financial crisis of the 21st century originated from the wrong social policy pursued by the US Government, which led to the creation of a gigantic public debt, which consequently led to an economic breakdown. This resulted in the financial crisis, but also in deepening of the social imbalances and widening of the circles of poverty and social exclusion. It can even be stated that it was a crisis in public confidence. Therefore, the causes of crises are the conflicts between the economic dimension of the development and its social dimension. Contemporary world is filled with various innovations of economic or business nature (including technological, product, marketing, and in part – organisational). The existing solutions can be a source of economic progress, which is a component of the progress of civilisation. However, economic innovations do not complete the entire progress of civilisation moreover, the saturation, and often supersaturation with implementations and economic innovations leads to an excessive use of material factors of production. As a consequence, it results in lowering of the efficiency of their use, unnecessary extra burden to the planet, and passing of the negative effects on the society and future generations (of consumers). On the other hand, it leads to forcing the consumption of durable consumer goods, and gathering them “just in case”, and also to the low degree of their use (e.g. more cars in a household than its members results in the additional load on traffic routes, which results in an increase in the inconvenience of movement of people, thus to the reduction of the quality of life). Introduction of yet another economic innovation will not solve this problem. It can be solved only by social innovations that are in a permanent shortage. A social innovation which fosters solving the issue of excessive accumulation of tangible production goods is a developing phenomenon called sharing economy. It is based on the principle: “the use of a service provided by some welfare does not require being its owner”. This principle allows for an economic use of resources located in households, but which have been “latent” so far. In this way, increasing of the scope of services provided (transport, residential and tourist accommodation) does not require any growth of additional tangible resources of factors of production. So, it contributes to the growth of household incomes, and inhibition of loading the planet with material goods processed by man [see Poniatowska-Jaksch, Sobiecki, 2016]. Another example: we live in times, in which, contrary to the law of T. Malthus, the planet is able to feed all people, that is to guarantee their minimum required nutrients. But still, millions of people die of starvation and malnutrition, but also due to obesity. Can this problem be solved with another economic innovation? Certainly not! Economic innovations will certainly help to partially solve the problem of nutrition, at least by the new methods of storing and preservation of foods, to reduce its waste in the phase of storage and transport. However, a key condition to solve this problem is to create and implement an innovation of a social nature (in many cases also political). We will not be able to speak about the progress of civilisation in a situation, where there are people dying of starvation and malnutrition. A growing global social concern, resulting from implementation of an economic (technological) innovation will be robotisation, and more specifically – the effects arising from its dissemination on a large scale. So far, the issue has been postponed due to globalisation of the labour market, which led to cheapening of the work factor by more than ten times in the countries of Asia or South America. But it ends slowly. Labour becomes more and more expensive, which means that the robots become relatively cheap. The mechanism leading to low prices of the labour factor expires. Wages increase, and this changes the relationship of the prices of capital and labour. Capital becomes relatively cheaper and cheaper, and this leads to reducing of the demand for work, at the same time increasing the demand for capital (in the form of robots). The introduction of robots will be an effect of the phenomenon of substitution of the factors of production. A cheaper factor (in this case capital in the form of robots) will be cheaper than the same activities performed by man. According to W. Szymański [2017], such change is a dysfunction of capitalism. A great challenge, because capitalism is based on the market-driven shaping of income. The market-driven shaping of income means that the income is derived from the sale of the factors of production. Most people have income from employment. Robots change this mechanism. It is estimated that scientific progress allows to create such number of robots that will replace billion people in the world. What will happen to those “superseded”, what will replace the income from human labour? Capitalism will face an institutional challenge, and must replace the market-driven shaping of income with another, new one. The introduction of robots means microeconomic battle with the barrier of demand. To sell more, one needs to cut costs. The costs are lowered by the introduction of robots, but the use of robots reduces the demand for human labour. Lowering the demand for human labour results in the reduction of employment, and lower wages. Lower wages result in the reduction of the demand for goods and services. To increase the demand for goods and services, the companies must lower their costs, so they increase the involvement of robots, etc. A mechanism of the vicious circle appears If such a mass substitution of the factors of production is unfavourable from the point of view of stimulating the development of the economy, then something must be done to improve the adverse price relations for labour. How can the conditions of competition between a robot and a man be made equal, at least partially? Robots should be taxed. Bill Gates, among others, is a supporter of such a solution. However, this is only one of the tools that can be used. The solution of the problem requires a change in the mechanism, so a breakthrough innovation of a social and political nature. We can say that technological and product innovations force the creation of social and political innovations (maybe institutional changes). Product innovations solve some problems (e.g. they contribute to the reduction of production costs), but at the same time, give rise to others. Progress of civilisation for centuries and even millennia was primarily an intellectual progress. It was difficult to discuss economic progress at that time. Then we had to deal with the imbalance between the economic and the social element. The insufficiency of the economic factor (otherwise than it is today) was the reason for the tensions and crises. Estimates of growth indicate that the increase in industrial production from ancient times to the first industrial revolution, that is until about 1700, was 0.1-0.2 per year on average. Only the next centuries brought about systematically increasing pace of economic growth. During 1700- 1820, it was 0.5% on an annual average, and between 1820-1913 – 1.5%, and between 1913-2012 – 3.0% [Piketty, 2015, p. 97]. So, the significant pace of the economic growth is found only at the turn of the 19th and 20th century. Additionally, the growth in this period refers predominantly to Europe and North America. The countries on other continents were either stuck in colonialism, structurally similar to the medieval period, or “lived” on the history of their former glory, as, for example, China and Japan, or to a lesser extent some countries of the Middle East and South America. The growth, having then the signs of the modern growth, that is the growth based on technological progress, was attributed mainly to Europe and the United States. The progress of civilisation requires the creation of new social initiatives. Social innovations are indeed an additional capital to keep the social structure in balance. The social capital is seen as a means and purpose and as a primary source of new values for the members of the society. Social innovations also motivate every citizen to actively participate in this process. It is necessary, because traditional ways of solving social problems, even those known for a long time as unemployment, ageing of the society, or exclusion of considerable social and professional groups from the social and economic development, simply fail. “Old” problems are joined by new ones, such as the increase of social inequalities, climate change, or rapidly growing environmental pollution. New phenomena and problems require new solutions, changes to existing procedures, programmes, and often a completely different approach and instruments [Kowalczyk, Sobiecki, 2017].

