ІНСТРУМЕНТИ ЛЮДСЬКОГО ПОТЕНЦІАЛУ ТА МЕХАНІЗМУ КОРПОРАТИВНОГО УПРАВЛІННЯ В УМОВАХ ТРАНСФОРМАЦІЇ

This paper examines the mechanisms of human and intellectual capital transformations, as well as their development patterns in a company to ensure its growth and expansion together with building the company competitive edge in the context of knowledge economy. In particular, the study provides insights into the fundamental principles of corporate management, along with revealing the specifics of the interaction between human and intellectual driving factors and economic tools of corporate management. A special focus is put towards a social function of corporate management in resolving socioeconomic conflicts in the area of public production and its critical significance in tackling a vast range of social issues. Based on the findings, the study offers a conceptual and methodological approach to building and implementing strategies for promoting and boosting human capital to respond to modern economic development trends and challenges. Apart from that, the study identified the need to pay more attention to expanding the research in every area of economic thought and re-think the implications of economic policies being currently realized. It is also noted that corporate management systems in different countries demonstrate great variability, in particular, there are significant differences in the area of corporate ownership and control patterns. The paper presents an overview of various types of corporate management systems which can be distinguished by the nature of their ownership and control paradigm, as well as by diversity in terms of shareholder rights. Thus, some management systems are characterized by a wide range of ownership forms while others tend to concentrate ownership rights or control functions as much as possible. A conclusion is made that there is still no single corporate management model in the world, and each country has developed its own range of tools and mechanisms to overcome corporate problems and challenges arising from the ownership dispersal or control issues. It is argued that the transition to a knowledge economy and increasing the human factor involvement in corporate management have become a distinctive feature of modern phase of enterprise management maturity in most developed economies, and the use of intellectual capital and talent management are viewed as a primary tool in ensuring company high efficiency and competitiveness. The findings reveal that the latest approaches to the research problem, transformations in the company capital structure design, with a key focus on the role of intellectual capital as its crucial element, have contributed to radical changes in contemporary industrial relations. Given the growing significance of a company management concept which is considered a system where a human potential is an exceptional driving force in business development, it is concluded that in view of these changes, all outdated methods of the current operational management should be revised and, accordingly, new standards for business activity and performance practices have to be created.

Bessarion on Economics and Geopolitics

This paper deals with those aspects of Byzantine intellectual heritage, which belong to the Bessarion’s thought and writing. Bessarion, Cardinal of the Roman-Catholic Church, proposed specific, systematic and analytical measures for a re-organization and recovery of the Despotate of Mistra, while, as it is known, he lived there from the end of 1431 until the end of 1436. Then Вessarion, in his capacity as cardinal, showed his continual and undiminished interest to the advancement of Greek nation, as proven by three famous memoranda of scholar. These are appeals to Constantine Palaiologos, Despot of Mistra, as well as to the doge of Venice. Dated July 13, 1453 the letter to the doge informed him on the Fall of Constantinople and the sufferings of Greek nation! Especially noteworthy is the third (and only surviving) letter of Вessarion, addressed to his friend, Despot Constantine Palaiologos in the spring of 1444. Here Вessarion proposes a specific, specialized program for the economic restructure, social reorganization and military strengthening of the Despotate. The intellectual associates education with economy. Sharing the economic philosophy of ancient Greeks on self-sufficiency and utilization of local means, Вessarion became a forerunner of mercantilism, while also acknowledging the productive contribution of education. The proposal of Вessarion for the transfer of the Despotate’s capital closer to the Isthmus was of great geopolitical importance since, when the guarding of the Hexamilion Wall would be reconstructed and constant and properly updated. These proposals, having been so important for the evolution of Byzantine economic thought, took an appropriate place in its development.

