Financial provision of rural territorial communities in conditions of sustainable development is an important aspect of the country's economic and social development. The successful functioning and development of such communities depend on their ability to attract and effectively distribute the financial resources needed to improve infrastructure, education, health care and other vital areas. In the conditions of sustainable development, which involves a balance between economic growth, social well-being and environmental protection, the financial support of rural communities becomes especially important for the preservation of their unique natural and cultural heritage. That is why the purpose of the presented work is to determine the features of financial support of rural territorial communities in conditions of sustainable development. The methods that were used in the formation of the current study are: methods of analysis and synthesis to determine the key aspects of the development of rural territorial communities; methods of induction and deduction to determine the features of the financial provision of territories; method of comparison; logical method; graphical and tabular methods for visual display of research results. Also, as a result of the study, it was proved that the necessity of diversifying the sources of financing is a prerequisite for the financial provision of rural territorial communities. In particular, such communities should actively attract local tax revenues, state support, as well as use the opportunities of international grants and technical assistance programs. At the same time, effective management of resources aimed at the implementation of sustainable development programs, which includes energy saving, development of local businesses and support of environmental initiatives, becomes an important task. In the context of reforming the financial system in Ukraine, financial decentralization is of particular importance, which opens up new opportunities for strengthening the financial independence of rural communities, at the same time placing greater responsibility on them for the rational use of funds. Rural communities can direct the received finances to improve infrastructure, develop social services, support local entrepreneurs, as well as to environmental and energy-saving initiatives.
The article closely reads a discussion paper by the National Institution for Transforming India (NITI) Aayog and a strategy paper by the Ministry of Electronics and Information Technology (MeitY) advocating non-financial use cases of blockchain in India. By noting the discursive shift from transparency to trust to adjustably transparent enacted in these two documents, and consequently the Indian state's redescription of blockchain, the paper foregrounds how blockchain systems are being designated as "decentral" but have recentralizing effects where the state reinvents and re-establishes itself as an intermediary. The paper illustrates how discursive shifts concerning trust, transparency, (de)centralization and (dis)intermediation are crucial sites for investigating redescriptions of emerging sociotechnical systems.
José Alexander Manjarres Márquez, Ramiro Enrique Salazar Ramos, E. Pérez
This article reviews the Colombian regulatory system, which has developed various forms of transferring resources from the national level to the local level for financing social expenditures, primarily in education, which is the sector with the highest allocation. Subsequently, the current system is described, which grants the most representative transfers from the nation to territorial entities to address sector-specific social expenditure. To analyze the resources allocated to the education sector in the Sucre department during the period 2010-2020 in practice and to determine if the transfer system effectively aims at fiscal decentralization, coupled with strengthening local and departmental capacities to autonomously manage transferred resources and efficiently manage tax collection and the acquisition of own resources. The work was developed using a mixed-method methodology, allowing for the approach of quantitative data to support qualitative analyses of the research using primary and secondary sources, as well as the observation of socioeconomic phenomena, establishing concurrent triangulation design.
There is a debate among investors about the benefits cryptocurrencies can take to a portfolio and how their prices move in the market.It's not hard to see that cryptocurrencies are highly volatile, but that doesn't stop investors from pouring large sums of money into cryptocurrency investments.Generate huge returns or catastrophic losses.One of the main challenges facing cryptocurrencies is determining how they perform with assets such as stocks and the rest of the market.The purpose of this article is to investigate whether cryptocurrencies provide diversification benefits and whether individual cryptocurrencies move similarly against each other.Of particular interest is whether there is a connection between the cryptocurrency market and the stock market.The cryptocurrencies chosen for the project were primarily benchmarked against stocks in the information technology-focused Nasdaq 100 Index, as well as a number of other assets.
The article examines the relationship between the process of financial decentralization and the stability of the development function of regional economic systems based on the interdependence of these components of social transformation. After all, the motivational determinism of local finances activates the process of creating new jobs through the formation of the investment attractiveness of a particular region, the innovative progress of broad segments of the population, and the coordination of business, society, and subnational public authorities. The article reveals that the revival of the economy at the spatial level should be based primarily on the activation of innovative activities in the production and infrastructure sectors. Despite the decentralization of power functions, institutional bottlenecks, and the challenges and threats of decentralization, we believe that inclusiveness is quite high and is not conditioned by state regulation. The article states that the strengthening of the role of territorial communities gives rise to the need to reassess the place and function of each region in the coordinate system of the economic space, which must make institutional decisions that provide conditions for further development. Decentralization opens huge opportunities for the development of clusters of agro-industrial parks but provides an inclusive way for the development of the spatial economy, leveling the existing asymmetry and ensuring decent working and living conditions for the rural population. Proof of this is the EU agro-industrial complex, which convincingly confirms that land management within the framework of the Common Agricultural Policy of the third millennium means much more than food security and export growth, as this cannot be achieved without the simultaneous inclusiveness of sustainable development. A sound strategy for the development of a single national land community through the creation of industrial complexes and the integration of regional economic systems will allow us to move away from budgetary materialism to a paradigmatic strategy of financing spatial development and economic accumulation.