NOTICIAS / NEWS (“Transfer”, 2015) 1) CONGRESOS / CONFERENCES: 1. First Forlì International Workshop – Corpus-based Interpreting Studies: The State of the Art University of Bologna at Forlì, 7-8 May 2015. http://eventi.sslmit.unibo.it/cis1/<file:///owa/redir.aspx 2. 5th IATIS Conference – Innovation Paths in Translation and Intercultural Studies, Belo Horizonte, Brazil, 7-10 July 2015. www.iatis.org/index.php/iatis-belo-horizonte-conference/itemlist/category/168-call-for-communication-proposals-within-the-general-conference 3. POETRY/TRANSLATION/FILM – POÉSIE/TRADUCTION/FILM PoeTransFi, Paul Valéry University, Montpellier, France, 18-19 June 2015. http://pays-anglophones.upv.univ-montp3.fr/?page_id=1795 4. 6th International Maastricht-Lodz Duo Colloquium on “Translation and Meaning”, Maastricht School of Translation & Interpre-ting, Zuyd University of Applied Sciences, Maastricht, Netherlands 21-22 May 2015. www.translation-and-meaning.nl 5. MiddleWOmen. Networking and cultural mediation with and between women (1850-1950). Centre for Reception Studies (CERES), HERA Travelling TexTs project and Huygens ING KU Leuven campus Brussels 7-8 May 2015. www.receptionstudies.be 6. 5th International Symposium: Respeaking, Live Subtitling and Accessibility, Università degli Studi Internazionali di Roma, Italy, 12 June 2015. www.unint.eu/it/component/content/article/8-pagina/494-respeaking-live-subtitling-and-accessibility.html 7. Conference on Law, Translation and Culture (LTC5) and Legal and Institutional Translation Seminar, University of Geneva, Switzerland 24-26 June 2015. www.unige.ch/traduction-interpretation/recherches/groupes/transius/conference2015_en.html 8. 6th International Conference Media for All – Audiovisual Translation and Media Accessibility: Global Challenges, University of Western Sydney, Australia, 16-18 September 2015. http://uws.edu.au/mediaforall 9. Translation in Exile, Vrije Universiteit Brussel, 10-11 December 2015. www.cliv.be 10. Literary Translation as Creation, Université d’Avignon et des Pays de Vaucluse, 20-21 May 2015. laurence.belingard@univ-avignon.fr marie-francoise.sanconie@univ-avignon.fr 11. 4th International Conference on Language, Medias and Culture (ICLMC 2015) 9-10 April 2015. Kyoto, Japan, www.iclmc.org 12. 9th International Colloquium on Translation Studies in Portugal – Translation & Revolution, Universidade Católica Portuguesa, Lisbon, 22-23 October 2015. ix.translation.revolution@gmail.com 13. Translation as Collaboration: Translaboration?, University of Westminster, London, 18 June 2015 Contact: Alexa Alfer (A.Alfer01@westminster.ac.uk), Steven Cranfield (S.Cranfield@westminster.ac.uk), Paresh Kathrani (P.Kathrani@westminster.ac.uk) 14. Translation/Interpreting Teaching and the Bologna Process: Pathways between Unity and Diversity, FTSK Germersheim, Germany 27–29 November 2015. www.fb06.uni-mainz.de/did2015/index_ENG.php 15. Atlantic Communities: Translation, Mobility, Hospitality, University of Vigo, Spain, 17-18 September 2015. http://translating.hypotheses.org/551 16. Exploring the Literary World III: Transgression and Translation in Literature Chulalongkorn University, Bangkok, Thailand 23-24 April 2015. www.arts.chula.ac.th/~complit/complite/?q=conference 17. Authenticity and Imitation in Translation and Culture, University of Social Sciences and Humanities, Warsaw, Poland, 7 – 9 May 2015. www.swps.pl/english-version/news/conferences/12164-authenticity-and-imitation-in-translation-and-culture 18. Translation in Transition, Barnard College, New York City, USA 1-2 May 2015. barnard.edu/translation/translation-in-transition 19. First Forlì International Workshop – Corpus-based Interpreting Studies: The state of the art, University of Bologna at Forlì, Italy, 7-8 May 2015. http://eventi.sslmit.unibo.it/cis1 20. Translation and Meaning. The Lodz Session of the 6th International Maastricht-Lodz Duo Colloquium, University of Lodz, Poland, 18-19 September 2015. http://duo.uni.lodz.pl 21. TAO-CAT-2015, Université Catholique de l’Ouest, Angers, France 28-30 May 2015. www.tao2015.org/home-new 22. English Language and Literary Studies (ELLS 2015), Chulalongkorn University, Bangkok, Thailand, 3-4 August 2015. http://ells2015.com 23. Talking to the World 2: The Relevance of Translation and Interpreting – Past, Present and Future, Newcastle University, UK, 10-11 September 2015. www.ncl.ac.uk/sml/study/postgraduate/T&I/2015conference/main.htm 24. 6th International Symposium for Young Researchers in Translation, Interpreting, Intercultural Studies and East Asian Studies Universitat Autònoma de Barcelona, Spain, 3 July 2015. www.fti.uab.es/departament/simposi-2015/en/index.htm 25. Portsmouth Translation Conference: Border Crossing or Border Creation?, University of Portsmouth, UK, 14 November 2015. www.port.ac.uk/translation/events/conference 26. New Perspectives in Assessment in Translation Training: Bridging the Gap between Academic and Professional Assessment, University of Westminster, London, UK, 4 September 2015. www.westminster.ac.uk/news-and-events/events/humanities/archive/2014/mlc/new-perspectives-in-assessment-in-translation-training-bridging-the-gap-between-academic-and-professional-assessment 27. III Congreso Internacional de Neología en las Lenguas Románicas University of Salamanca, 22-24 October 2015. http://diarium.usal.es/cineo2015 28. Some Holmes and Popovič in all of us? The Low Countries and the Nitra Schools in the 21st century, Constantine the Philosopher University, Nitra, Slovakia, 8-10 October 2015. Contact: igor.tyss@gmail.com 29. The Cultural Politics of Translation, Cairo, Egypt, 27-29 October 2015. https://culturalpoliticstranslation2015.wordpress.com 30. Journée d’étude « le(s) figure(s) du traducteur », Mount Royal University, Calgary, Canada, 30 April 2015. http://mrujs.mtroyal.ca/index.php/cf/index 31. Mediterranean Editors and Translators Annual Meeting —Versatility and readiness for new challenges, University of Coimbra, Portugal, 29-31 October 2015. www.metmeetings.org/en/preliminary-program:722 32. Lengua, Literatura y Traducción “liLETRAd”, University of Seville, Spain, 7-8 July 2015. http://congreso.us.es/liletrad. 33. Meta: Translators' Journal is celebrating its 60th anniversary in 2015! For the occasion, an anniversary colloquium will be held on August 19th to 21st, 2015 at the Université de Montréal (Montréal, Canada). Colloquium for the 60th Anniversary of META – 1955-2015: Les horizons de la traduction: retour vers le futur. Translation’s horizons: back to the future. Los horizontes de la traducción: regreso al futuro, August 19-21, 2015 – Université de Montréal. Please send your proposal to this address: meta60e@gmail.com, to the attention of Georges L. Bastin or Eve-Marie Gendron-Pontbrian 2) CURSOS DE POSGRADO / MASTERS: 1. Legal Translation, Master universitario di II livello in Traduzione Giuridica University of Trieste, Italy. http://apps.units.it/Sitedirectory/InformazioniSpecificheCdS/Default.aspx?cdsid=10374&ordinamento=2012&sede=1&int=web&lingua=15 2. Traducción Especializada, Universitat Oberta de Catalunya (UOC), Spain. http://estudios.uoc.edu/es/masters-posgrados-especializaciones/master/artes-humanidades/traduccion-especializada/presentacion 3. Online course: La Traducción Audiovisual y el Aprendizaje de Lenguas Extranjeras, Universidad Nacional de Educación a Distancia, Madrid, 1st December 2014 to 31st May 2015. http://formacionpermanente.uned.es/tp_actividad/idactividad/7385 https://canal.uned.es/mmobj/index/id/21174 Contact: Noa Talaván (ntalavan@flog.uned.es), José Javier Ávila (javila@flog.uned.es) 4. Online course: Audio Description and Its Use in the Foreign Language Classroom, UNED, Madrid, Spain http://formacionpermanente.uned.es/tp_actividad/idactividad/7492 5. Online course: Curso de Formación de Profesorado, La Traducción Audiovisual y el Aprendizaje de Lenguas Extranjeras UNED, Madrid, Spain. http://formacionpermanente.uned.es/tp_actividad/idactividad/7385 6. EST Training Seminar for Translation Teachers, Kraków, Poland 29 June – 3 July 2015. www.est-translationstudies.org/events/2015_seminar_teachers/index.html 7. Train the Trainer -Teaching MT: EAMT-funded Workshop, Dublin City University, 30 April- 1 May 2015. https://cttsdcu.wordpress.com/eamt-workshop-on-teaching-mt-to-translator-trainers-30-april-1-may 3) CURSOS DE VERANO / SUMMER COURSES: 1. 