Theory Without Measurement or Some Finishing Touches on The Creative Portrait of Douglass North

The article examines some of the key features of the scientific work of Douglass North. It is argued that the popular image of North as an adherent of this or that school of economic thought is not highly relevant. The authors believe that one of the key features of North's research style is his "theory-centricity". The article demonstrates that the most important milestones in North's career (fling with Marxism in his youth, participation in the Сliometrics revolution, the transition from neoclassical economist to one of the founders of neo-institutionalism, a turn towards cognitive science), despite the seeming lack of continuity served as kind of steps of the ladder along which North went to the creation of a comprehensive theory of social development. Based on the results of qualitative content analysis of North's works of the 1950s and 60s, the authors show that even in the years of his affinity for quantitative economic history, the economist always put the ability to theorize above the skills of quantitative analysis. This feature, combined with the recent empirical turn in economics, which raised the prestige of empirical work to unprecedented heights, made it difficult for modern mainstream economists to perceive the ideas of the "late" North. The authors' analysis of the citation structure of North's last major book, "Violence and Social Orders. Conceptual framework for the interpretation of the written history of mankind" confirms this trend. This book generates greater interest among heterodox economists, historians, and political scientists than among representatives of mainstream economics. In the article's conclusion, the authors speculate about the prospects of the Northian theory-driven style of doing economic research in the face of the progressive "empirization" of modern economics.

THEORETICAL ANALYSIS OF THE EVOLUTION OF MONETARY SYSTEMS OF RUSSIA IN EXTREME MILITARY-POLITICAL CIRCUMSTANCES OF THE FIRST HALF OF THE TWENTIETH CENTURY (IN CONNECTION WITH THE 80TH ANNIVERSARY OF THE BEGINNING OF THE GREAT PATRIOTIC WAR)

The author of the article, addressed to those who teach and study in higher education economic theory, the history of economic thought and the socio-economic history of Russia, proceeds from the premise that changes in the socio-economic system of the country during the period of change in the dominant technological order actualize the development of the theory of money and the study of various stages of historical evolution of the domestic monetary economy (Russian monetary systems). In this context, an analysis of those periods of this evolution in the first half of the twentieth century, when the credit ruble becomes an extraordinary resource of the «war economy», unfolds. The article also examines the peculiarities of monetary circulation during the operation of the gold standard system and during the period of gold «leaving» to the state reserve fund. The author puts forward a hypothesis according to which the changes taking place in the monetary system in connection with the demonetization of gold are the accumulation of prerequisites for the transition to a post-industrial economic system. Inclusion in the analysis of the events of the global military-political history of 1914–1917 and 1941–1945, i.e. events of the First and Second World Wars, helps to reveal the real basis on which a special type of economic relations was formed — the phenomenon of «war economy». The article identifies the key factors of instability in the twentieth century — industrial, monetary and world crises. The study of the peculiarities of the development of the crisis in peacetime and in the conditions of a «military-inflationary economy» in the works of prominent Russian economists deepens the understanding of the structural deformation of the national economy. It is shown that the «price revolution», which characterizes the explosive growth of inflation, has become a vivid manifestation of the world economic instability during the development of extreme military-political events in Russia and in the countries of Western Europe. Attention is drawn to the fact that the «price revolution» in the conjuncture theory of M.I. Tugan-Baranovsky and the works of Z.S. Katsenelenbaum was considered as a function of qualitative changes that took place in the economic system as a result of the expansion of the sphere of money circulation during the transition from natural production to industrial production. The «price revolution» manifested itself with the greatest force in the conditions of the «war economy». The destruction of the national economy was accompanied by the development of «golden» inflation, indicating a chronic commodity deficit. The author argues that the size of the accumulation of gold in 1920–1945, the emergence of large banks — custodians of the gold and foreign exchange reserves of the countries — members of the monetary unions — largely influenced the results of the competition between the three leading currencies (franc, pound and dollar), claiming to be the world leader. The conclusion is argued that the accumulation of gold and foreign exchange reserves in the conditions of the «war economy» accelerated the formation of a new monetary and financial «map» of the world in the second half of the twentieth century.

SUMBANGAN ETIS MODEL BISNIS EKONOMI SIRKULAR TERHADAP PEMBANGUNAN YANG BERKELANJUTAN: EKSPLORASI KUALITATIF SISTEMATIK

<p><em>This study investigated the relationship between the circular economy amid the Covid-19 pandemic and Christian ethics using the latest literature in management, business ethics, and Christian ethics. Recently, many studies have been conducted on the circular economy, which is seen to be an alternate form of economic activity that benefits the underprivileged and the natural environment. However, it appears that the ethical implications of this circular economy have gotten limited attention. Christian ethics, especially the Catholic Social Teachings, provides a source of inspiration for the sustainable development of economic thought. The data analysis method used in this study was bibliometric analytical procedures, which involved collecting articles from Scopus, Google Scholar, and CrossRef databases. VOSviewer software was used to map keywords from these papers in order to identify research gaps in the region to be investigated. In addition, a qualitative analysis of the selected papers using the Atlas.ti program version 9 highlights the quantitative findings and delves deeper into the research themes. This research indicated that discussions about the circular economy are still mostly unrelated to aspects of ethics, morality, and religiosity, implying that more research is needed to go deeper into those areas.</em></p><p><strong>Key words:</strong> Catholic Social Teaching, bibliometric, circular economy, Christian ethics, Covid-19.</p>