Анатолій Карпук, Vasyl A. Holian, Rostyslav A. Butsenko
It is substantiated that the main capital of forestry economy includes the technical-technological, production-economic and natural-resource components, which requires the formation of a modern model of ecological and economic regulation of its reproduction to prevent the processes of exhausting and unbalanced forest use. It is determined that at the present moment the decisive influence on the paces, proportions and scale of reproduction of the main capital of forestry economy is exercised by the processes of European integration, digitalization and decentralization, which to some extent is reflected in the State Strategy for Forest Management of Ukraine until 2035. Studies have shown that in 2013–2021 in the dynamics of most articles of capital expenditures for the purchase of production equipment, cars, devices, machinery and mechanisms, there is an upward trend, owing to both the real growth of capital investments and devaluation-inflationary processes. It is revealed that in 2013–2021 there is a reduction in total capital expenditures for the purchase of road construction equipment, which reduces the ability of permanent forest users to develop a network of forestry roads. It is substantiated that deepening the digital transformation of the forest management system and the movement of forest products requires an increase in capital expenditures in the acquisition of modern software and other information and digital technologies, which will lead to an increase in the share of intangible assets in the structure of main capital of forestry economy. It is found that in recent years certain institutional prerequisites have been formed for diversification of sources of financial and investment support for the reproduction of fixed capital of forestry economy due to an increase in the volume of bank lending and additional attraction of foreign investments. It is proved that a perspective institutional form of diversification of sources of financing for the reproduction of main capital are public-private partnership agreements, which will ensure the consolidation of resources of the public and corporate sectors to accelerate the processes of expanded reproduction and economic development of the forest resource potential of the country.
Rasha Ali El Ashmawy, Amany Ragheb, Ghada Ragheb, Dalia Abdelrazik
Many developing countries as well as some developed countries suffer from the problem of slums. They constitute a real defect in the economic and social development plan of the concerned countries. The methods used to finance development projects in countries vary according to the different social, economic, and legislative influences. The process of providing the expenses required for these projects is one of the most important problems that governments face. The study aims to establish some rules and principles in a proposed theoretical framework and to document some of the experiences of supporting cities globally as well as in the African and Arab countries, by using a general analysis model that includes Egyptian experiences to understand the most important problems related to sustainable development and how to achieve efficiency and effectiveness in the development of urban planning and management. An analytical study is conducted to the experience of participatory development of Manshiyet Nasser is presented and the proposed development programs to determine their advantages and disadvantages. The study concluded to identifying several recommendations for dealing with slums and setting an integrated urban development model for low-income areas that can be replicated in other similar sites. The study also concluded that in development projects, focus is placed on popular participation and decentralization in decision-making, seeking to solve existing problems in society and taking the initiative to experiment new methods from which the government refrains for fear of failure.
The financial support of territorial communities is proposed to be considered as a process of formation, distribution and use of financial resources in order to satisfy the needs and interests of citizens in the sphere of all life activities in the relevant territory. At the same time, the main form of financial support of territorial communities remains budget financing, the quality of which depends on the level of their economic and social development. The state of financial support for the development of territorial communities under conditions of decentralization in Ukraine was analyzed. It was found that during the studied period the number of UTC grew quite quickly and by the beginning of 2022 was 1469 units. It was well founded that the main source of formation of own and fixed incomes of local budgets is precisely tax revenues. However, in the conditions of the war, the budgets of the communities underwent significant transformations, became more dependent on transfers from the central budget. Communities had to cut capital spending and direct it to defense and the reserve fund. The financial decentralization of local self-government helped the communities to withstand the conditions of large-scale Russian aggression. Keywords: decentralization, financial support, territorial communities, development.
This chapter provides a backdrop to the rest of the book, showing how education became the vehicle that linked neoliberalism with Hindu nationalism and allowed to it permeate Indian society. It opens by explaining the origins of India’s national identity and how the Nehruvian doctrine (Lall, 2001) defined Indian citizens after independence in 1947. It engages with the inclusive nature of this approach, showing how India’s key policies and its Constitution embraced this vision and translated it into the education system. The chapter also engages with the Nehruvian vision for an educated India and the development of a higher education system, and briefly engages with the main education policies and reforms that took place between 1947 and the 1990s. The chapter then turns to the economic reforms of 1991 under the leadership of PM Narasimha Rao and Finance Minister Dr Manmohan Singh, which emerged in an increasingly neoliberal global economic climate. The chapter further examines how the increasingly neoliberal reality led to economic disaggregation and deregulation as well as decentralization, the rise of regional parties, and larger inequalities between India’s north and south.