2015 Nida School of Translation Studies, Leading Edges in Translation: World Literature and Performativity, San Pellegrino University Foundation campus, Misano Adriatico, Italy, 18-29 may 2015. http://nsts.fusp.it/Nida-Schools/NSTS-2015 2. EMUNI Translation Studies Doctoral and Teacher Training Summer School, University of Turku, Finland, 1-12 June 2015. www.utu.fi/en/units/hum/units/languages/EASS/Pages/home.aspx 3. Chinese-English Translation and Interpretation, School of Translation and Interpretation, University of Ottawa, Canada, 13th July – 7th August 7 2015. http://arts.uottawa.ca/translation/summer-programs 4. Summer Program in Translation Pedagogy, University of Ottawa 13 July – 7 August 2015. http://arts.uottawa.ca/translation/summer-programs 4) LIBROS / BOOKS: 1. Audio Description: New Perspectives Illustrated, Edited by Anna Maszerowska, Anna Matamala and Pilar Orero, John Benjamins, 2014. https://benjamins.com/#catalog/books/btl.112/main 2. Call for papers: Translation Studies in Africa and beyond: Reconsidering the Postcolony, Editors: J Marais & AE Feinauer Contacts: Kobus Marais (jmarais@ufs.ac.za) or Ilse Feinauer (aef@sun.ac.za). 4. Measuring live subtitling quality: Results from the second sampling exercise, Ofcom, UK. http://stakeholders.ofcom.org.uk/consultations/subtitling/sampling-results-2 5. A Training Handbook for Legal and Court Interpreters in Australia by Mary Vasilakakos, ISBN 978-0-9925873-0-7, Publisher: Language Experts Pty Ltd. www.interpreterrevalidationtraining.com www.languageexperts.com.au 6. Call for papers: Opera and Translation: Eastern and Western Perspectives, Edited by Adriana Serban and Kelly Kar Yue Chan http://pays-anglophones.upv.univ-montp3.fr/?page_id=1908 7. The Known Unknowns of Translation Studies, Edited by Elke Brems, Reine Meylaerts and Luc van Doorslaer, Amsterdam/Philadelphia: John Benjamins, 2014. https://benjamins.com/#catalog/books/bct.69/main 8. Translating the Voices of Theory/ La traduction des voi de la théorie Edited by Isabelle Génin and Ida Klitgård, 2014. www.hf.uio.no/ilos/english/research/groups/Voice-in-Translation/ 9. Authorial and Editorial Voices in Translation 1 - Collaborative Relationships between Authors, Translators, and Performers, Eds. Hanne Jansen and Anna Wegener, 2014. http://editionsquebecoisesdeloeuvre.ca/data/documents/AEVA-Flyer-1-190895-Vita-Traductiva-Vol-2-Flyer-EN-100413.pdf 10. Authorial and Editorial Voices in Translation 2 - Editorial and Publishing Practices, Eds. Hanne Jansen and Anna Wegener, 2014. www.editionsquebecoisesdeloeuvre.ca/accueil 11. Call for papers: Achieving Consilience. Translation Theories and Practice. https://cfpachievingconsilience.wordpress.com 12. Framing the Interpreter. Towards a visual perspective. Anxo Fernández-Ocampo & Michaela Wolf (eds.), 2014, London: Routledge. http://routledge-ny.com/books/details/9780415712743 13. Multilingual Information Management: Information, Technology and Translators, Ximo Granell, 2014. http://store.elsevier.com/Multilingual-Information-Management/Ximo-Granell-/isbn-9781843347712/ 14. Writing and Translating Francophone Discourse: Africa, The Caribbean, Diaspora, Paul F. Bandia (ed.), 2014, Amsterdam, Rodopi www.brill.com/products/book/writing-and-translating-francophone-discourse 15. Call for papers (collective volumen): Translation studies in Africa and beyond: Reconsidering the postcolony www.facebook.com/notes/mona-baker/translation-studies-in-africa-and-beyond-reconsidering-the-postcolony/743564399051495 16. Audiovisual Translation in the Digital Age - The Italian Fansubbing Phenomenon, By Serenella Massidda, Palgrave Connect, 2015. www.palgrave.com/page/detail/audiovisual-translation-in-the-digital-age-serenella-massidda/?k=9781137470362 17. Video: First International SOS-VICS Conference - Building communication bridges in gender violence, University of Vigo, Spain 25-26 September 2014. http://cuautla.uvigo.es/CONSOS/ 18. Camps, Assumpta. Traducción y recepción de la literatura italiana, Publicacions i Edicions UB, 2014. ISBN: 978-84-475-3776-1. 19. Camps, Assumpta. Italia en la prensa periódica durante el franquismo, Publicacions i Edicions UB, 2014. ISBN: 978-84-475-3753-2. 5) REVISTAS / JOURNALS: Call for papers: “Altre Modernità – Rivista di studi letterarie e culturali” Special Issue: Ideological Manipulation in Audiovisual Translation, Contact: irene.ranzato@uniroma.it. http://riviste.unimi.it/index.php/AMonline/announcement/view/381 2. Call for papers: “Between, Journal of the Italian Association of Comparative Literature”. Special issue on censorship and self-censorship. http://ojs.unica.it/index.php/between/pages/view/CFP9_censura_auto-censura 3. Open access journal, “Hieronymus, A Journal of Translation Studies and Terminology”, Croatia. www.ffzg.unizg.hr/hieronymus 4. “DIE SCHNAKE. Zeitschrift für Sprachkritik, Satire, Literatur”, Number 39+40, Kleines ABC des Literaturübersetzens. www.rainer-kohlmayer.de 5. Call for papers: “MonTI” 8 (2016) - Economic, Financial and Business Translation: from Theory to Training and Professional Practice. http://dti.ua.es/es/monti-english/monti-authors.html daniel.gallego@ua.es 6. Call for papers: “LINGUISTICA ANTVERPIENSIA”, NEW SERIES -Themes in Translation Studies (15/2016). Interpreting in Conflict Situations and in Conflict Zones throughout History. https://lans.ua.ac.be/index.php/LANS-TTS/announcement 7. Call for papers: “CULTUS: The Journal of Intercultural Mediation and Communication” (8/2016). The Intercultural Question and the Interpreting Professions. www.cultusjournal.com 8. Call for papers: “The Journal of Specialised Translation” Non-thematic issue, Issue 26, July 2016. www.jostrans.org 9. “TranscUlturAl: A journal of Translation and Culture Studies”, Special issue Translating Street Art. http://ejournals.library.ualberta.ca/index.php/TC/issue/view/1634 10. “Przekładaniec 28: Audiodeskrypcja [Audio Description]”, edited by Anna Jankowska and Agnieszka Szarkowska. All papers are published in Polish, with English abstracts. www.ejournals.eu/Przekladaniec/zakladka/66/ 11. Call for papers: “Lingvisticæ Investigationes”, Special issue on Spanish Phraseology: Varieties and Variations. http://dti.ua.es/es/documentos/li-call-for-papers-spanish-phraseology-varieties-and-variations.pdf Further details: Pedro.mogorron@ua.es; xblancoe@gmail.com 13. Call for papers: “Revista de Lenguas para Fines Específicos”, Special issue on The Translation of Advertising. Contact: Laura Cruz (lcruz@dis.ulpgc.es). Deadline: 20th July 2015. www.webs.ulpgc.es/lfe 14. “The AALITRA Review”. www.nla.gov.au/openpublish/index.php/ALLITRA 15. “Current Trends in Translation Teaching and Learning E” www.cttl.org/cttl-e-2014.html 16. Call for papers: “Current Trends in Translation Teaching and Learning E”. www.cttl.org 18. Call for papers: “Translation and Translanguaging in Multilingual Contexts”, Volume 1, Number 2, 2015 Deadline: 10-Jan-2015. https://benjamins.com/#catalog/journals/ttmc/main 19. Call for book reviews: “TRANS. Revista de Traductología,” vol.19, 2015. Deadline: Friday, 30th January 2015. www.trans.uma.es trans@uma.es 20. Call for papers: “a journal of literature, culture and literary Translation”. Special volume – Utopia and Political Theology Today Deadline: 15th January 2015. Contact: sic.journal.contact@gmail.com https://owl.english.purdue.edu/owl/resource/747/01 21. “trans-kom”. www.trans-kom.eu 22. “Linguistica Antverpiensia” NS-TTS 13/2014: Multilingualism at the cinema and on stage: A translation perspective, Edited by Reine Meylaerts and Adriana Şerban. https://lans-tts.uantwerpen.be/index.php/LANS-TTS/issue/current 23. Call for papers: 5th issue (2015) of “Estudios de Traducción”, Deadline: 20 February 2015. www.ucm.es/iulmyt/revista 24. Call for papers: “Journal of Translation Studies” - special issue on Translator & Interpreter Education in East Asia. KATS (Korean Association of Translation Studies), www.kats.or.kr (Go to 'English' page). Contact: Won Jun Nam (wonjun_nam@daum.net, wjnam@hufs.ac.kr). 