Social, Economic, Legal and Educational Challenges of Network Economics

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Applied Economics and Finance".

Deadline for manuscript submissions: closed (31 December 2022) | Viewed by 17473

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Guest Editor
The European Academy of Sciences Ltd, 71-75 Shelton Street Covent Garden, London WC2H 9JQ, UK
Interests: sustainable development; business; innovation; economic security; entrepreneurship; energy; technology of e-Learning; legal control
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Special Issue Information

Dear Colleagues,

There has been a big shift in the conceptual understanding of global economic development. It is based on the formation of a new type of economic system – the network economy – which is characterized by the emergence of new economic entities – network structures – and new ways of cooperation, the fall of hierarchical logic, and the emergence of new forms of management. Therefore, the study and promotion of the development of network systems should be given much attention at the current stage of economic development, as highly integrated structures are the main engine of economic growth. This is possible, taking into account the elements of support for the development of the network economy: social, economic, legal and educational.

Particularly, under these conditions, one of the important tasks of legal science is the creation of theoretical, legal and regulatory frameworks for the introduction of information technologies in various areas of social life. The law should regulate social relationships that are related to information technologies, as well as respond to threats and challenges of the information society.

Accordingly, we can observe how in modern society, within the framework of the new ideology of post-industrialism, a qualitatively new type of society has emerged – the information society. Its emergence had certain theoretical roots, as the ideas of the information society were formed in the discussions of futurologists, techno-optimists, eco-pessimists and globalists, but this concept is constantly improving, taking into account the specifics of social development. These discussions were fueled by the pessimistic ideas of environmentalists, who predicted the disappointing development of civilization through the thoughtless and large-scale industrialization of all spheres of production. It is against this background that scientists have begun to think about the problems of the future and form theoretical preconditions for its change, as the shock of the future, combined with the collapse of theories of infinite progress, encourages them to develop new theoretical and predictive models of human development.

The information society ensures the involvement of a large number of people in information resources, helps to improve the exchange of information between the various subjects of information relations, and accelerates the development of information relations. In general, the formation of the information society is a long-term activity of relevant actors, both in terms of organizational measures and the formation of information and legal legislation in this area, so there is a need for research to improve the model of information society and make forecasts of its formation and development.

The concept of the information society expresses the idea of a qualitatively new socio-economic order, which replaces the industrial society and is associated with the introduction of information and communication technologies and the information revolution, which extend to all spheres of social life. One of the main and defining features of the information society is the growth of diversity, which affects lifestyles and thinking, the formation of consciousness and worldview.

The processes of information and computer technologies and Internet communications are increasingly covering (with that in global terms) almost all areas of human activity: economics, management, innovative technologies, education, science, culture, etc. Replacing the sectoral-territorial principle of the organization of the economy with a network one is the most important feature of the information-network economy, which is established in global terms. That is, the defining feature of the information-network economy is its planetarity. The information network is, on the one hand, a fundamentally new form of organization and operation of the economy, and, on the other hand, it is a system-forming platform, a kind of global matrix of civilization development in XXI century.

The planetary geoeconomy, which is based on the network foundation, serves as a basic platform and, at the same time, a civilization challenge for national economies. Countries that are unable to organically combine the two factors of civilization development – information innovation and high organizational and management support for their practical effect – are doomed to civilizational and, in particular, geoeconomic backwardness of a cumulative nature.

Prof. Dr. Svetlana Drobyazko
Guest Editor

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Keywords

  • Information-network economy
  • Economics
  • Legislation
  • Sociology
  • Education
  • Information society
  • Development

Published Papers (5 papers)