GENESIS OF THE GENDER SENSITIVE INVESTMENT IN THE GLOBAL CAPITAL FLOW

The concept of global investments has been characterized through diverse approaches in different classical and neoclassical schools of thought. As of today, the most common concepts in understanding global capital flow altogether and global investments as its part needs an urgent update. Due to a major shift in the communication patterns, the generation gap between the now retiring Baby boomers and Gen X and the newcomers Gen Y and Gen Z and their values being the main driver of change, as well as the most rapid digital transformation the world has ever seen, the theoretical groundwork to understanding the global capital flow and investments needs to be revised. This article aims to analyse the fundamental theoretical work on genesis of the term investment in the global capital flow. The author guides through the brief history of the evolution of investment and gives an overview of the most prominent concepts of the movement and regulation of foreign direct investments throughout the Ukrainian and global economic thought. The article considers different approaches and methods that have been applied to understand investments in its traditional meaning, as well as the reasons to existing of several approaches. The main five hypothesis are mentioned, which are believed to classify the motion and regulation of the global capital flow. The main components and functions of the global capital market are summarized and such categories as the depth of the capital market are explained. The article points to the problem of the asym-metry and biases inside the capital market. The author explains reasons for development of novice ideas in the economic thought due to an urgent need of redesigning economic processes based on the self­identification of an individual and their internal motives for economic decision­making. The current trend of implementing social responsibilities throughout the investment process is also mentioned in the publication. The article gives a prognosis of the future transformations and adaptations of the global capital flow due to the change in generations to the merit of digitalization and inclusiveness, as well as gender balance.Keywords: global investments, gender sensitive investment, global capital flow, concepts, digital transformation, inclusion, self­identification. Статтю присвячено дослідженню теоретичних основ формування поняття інвестицій у міжнародному русі капіталу. Досліджено течії, у рамках яких сформовано найбільш відомі концепції руху та регулювання прямих іноземних інвестицій як у межах вітчизняної, так і світової економічної думки. Проведено аналізування підходів та методів різних теоретичних шкіл до тлумачення інвестицій у традиційному поданні. Наведено причини виокремлення нових та новітніх течій економічної думки, які покликані переосмислити економічні процеси, спираючись на процеси самоідентифікації людини та її внутрішні мотиви до прийняття економічних рішень. Розглянуто найбільш поширені поточні нові критерії оцінки інвестиційного процесу. Запропоновано прогноз трансформації та адаптації міжнародного ринку капіталу за рахунок зміни поколінь на користь цифровізації та інклюзивності, ґендерного балансу. Ключові слова: міжнародні інвестиції, ґендерно чутливе інвестування, міжнародних рух капіталу, концепції, цифрова трансформація, інклюзивність, самоідентифікація.

Does Friendship Stem from Altruism? Adam Smith and the Distinction between Love-based and Interest-based Preferences

Forthcoming in "Journal of the history of economic thought" in 2003 or 2004 Abstract: Friendship-and-love expresses musings about wellbeing—while “wellbeing” is the economist’s substantive satisfaction. Insofar as altruism is about wellbeing, it must differ from friendship-and-love. However, what is the basis of the difference between substantive satisfaction and friendship-and-love? The answer can be found in Smith’s Theory of Moral Sentiments, chapter 2: how “mutual sympathy” differs from “sympathy.” Smith scholars generally miss the uniqueness of “mutual sympathy” and, indeed, fold it under Smith’s “sympathy” (and “empathy”)—with one exception. Robert Sugden highlights the uniqueness of mutual sympathy. However, he goes to the other end, i.e., folds it under Smith’s sympathy-and-empathy”. This paper aims to avoid the folding in either direction. While mutual sympathy originates love-based sociality (friendship-and-love), sympathy-and-empathy originates interest-based sociality (wellbeing that includes altruism). This paper concludes that friendship is neither reducible to altruism nor vice versa. Further, this paper distinguishes this problem from the question regarding the socialization of the individual.