25. “The Journal of Specialised Translation”, 23, January 2015. www.jostrans.org 26. Call for papers: “TranscUlturAl: A Journal of Translation and Cultural Studies”. Deadline: 15 March 2015. http://ejournals.library.ualberta.ca/index.php/TC/announcement 27. “New Voices in Translation Studies”, Issue 11 (Fall 2014). www.iatis.org/index.php/publications/new-voices-in-translation-studies/item/1034-issue11-2014 28. “The Interpreter and Translator Trainer”, 8:3 (2014). Special issue: Dialogue Interpreting in practice: bridging the gap between empirical research and interpreter education E. Davitti and S. Pasquandrea (eds.) www.tandfonline.com/toc/ritt20/current#.VLQHuyvF-So 6) WEBS DE INTERÉS / WEBSITES OF INTEREST: 1. Support Spanish interpreters to secure the right to translation and interpreting in criminal proceedings: www.change.org/p/pablo-casado-retiren-el-proyecto-de-ley-org%C3%A1nica-que-modifica-la-lecrim

Modern sociology has a special look at the three associated variables of environment, water and energy. The three variables are not in a harmonial state in many parts of the globe. Some have access to two, or not sufficient to one. Only a few countries are in an equilibrium state of the three. For example, many African countries are in short fall of water and energy. What sociologists suggest is to bring about resources enough as far as the three parts are concerned. In the past, the threefold relationship was less considered and measured, but currently with the heavy weight of population over 7.8 billion world over (WPDS, 2020), balance between the three is inevitable. While population all over the world has increased considerably, water resources have not increased in the same way. Moreover, in the past, population dependency on energy was not that much. But, in the industrial age of today, man is highly in need of energy of different types to maintain life. However, waste and wastewater have become problematic in current age and in most parts of the world. The emerging situation is polluting environment, seas and water streams. It is more observable in less developed world than the developed world. Therefore, the water and energy crisis is wide and ongoing. It is discussed elaborately in the present article. However, national security could be accessible only if water-energy policies are there (Bauer et el. 2014). Introduction The threefold relationship of environment, water and energy is very important from a sociological point of view. Although in the past these three variables were less considered, and their relationship with each other has been less measured, at the same time, following the comprehensive development of modern societies, the tripartite relationship of these variables is inevitable today. To have a healthy environment, enough water resources and enough energy, you must always invest in it. While energy is highly dependent on water, the supply and transfer of water, and the disposal and transfer of wastewater also require energy. Therefore, water and energy, while being necessary for each other, also ensure the health and safety of individuals. Existence of lakes, dams and other similar sources generate energy through and with the power of these elements. At the same time, energy itself transports water resources from one region to another. It also happens with the energy power of the waste disposal system or system. Otherwise, the health of individuals and the health of society in general will face irreparable risks. In the past, when such facilities were less available, many health problems arose that eventually led to an increase in mortality. Therefore, in order to have a healthy environment, providing water and energy resources is very vital and inevitable. Likewise, drinking water itself needs energy for purification and purification operations, and re-pumping to consumers. This means that any interaction regarding the sanitation of water, its purification, its displacement, etc., is itself highly dependent on energy. These conditions ultimately lead to greater well-being, health and security. While developed societies have more or less achieved these possibilities over the last century or so, non-industrial societies have recently been able to implement such schemes; That is, a strategy that leads to better health for them. Where there is a shortage of clean drinking water, and water has to be transported over long distances, having energy is extremely important. Countries generally do not have the same amount of water resources for different uses. As a result, in many cases they have to move water from long distances to other places. This kind of movement requires sufficient and sustainable energy, and this makes agricultural exploitation, agricultural prosperity, access to more resources and products, and the like, more practical and achievable. One of the most significant challenges in this regard is within African countries; That is, areas that are generally short of energy, and the aforementioned losses have made it impossible for such communities to make good use of their potential resources (agricultural land); As a result, poverty and scarcity are widespread in such societies. Method of ResearchMethodology used in the present article is of qualitative type. In that, various paradigms have been used to find out about the facts regarding pandemics during the history. Qualitative research usually studies people, events or areas in their natural settings. In finding facts for the research, the researcher engaged in careful data collection and thoughtful analysis of what was relevant. In the documentary research applied for the present research, printed and written materials were widely regarded. The research was performed as a qualitative library-type in which the researcher had to refer to the relevant and related sources. In the current research, various documents were thoroughly investigated, and the needful inferences were made. The data fed by the investigator in the present article is hopefully reliable. Though literature on pandemics is very limited, yet the author tried to investigate many different resources in order to elicit the necessary information to build up the text. Energy and waterMany of the problems of the society will be reduced if all the people of a society have adequate access to energy and water. It means the safety of water for drinking and sanitary consumption (UNDP: 2015). Access to water and energy also greatly contributes to improving the quality of life. At the same time, access to these resources greatly contributes to the health of the environment, its preservation and maintenance. Today, many less developed communities face increasing population, population density, and mass migration to urban areas. They face water and energy constraints. This has caused the environment to be directly and indirectly affected, and in a negative way. Overpopulation in urban areas, on the one hand, and water scarcity, on the other, put many green space resources at risk of extinction. Therefore, urban environmental planners must always adjust and consider the relocation and resettlement of the population in accordance with water and energy resources. This statement can be applied to all human societies, and it means that energy and water are inseparable. For example, energy is inevitably needed to cool biofuels (hydropower) or water-based power plants, and so on, to access water sources or safe water. In other words, to transfer water from one area to another, or to pump water for change or desalination, we need sufficient and appropriate energy. Therefore, countries should always pay enough attention to these two sources