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Research

23 pages, 727 KiB  
Article
Modeling the Risks of the Global Customs Space
by Olha Borysenko, Olena Vasyl’yeva, Olga Katerna, Iuliia Masiuk and Oleg Panakhi
J. Risk Financial Manag. 2022, 15(12), 598; https://doi.org/10.3390/jrfm15120598 - 12 Dec 2022
Cited by 2 | Viewed by 2169
Abstract
The influence of globalization processes, the customs space of the country, requires the development and implementation of a transparent state customs policy to ensure security and integration into the space of the higher hierarchical order. The purpose of the study is to form [...] Read more.
The influence of globalization processes, the customs space of the country, requires the development and implementation of a transparent state customs policy to ensure security and integration into the space of the higher hierarchical order. The purpose of the study is to form scientific-applied recommendations regarding the development vectors of the customs space of a country in the global environment to improve its risk management system. The main method of study is econometric modeling, namely, canonical analysis in determining the interdependence of sustainable development and customs space. The purpose of the study is to suggest directions for development vectors for a country’s customs space that will mitigate various risks. Originally, 174 countries were selected for analysis, but the final sample was formed by 98 countries. According to the results of econometric modeling, it was determined that the following variables have the greatest impact on the customs space: human development index; GDP per capita; corruption perception index; global enabling trade index; environmental performance index; social progress index; global competitiveness index. The findings can be used by public authorities in developing a strategy for reforming the customs system of developing countries, taking into account the risks and challenges of the global environment. Full article
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27 pages, 3188 KiB  
Article
Introduction of a Corporate Security Risk Management System: The Experience of Poland
by Iryna Kalina, Viktoriia Khurdei, Vira Shevchuk, Tetiana Vlasiuk and Ihor Leonidov
J. Risk Financial Manag. 2022, 15(8), 335; https://doi.org/10.3390/jrfm15080335 - 29 Jul 2022
Cited by 12 | Viewed by 2377
Abstract
To ensure the economic security of companies, it is necessary to introduce a risk management system based on the use of various tools, especially financial ones. The purpose of the article is to scientifically substantiate the paradigm of integration of the risk management [...] Read more.
To ensure the economic security of companies, it is necessary to introduce a risk management system based on the use of various tools, especially financial ones. The purpose of the article is to scientifically substantiate the paradigm of integration of the risk management mechanism into the system of economic security in companies on the basis of risk-oriented management. The main study method was an online survey of 50 Polish companies in January–April 2021 using a developed questionnaire consisting of 40 questions. According to the results of the expert survey, it is determined that regardless of the type of economic activity of the enterprise, the main goal of introducing risk-oriented management is to preserve assets and increase the efficiency of financial and economic processes. The introduction of risk-oriented management is perceived as a tool to increase the value of the company and ensure the achievement of strategic goals. Fraud is a significant risk to the state of economic security for modern enterprises. To prevent the fact of fraud, taking into account the specifics of the operation of companies, it is suggested to conduct an annual examination. As a result, the suggested procedure should include an audit (audit of financial statements, forensics, transition to international financial reporting standards, audit of systems and processes), assessment (assessment for audit and reporting in accordance with international financial reporting standards, risk management assessment in accordance with international standards, assessment of the effectiveness of economic security), tax analytics (identification of tax risks, analysis of compliance with tax legislation, tax audit), and a due diligence procedure for investment objects. Full article
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18 pages, 484 KiB  
Article
Banking Risks in the Asset and Liability Management System
by Liubov Lysiak, Iuliia Masiuk, Anatolii Chynchyk, Olena Yudina, Oleksandr Olshanskiy and Valentyna Shevchenko
J. Risk Financial Manag. 2022, 15(6), 265; https://doi.org/10.3390/jrfm15060265 - 10 Jun 2022
Cited by 1 | Viewed by 3608
Abstract
Banking risk management is considered weak compared to rapid changes in financial markets. In light of the recent global financial crisis, banking risk management has become a significant concern of banking regulators and government agencies. This work aims to build a model for [...] Read more.
Banking risk management is considered weak compared to rapid changes in financial markets. In light of the recent global financial crisis, banking risk management has become a significant concern of banking regulators and government agencies. This work aims to build a model for assessing banking risks. The primary study method is economic–mathematical modeling based on the standardized model of the Basel Committee for Operational Risk Management, the modified CAPM model, and the model developed by Shapiro and Cornell for currency risk management. The information base was the financial statements of Bank Credit Agricole (Poland). As a result, an economic–mathematical model is built, which is the optimal combination of operational, currency, and credit risk management models. This model calculates the optimal values of bank balance sheet items, which allows for making the right management decisions. It allowed adjusting the value of the bank profit by 3.6 million US dollars. In conclusion, considering the results of banking risk modeling, the need to build a strategy for the bank’s development is determined. Full article
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20 pages, 3120 KiB  
Article
Risk Management of Startups of Innovative Products
by Taliat Bielialov
J. Risk Financial Manag. 2022, 15(5), 202; https://doi.org/10.3390/jrfm15050202 - 27 Apr 2022
Cited by 10 | Viewed by 4184
Abstract
The activation of the startup movement is one of the fundamental preconditions for the transition from innovation to a startup ecosystem, the development of which is impossible without special innovation structures that help startups promote innovative products on the market. The purpose of [...] Read more.
The activation of the startup movement is one of the fundamental preconditions for the transition from innovation to a startup ecosystem, the development of which is impossible without special innovation structures that help startups promote innovative products on the market. The purpose of this article is to modernize the process of promoting innovative products on the market in the form of startups, taking into account the trends of the innovative development of the modern economy. The following methods are used in the article: situational and design approaches; methods of simulation and structural−functional modeling—to determine the potential market demand for innovative products and plan the process of their promotion to the market; and BPMN notation—to formalize the integration links between actors in the process of promoting innovative products on the market. As a result, a scheme for assessing the economic efficiency of innovative product market promotion process management was developed that sorts out several indicators at each stage of the innovation process, which allows one to increase the clarity and completeness of the promotion process management while reducing costs. The system of risk management of innovative products has been studied using the example of the promotion of the innovative startup Hideez Technology Ltd on the market in Europe and the USA. This has allowed the company to benefit economically from implementing the results, reaching USD 20,000. In conclusion, the sequence of actions for making management decisions during the implementation of the strategy for innovative product promotion process management was defined. Full article
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19 pages, 1010 KiB  
Article
An Assessment of the Impact of Legal Regulation on Financial Security in OECD Countries
by Robertas Vaitkus and Asta Vasiliauskaitė
J. Risk Financial Manag. 2022, 15(2), 86; https://doi.org/10.3390/jrfm15020086 - 18 Feb 2022
Cited by 5 | Viewed by 4467
Abstract
The recurrent economic and financial crises expose the state, enterprises, and households to a range of financial risks and negative financial consequences. As a result, governments are seeking the most efficient measures of legal regulation and other measures ensuring financial security in order [...] Read more.
The recurrent economic and financial crises expose the state, enterprises, and households to a range of financial risks and negative financial consequences. As a result, governments are seeking the most efficient measures of legal regulation and other measures ensuring financial security in order to address financial insecurity. The financial security can be considered from a variety of perspectives, and this research proposes that microeconomic and macroeconomic indicators be taken into account when assessing the financial security situation. The results of this research confirmed that legal regulation has a significant positive impact on financial security in OECD countries during the analysis period. Based on the results of the study, it can be argued that legal regulation, including anti-corruption measures, must be an essential part of the financial security strategies being developed. The studies carried out provide a platform for further research, which will allow identification of regulatory measures that would most effectively contribute to financial security needs in individual OECD countries. Full article
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