in their planning path. However, many traditional water sources such as springs, aqueducts and the like are being destroyed in many communities. Likewise, following the general warming of the earth, water scarcity is felt more than ever in different communities. On the other hand, following the consumption of more and more population, the need for water directly and indirectly is always increasing. Given this scenario, environmental planners must always take new practical measures to meet the growing needs of their citizens. From a sociological point of view, basic human needs cannot be met without energy and water. That is, it provided food for the growing population, and sustained economic growth. Many societies today need more food, even than in previous years. In other words, more per capita should be considered for them in terms of food, services, agricultural resources and the like. This means that as the quality of life improves, so does the expectation of consumption. In such circumstances, the community in question needs more water resources. While many societies are in such a situation. Future consumption needs are less predictable. Rising prices for food and consumables around the world in recent years are evidence of this claim. That is, many societies around the world over the past decades have not paid attention to the current years (decades) of the 21st century. At the same time (today) (1.3 billion) 1.3 billion people in the world do not have access to electricity, and about 800 million people get their water from unhealthy sources. These conditions lead to many diseases, health problems, personal and social threats and other deprivations. Therefore, considering the natural trend of population growth, which is generally 2% per year or more in developing countries, the forecast and increase of water and energy resources is of crucial importance. As noted, nearly one-seventh of the world's population is now forced to use polluted water resources, which threatens the health of current and even future generations. Therefore, environmental sociologists must always measure and predict population growth index and water resources index together. Many African countries today are in such a situation. That is, a situation whose unhealthy conditions can be transferred to other communities. It's about the same billion people suffering from poverty, hunger and deprivation, and over the next thirty years the demand for food and energy will increase at an unprecedented rate. However, a high proportion of the population, or in other words one-seventh of the world's population, faces food deprivation. While by 2050 the world population will increase from the current 7.2 billion (2013) to more than 9.2 billion, during this time the expectations of individuals, their way of life and the different needs of citizens in different societies will also increase. . These conditions will further exacerbate food and energy problems. Therefore, social planners should distribute their urban and rural population in proportion to their water and energy resources. If more population pressure is applied to urban areas, it will put additional pressure on water and energy resources. However, many human societies today still rely on the same water resources to sustain their lives, economic growth and their environment. In a situation where the share of the population is increasing, effective and productive sources of agricultural and food production. That is, water and energy resources must also increase, otherwise many products. Food production, agricultural production and the like are more or less failing. Under such circumstances, more migration will inevitably occur, which in itself has a negative impact on the environment. This trend is more related to less developed countries than industrialized and developed countries. Improving communities and ecosystemsPutting water and energy on the agenda (from a systemic point of view). How it was developed and managed must be pursued at the local, national, regional and global levels. Water and energy as two influential and vital factors today should be regularly included in development plans, sufficient budgets should be allocated to them, and as mentioned, they should be pursued at different levels and in a participatory manner. In this way, water and energy supply can be achieved to some extent. Likewise, specialized departments, in partnership with other institutions, must make the necessary predictions in proportion to time and place. Therefore, water, energy and food supply will play a central role in the importance and environmental health of communities. Due to increasing population, urban population density, population growth, and changing lifestyles, the need for water, energy and food is felt more than ever in the past. Today, however, a significant portion of the world's population cannot easily meet these needs. Therefore, countries, both independently and in partnership with other communities, must meet the growing needs for water, energy and food as much as possible. In this way, the quality of life in these communities also improves. Many Third World countries, and African countries in general, face severe restrictions in the water, energy and food sectors. The issue of energy and water in general is important in two ways. That is, in terms of the opportunities and challenges of society, and the elimination of many of the growing needs in different societies. Water and energy, while creating opportunities, on the other hand, and in conditions of scarcity or scarcity, water inevitably brings challenges and limitations. Opportunities mean that in the conditions of having sufficient water and energy, economic-agricultural development takes place in its desired form. That is, a movement that itself provides more added value. With the opportunity in question, this situation will lead to more investment, more income, and ultimately more per capita GDP. That is, what leads to an improvement in the quality of life. Few countries have achieved this today. However, many developing societies today and in the years to come will face a water and energy crisis. The problem itself requires more studies, more investment and more international cooperation. Population, economy and energy and water demandThe production and use of energy and water in its national form is a significant necessity in order to meet the basic needs and develop opportunities for the people. Energy supply means access to clean, reliable and revenue-generating energy services for cooking, heating, lighting, communications and productive uses (United Nations: 2010). The supply of water resources and the production of energy required due to the growing needs, today is the first level of importance in different countries. The provision of these resources in its national and global form must be considered, otherwise uncontrolled migration from places without water and energy to other places will inevitably take place. That is, the flow that ultimately leads to environmental problems in various forms. This process leads to housing constraints, transportation problems, and many socio-economic disadvantages. Therefore, social planners, environmental sociologists, and economists must always have adequate oversight and effective forecasting in the water and energy sectors. Water and energy themselves provide food security. It means providing and accessing adequate, healthy and nutritious food that meets the daily nutritional needs and nutritional preferences for a healthy and active life (FAO: 1996). In any case, both energy and water cross national borders in some cases, thereby facilitating international cooperation. Today, following the need of countries for these two factors, new relations have emerged between countries. Whereas in the distant past, water currents flowed easily from one country to another, today for this movement. Contracts and treaties are concluded. Similarly, while countries today need more energy (for example, electricity), cooperation and areas of trade and transmission of electricity between countries are taking place. In this way, the fields of economic cooperation between countries have increased. That is, it provides conditions that improve agriculture, improve the environment, and provide more food, and so on. Cooperation between neighbors in this way provides benefits sharing, profitability, access to more food and water-related products. As the population of countries has increased in recent decades, and on the other hand, the need for food has increased, this has made the connection between countries more and more in terms of water and energy transmission. Is. Improved global water, energy and food supply conditions can be achieved through a cohesive policy. It means adopting a method in terms of management and administration, integrated in all sections and scales (WWF Retrieved). At the international level, ongoing crises such as energy, food, financial issues, and the like indicate systemic interdependence. If the needs related to the mentioned indicators such as energy, water and food are not met in an adequate level, the society will face various crises. Under such circumstances, the standard of living declines. That is, comfort, access to the required material goods, income, employment, domestic products, and inflation are all affected by the declining trend in living standards (Retrieved: 2011). For example, in the absence of energy and water, many villagers migrate to urban areas. That is, a movement that itself leads to crises such as environmental pollution, transportation, population density, destruction of the urban environment and the like. Such crises also lead to greater challenges to personal and social health. Therefore, the water and energy crisis poses many and ongoing challenges. Sociologists in general and environmental sociologists in particular evaluate and predict these conditions. Developing countries face serious challenges in achieving their Millennium Development Goals by 2015, and their close and intimate relationships with water, energy and food need to be re-examined to achieve the Millennium Development Goals. Developing countries must always anticipate their coming years by turning to water and energy resources. That is, such facilities that lead to the provision of food. However, such countries face unforeseen challenges and problems due to their increasing population on the one hand, and their extensive migration to urban areas on the other hand. Sociologists have always advised that greater individual and social health be achieved through access to adequate sources of water and energy, otherwise there will be many challenges in the lives of different strata. Likewise, the emergence of new injuries endangers individual and social health in various forms. Energy and water balanceEnergy and water are two important factors in urban development. Any industrial development and access to more industrial products, and more processing itself requires more energy and water resources. In the absence of these two sources, urban communities are largely exposed to economic stagnation, unemployment, and consequently economic inflation. This also leads to a decline in quality of life. Therefore, in proportion to the capacities related to their water and energy resources, they should welcome urban development. Today, many developing communities are facing this problem (restrictions on water and energy resources) in urban areas due to the general increase in their population, and migration from rural to urban areas. Fast-growing cities are heavily dependent on energy and water supply. But at the same time, they must reduce water demand, manage relevant trade, and make good use of their water resources. That is, through the reuse of water, the recycling of water and the production of energy from waste and the like. In a coherent and coordinated manner for industrial development, the use and reuse of energy and water is essential, in order to increase scarce resources and save costs. That is, during the production and management of waste, the motivation for social-environmental responsibility should be strengthened as much as possible through sustainable production. The relationship between energy and water is not only quantitative, but also water quality, water pollution, water pollution and the like must be considered. Different countries and societies, given their growing needs on the one hand, and the scarcity of water resources on the other hand, must always make multiple uses of the available water resources. It means recycling a lot of used water and reusing it in other fields and the like. Otherwise, the limitation and shortage of water resources will lead to food shortages. Therefore, continuous monitoring of its water resources to a large extent ensures the health and quality of life in urban and rural areas as much as possible. The connection between water and energy is inseparable, especially in urban areas. That is, city life depends on these two elements (Sustainca: 2015). Disseminate information on water and energyAccess to information and dissemination of data in the field of energy and water resources, or in other words, management of water resources, etc., is itself a major challenge in most societies today. Many countries, especially in less developed societies, do not have enough information about their water resources, water needs, future water resources, and water management in general. Therefore, based on estimates, such communities will sooner or later face challenges and problems due to water shortages. Therefore, from the sociological point of view of the environment, these communities should prioritize studies and information gathering in this regard as part of their plans, given the increase in their population and water consumption. Green infrastructure facilities, and nature conservation, provide significant services in protecting communities from floods and overheating, dust control, etc. It means strengthening green infrastructure (Benedict: 1947). The complexity of energy and water development decisions often requires some kind of modeling (or hybrid model), based on which an integrated support system is developed and maintained. To meet their water needs, countries must use newer and more advanced methods and models. Likewise, the link between less developed and more developed countries, in order to benefit from their experiences, can itself help in making decisions about energy and water development in less developed societies. Otherwise, the scope of the crisis will expand further in the coming years. Such developments include water and energy economics, their ecological impacts, social criteria, and economic tools that can be measured through choices. In other words, calculating and measuring their water and energy resources as effective methods help these countries in providing water resources. In general, today water and energy resources in its scientific form should be evaluated, measured and predicted. The bridge between science, politics and peopleDialogue or science, politics and people in the field of energy and water based on knowledge and education (literacy), indicates that energy and water need improvement and development. That is, effective efforts must be made in this regard. Innovations in technology, management and the like. In this way, a bridge between science, politics and people can be created. By creating such a tripartite relationship, energy and water resources can be fundamentally managed. At the same time, science and technology must be aligned with, and aligned with, energy and water policy.Otherwise, the challenges and shortcomings of energy and water constraints will become more and more widespread. In a situation where the global population has increased to more than 7.2 billion people today, and at the same time social, economic, service and similar needs have increased more than ever in the past, the use of science and technology to Providing as much energy and water as possible is inevitable. This connection can also be explained by the fact that human beings are inseparable from nature. As any damage to nature by man, man himself is subsequently harmed (Rights of Mother Earth: 2011). As far as developing countries are concerned, such efforts should be made to expand capacities at all levels. By creating such connections or putting them on the agenda, the necessary coordination between the environment, water and energy is achieved. Therefore, capacity building at different levels, including urban and rural areas, industrial and agricultural capacity, human capacity, both men and women, each play a role in providing resources related to water, energy and a healthy environment. ConclusionSociologically speaking, basic human needs cannot be met without energy and water. Currently, over 1.3 billion people in the world do not have access to electricity, and over 800 million people get their water from unhealthy sources. Such conditions lead to many diseases, health problems, personal and social threats, and other deprivations. As noted earlier, one-seventh of world's population is currently forced to use polluted water resources which threatens the health of generations. Therefore, environmental sociologists must always measure and predict the population growth index and water resources index together. However, many human societies still rely on the same water resources to sustain their lives, their economic growth and their environment. Water and energy as two influential and vital factors should be regularly included in development plans, and sufficient budgets need to be allocated to them. Eventually, it must be noted that water, energy and food supply play a central role in the environmental health of communities. References: Bauer, D.; et al. "The Water-Energy Nexus: Challenges and Opportunities". US Department of Energy. 2014. Benedict, M.A.; et al. Green Infrastructure: Linking Landscapes and Communities. 1947. California Sustainability Alliance, Cynthia, Truelove, Senior Water Policy Analyst, California Public Utilities Commission. FAO. Rome Declaration on World Food Security and World Food Summit Plan of Action, World Food Summit 13-17, November 1996, Rome. Nexus Resource. Right of Mother Earth, Bolivia UN, Bolovian.net, Retrieved 2011. Standard of Living Definition, Investopedia.com, Retrieved 2011. UNDP: Millennium Development Goals, Goal 7: Ensure Environmental Sustainability. 2015. UN Secretary General's Advisory Group on Energy and Climate Change (AGECC), Summary Report and Recommendations, 28 April 2010, P.13. World Population Data Sheet, Population Reference Bureau, Washington DC. 2020.

By 2031, it will be a century since the Great Depression, touted as the most dreadful depression in the history of U.S. and the rest of the world, had taken place. In the final decades of last century and in the early years of this century, numerous financial crises and economic depressions, not as severe as the Depression, have occurred, particularly but not limited to, developing countries. Looking at the Depression and today’s arrangements, will a major global depression be looming? This paper begins with a refresher on the events of the Depression, which is followed by the Friedman and Schwartz hypothesis, criticisms against it, other contributing factors to the Depression, a reconciliation of the theories and finally ends with an assessment of the possibility of a return of the Depression in the 21st century based on today’s economic, financial, political, social, and technological considerations.

The liquidity is one of the most popular and used financial indicators for solvency at enterprises. The present study attempts to identify the key factors of managing the liquidity in enterprises, and the ability of influence by financial managers on them in order to provide "fresh" money. The problem with the liquidity provision has always stayed open for most economic subjects, especially during the financial and economic crises of the 21st Century.

Abstract Since the onset of the global financial crisis in 2008, the EU has been tested and contested as it struggled to come to terms with a series of crises, sometimes labelled a polycrisis. In response to crises, the EU has emerged as a collective power and the concept ‘Collective Power Europe’ (CPE) offers a promising lens with which to analyse the 21st-century European Union and the nature of the polity that is emerging. The aim of this article is to unpack the concept of CPE and to analyse its core features – collective leadership and framing, institutional coordination and the evolving policy toolkit – in response to three crises: Brexit, the COVID-19 pandemic and the war in Ukraine.

Purpose This paper aims to contribute an Islamic critique of various competing economic system’s theories of interest, which have evolved within the distinct ideological frameworks of distinct rival economic systems and religions from the point of view of discovering potential effective Islamic economic solutions of the interest-driven modern economic, financial and banking and debt crises and the related problems of inflation, extreme, wealth inequalities and extreme poverty. Design/methodology/approach This historical research paper portrays the chronological evolution of competing narratives and theories of interest in realms of religions, philosophies and rival economic systems for contributing their comparative review and critique from an Islamic point of view in light of the pertinent literature of multidisciplinary history of religions, philosophies and economic thought. It develops an Islamic critique of theories of interest in light of interactions among history of religious thought on interest, history of economic thought on interest and economic theories of interest and the interest-driven economic crises for highlighting potential Islamic interest-free solutions of the modern economic crises in the framework of the Islamic political economy. In light of an Islamic critique of various competing theories of interest, the paper presents pertinent economic policy recommendations for the governments of the countries of the contemporary Muslim world. Findings The interest-free Islamic economic, as well as banking theories and models, offer the potential practical exploitation-free and injustice-free humanitarian solutions of the contemporary persisting macroeconomic crises (national, regional and global economic crises, financial crises, debt crises and banking crisis). Current Islamic discourses on interest and interest-free Islamic banking have effectively promoted the popularity and growth of global Islamic banking industry in the Muslim world in the 21st century. Practical implications Keeping in view a general universal consensus of the Islamic jurists on the elimination of interest of all types from the economy, it is recommended for the Governments of the Muslim countries to implement a consensus-based Islamic banking model, which uses only the Islamic juristic consensus-based Islamic modes of banking and finance – Musharikah, Mudharabah and Al-Qardh Al-Hassan (interest-free loan) – for precluding the possibilities of emergence of controversies about the prospective Riba-free Islamic economic and banking system. Litmus test of the practical success of the interest-free Islamic universal economic and banking system is the successful elimination of all forms of Riba (interest) and all possibilities of its involvement in extractive and exploitative activities in letter and spirit. Originality/value This research paper contributes a comprehensive logical and objective critique of various competing prominent theories of interest from an Islamic economic point of view and highlights their pertinent practical macroeconomic problems-cum-consequences as well as the potential Islamic macroeconomic policy responses in the form of interest-free Islamic banking/monetary/fiscal policies.

The state of the global ecosystem is currently approaching a critical point, which affects the socio-economic condition of the society. At the present time, the subject of study of economics and financial sciences should be the study of a world characterized by non-stationary changes; socio-economic and ecological crises, which in themselves are related to the multidimensionality and non-linearity of socio-economic systems. The article builds various models using the theory of catastrophe in the process of global socio-economic development, The Ways of solving them are set, the raised models are solved by the computer program Maple, solutions are given and three-dimensional graphs are constructed. For the purpose of analysis, we have selected a synergetic methodology based on the theory of self-organization of complex systems. Various methods and tools were discussed for modeling the unsustainable development of socio-economic systems of which conceptual-methodological basis is catastrophe theory. The algorithm is defined and a complex of models is built in the article, which allows us to determine the type of macroeconomic indicators, the nature of the dynamics, and to determine the possibilities for the development of crises. In the 21st century, it has become clear that the state of the global ecosystem is approaching to a critical bound and it is reflected on the socio-economic development of the society, in addition, the Covid 19 pandemic made the situation extremely tense. Gradually, we are already approaching to catastrophe with big steps. Given this situation, these types of studies are of particular importance.

Bruno S. Sergi of University of Messina and Harvard University reviews “The Philosophy, Politics and Economics of Finance in the 21st Century: From Hubris to Disgrace”, by Patrick O'Sullivan, Nigel F. B. Allington, and Mark Esposito. The Econlit abstract of this book begins: “Twenty-four papers explore topics regarding the philosophy, politics, and economics of finance and present insights into the workings of contemporary finance and its regulation in the early twenty-first century. Papers discuss the nadir of 2008 and its aftermath; asset management—some considerations on performance; risk in the age of crises; financialization; whether Islamic finance is a complement to conventional western finance—underlying principles and viability; stakeholder expectation and its role in decision making in the financial sector; the impact of the subprime financial crisis on the Eastern European transition economies, and why Poland is an outlier; China as cause and victim of the US subprime crisis—the crisis and its impact on China and the Asian economies; default invariance—a naive category theory of law and finance; why Europe needs the liberal Keynes; neologism as theoretical innovation in economics—the case of “financialization”; ethics—from negative regulations to fidelity to the event; the bank, its societal functions, and its practices—conflictual relationships between an economic agent and democracy; the sufficiency economy—a Thai response to financial excesses; ethics should not cloud business or financial decisions—the enduring power of the neoclassical paradigm; regulation and fraud—a critical assessment of accounting information, corporate governance, and complex systems of business control; the psychology of unethical behavior in the finance industry; financial liberalism and new institutional environment—the 2007-08 financial crisis as a (de)regulatory deadlock; naturalizing techniques and naturalized discourses—thoughts on the media's role in the Great Recession; initially less obvious areas where financial interests and pressures are exercising a subtle and perhaps more ideologically charged influence on private or public policy choices; thinking well about financial ethics; developing country perspectives—a look at the Nigerian banking sector crisis; theological and historical perspectives on contemporary accounting; and where finance is headed and how finance and its role in the economy ought ideally to evolve.” O'Sullivan is Professor of Business Ethics and Corporate Social Responsibility at Grenoble École de Management and the University of Warsaw. Allington is Professor of Applied Macroeconomics at Grenoble École de Management and Fellow and Director of Studies in Economics in Downing College at the University of Cambridge. Esposito is Associate Professor of Business and Economics at Grenoble École de Management, a member of the teaching faculty at the Harvard University Extension School, and Senior Associate at the University of Cambridge-CISL.

A system that is a mixed economy has established in modern post-industrial countries and the participation of the state in it is very important. The active role of the state is especially evident in extreme situations, as evidenced by the experience of the most acute of the 21st century - the global financial crisis and the coronary crisis caused by the Covid-19 pandemic. Against the background of the implemented and ongoing changes in the economies of world and nation states in economic theory today we see the revival of the Keynesian doctrine. This doctrine withdrew the United States of America, as well as other countries, out of the worst crisis of the 20th century, out of the so-called „The Great Depression“ and it has been a major factor in the unprecedented economic success of these countries during four decades. A comparative analysis of the global financial and economic crises shows that the state not only plays a leading role in the process of rescuing economies from the crisis, but also its participation in post-crisis development, which implies the so-called Performing the function of «bridge management». Based on the experience of the coronary crisis, in order to ensure the stability and development of the Georgian economy, we consider it necessary: • Based on finding and using local resources, the state should implement economic policies aimed at accelerating the development of the real sector of the economy, diversifying the internal food market, reducing the negative foreign trade balance of agri-food products. This does not mean prioritizing import-substituting production, but focusing on the development of local production of products whose resources currently exist in our country; • The state must create strategic reserves of food, medical supplies and basic necessities, which are vital in a rapidly changing global environment full of uncertainty and risk; • Attitudes towards the tourism sector need to be changed substantially. After the end of the pandemic, the world will return to normal life and the number of tourists entering Georgia will increase again. However, given the lessons of the pandemic, we must bear in mind that it is necessary to: a) move to an intensive model of tourism; B) Organic inclusion of tourism in the local value chain; C) Pay more attention to the development of local tourism.

Purpose This introductory essay historicizes the evolution of China’s geopolitical strategy from the Maoist era (1949–1976) to the present. It examines the Chinese strategic thinking in four spatial settings: Eurasia, maritime Southeast Asia, the Indian subcontinent and the wider Indo-Pacific region. The Chinese strategic concerns are comparable across these regions, but the ability to pursue security interests is contingent on many circumstantial factors. This study refers to some snapshots of the ongoing regional disputes to discuss the continuities and breakpoints in China’s strategic outreach in a multipolar world. Design/methodology/approach This study draws on the scholarly literature and policy papers to examine the interrelated forces that shape China’s rise to regional dominance: how Beijing has co-opted a series of global and regional crises for its rise to domination; how China, the USA and neighbouring countries have adjusted and adapted to a new changing international order; and how major powers in littoral and maritime Asia respond to an increasingly assertive Chinese state. Findings This study documents the combination of smart, soft and sharp power that China has deployed, since the global financial crisis of 2008, to enforce its dominance against the USA across the Pacific Rim and Eurasia. It argues that General Secretary of the Chinese Communist PartyXi Jinping initially launched the Belt and Road Initiative to respond to former US President Barak Obama’s policy of rebalancing Asia, and he has expanded these expansionary projects to counter US President Donald Trump’s “America First” doctrine, thereby asserting Chinese influence abroad and tightening control against discontented populations at home. Research limitations/implications Many Western policy analysts are wondering whether a rising China will be a “status quo” state or a revisionist state that attempts to challenge the existing world order. The lack of clarification from Beijing has prompted Washington to shift from a longstanding strategy of diplomatic engagement to that of geostrategic containment to balance against China. Originality/value The strategic goals of China in the early 21st century pertain to security reassurance, access to energy resources and national image building. Since the global financial crisis of 2008, China has become immensely confident of its own socio-economic accomplishments and scornful of what it perceives as an American conspiracy to undermine its rise to power. Following in the footsteps of the USA in the post-Second World War era, Japan in the 1980s and Taiwan in the 1990s, Beijing has used international commercial activities and business contracts to achieve specific political, strategic and diplomatic objectives.