Hugh D. Whittaker, Timothy J. Sturgeon, Toshie Okita and Tianbiao Zhu, Compressed Development: Time and Timing in Economics and Social Development. Oxford: Oxford University Press, 2020. 295 pp. £ 60.00 hardback. Graham Harrison, Developmentalism: The Normative and Transformative within Capitalism. Oxford: Oxford University Press, 2020. 304 pp. £ 58.74 hardback. At the turn of the 21st century, development research witnessed the consolidation of a socio-economic transformation paradigm centred around individual agency (and freedoms) and localized processes of empowerment (and stable forms of change). Within this paradigm, development processes are mainly mediated through markets and enhanced by good governance institutions. Neoclassical economics, as well as humanist approaches to development advanced by the capability approaches of Amartya Sen (1999) and Martha Nussbaum (2000), provide theoretical foundations to this paradigm. The Millennium Development Goals (MDGs) Agenda for 2000–2015 was a clear manifestation of this established consensus at the turn of the century (United Nations, 2000). Aligning with a liberal tradition, these theories have promoted research in development policies and the implementation of institutional market failure fixes that deliberately avoid a direct engagement with the political economy of structural transformation, the developmental role of the state, and the full reality of development in context. Examples of the transformative structural dynamics that the conventional development discourse struggles to grasp include changes in the organization of global production and their impact on the development of countries; technological changes driven by information and communications technology and, more recently, digitalization; the rise of China and the ‘great doubling’ in the global labour markets. There have been several calls for new syntheses, integrating alternative research frameworks which can address the current reality of global development. These include a call to rediscover high-level theories of the classical political economy and developmentalist traditions.11 See, for example, Chang and Andreoni (2021) and other contributions in the special issue on ‘Bringing Production Back into Development’; Kholi (2004) on the developmental state; and Kvangraven (2021) on the ‘dependency research programme’. The widening contradictions between the dominant development research agenda and the reality of local and global development have been addressed mainly by scholars ‘trespassing’ across disciplinary boundaries (Hirschman, 1981). This includes economists working in the classical political economy tradition — Marxist in particular but also Structuralists, Schumpeterians and Old Institutionalists — alongside anthropologists, sociologists and political scientists. This essay considers two recent books whose authors breach these traditions and disciplines. They both make a significant, and in many respects complementary, contribution in pushing ahead a new wave of high-development theory better equipped — both theoretically and empirically — to address development and underdevelopment in the 21st century. The first of these two books, Compressed Development: Time and Timing in Economic and Social Development (hereafter Compressed Development) by Hugh D. Whittaker, Timothy J. Sturgeon, Toshie Okita and Tianbiao Zhu, advances a new theoretical synthesis within which the global matrix of technological and organizational change (and their co-evolving relationships) is framed and linked to state and markets relations (and their embedding and disembedding dialectics). The authors use these theoretical constructs to identify and document distinctive features of the current ‘era’ of development — what they call ‘compressed development’. In their view, there is something unique in the regime of compression experienced by countries from 1990 onwards. Compressed development is a historical phase of global capitalist transformation characterized by ‘out-of-sequence’ and ‘simultaneous’ phenomena. For example, the authors point to the coexistence of ‘premature de-industrialisation’ in developed economies and ‘thin industrialisation’ among several middle-income countries (p. 23). Furthermore, Compressed Development highlights how ‘transmission mechanisms’ such as global value chains (GVCs) and the disembedding of global markets lead to the spread of phenomena like financialization and interdependence across developed and developing countries. Indeed, the book points to mutual interdependencies between countries whereby national dynamics shape (and are shaped by) state–market and organization–technology relationships unfolding in different countries. For example, the compressed development framework highlights how imperial powers shaped the development journey of ‘the rest’ through ‘policy space compression’, as well as showing how the rise of the rest — China in particular — has affected early and late industrializers including America and Japan (the so-called ‘China shock’). These structural interdependencies pose new development trade-offs in the forms of ‘dual challenges’, especially for countries aspiring to achieve socially inclusive industrialization. This is perhaps the second most important contribution of this book — pointing out that social policy was a key, although implicit, ingredient of late industrialization (Mkandawire, 2004) and that this key policy has become increasingly difficult to deliver under compressed development. ‘Recent developers now face simultaneous challenges in social development which early and late developers confronted sequentially’ (p. 160). Education and health are sectors in which the double burdens and challenges are most acute and difficult to address. In the education sector, for example, the need for inclusive ‘basic education’ co-exists alongside the need for ‘advanced education’ towards technological and innovation capabilities development. These complex relationships and policy challenges are finally addressed in Chapter 8 of Compressed Development with the introduction of the idea of an ‘adaptive developmental state’ and the discussion of the need for ‘dynamic state‒civil society relationships’ (p. 185). Building on the case of China, the authors convincingly point to the importance of understanding the opportunities offered by multilevel governance structures and incentives, including ‘local developmentalism’; they also highlight new problems posed by decentralization projects for overall policy coherence and integration at the time when these are increasingly necessary. The book adopts a political economy lens to advance a stylized theory of an adaptive developmental state. However, it does not fully engage with the problems that ‘the rest of the rest’, that is, countries that have not even managed to reach their middle-income status, are facing in their efforts to initiate and sustain their infant processes of capitalist transformation. This is where Compressed Development finds an interesting interface and starts a dialogue with the second book reviewed in this essay. The second book, Developmentalism: The Normative and Transformative within Capitalism (hereafter Developmentalism) by Graham Harrison, offers an ambitious critical political economy framework that takes on — directly and forcefully — the ‘normatively pleasing’ approach to development embodied by capability approaches and germane liberal development perspectives (p. 48). The key historical anchor of the book is that while romanticized historiographies of capitalist transformation should be avoided, we cannot escape from acknowledging the fact that developed capitalist societies have achieved generalized conditions of material progress which are historically unprecedented. Within developed capitalist societies these conditions of material progress are so ‘pervasive and obvious’ that they are often not recognized — even though ‘they are very easily recognizable if one does not live in these conditions’ (p. 7). Using Tanzania as a standpoint — a country where a radical transformation in the material conditions of people's daily lives has still to come — the book centres the analysis on the tension between progress and agency, as a tension between the normative and the transformative. This is central to development understood as a process of capitalist transformation, an untidy process that is in fact intrinsically (p. 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The article is devoted to the study of the administrative and legal status of local self-government bodies in the process of implementing the decentralization reform. Currently, Ukraine is undergoing a decentralization reform. Its beginning, in its current form, is considered to be the approval by the Cabinet of Ministers of Ukraine of the concept of reforming local self-government and territorial organization of power in Ukraine in 2014 and the approval of the action plan for its implementation, which launched the decentralization reform. In 2020-2021, a new stage of decentralization is taking place in Ukraine, which was characterized by a number of significant legislative changes. The article examines the administrative and legal status of local self-government bodies. It is argued that the term “local self-government body” is understood as an autonomous, non-sovereign legal entity of public law, which was created and received its power from a law adopted by Parliament. The degree of independence of local self-government in decision-making is determined by the nature and structure of administrative relations with state authorities. It is concluded that during the implementation of the reform, the legislation on local self-government and related legislation should be revised and improved in such a way as to expand the powers of local self-government bodies and contribute to the better performance of their functions, especially in the management of personnel issues, financial affairs and in determining their own priorities in the provision of public services. Despite the revision and amendment of the legislation on local self-government and other relevant legislation, the analysis of scientific sources gives grounds to assert that the exercise by local self-government bodies of their statutory powers and the performance of the functions assigned to them largely remained under the influence and control of the state authorities.
Nusi Drljevic, Daniel Arias Aranda, Vladimir Stantchev
Blockchain technology has the potential to drive innovations across various industries, businesses, and use cases. It is broadly recognized that innovation is a vital source of competitive advantage in a rapidly changing environment. High expectations surround blockchain’s potential for contributing to sustainable economic and social development. However, current blockchain projects still show high failure rates. The associated side effects of such failure rates generate a negative impact on economic and social sustainability performances such as corporate governance, risk management, finance management, human resources and culture management, and competitiveness. This paper assesses adoption models and their risk and success factors. Building on a novel, integrated adoption model to operationalize, measure and manage blockchain-driven business innovation in a sustainable way, we assessed its applicability with an empirical study across 20 industry sectors and 125 business leaders. The results reveal that the developed adoption model holds the potential to support the sustainable usage of blockchain technology for business innovations, not limited to a specific industry or use case. Further case studies and industry activities can be carried out to continue its validation in future works.
The article reveals the relevance of the study of managerial and historical preconditions for the formation of the institute of territorial communities. The purpose of the study is to identify and generalize the managerial and historical preconditions for the formation of the institution of territorial communities in Ukraine. It is shown that the formation of the institution of territorial community in the managerial and historical perspective testified to a long way of transformation of approaches to ensuring spatial socio-economic development. It is outlined that modern new challenges are forcing the world community to change the dominants of globalization processes. Under such circumstances, the functionality of territorial communities on a national scale may continue to increase. It is proved that the glocalization model of community development management will prevail in view of the effective advantages as the provision of quality social services to the population. It was found out that the balancing of powers of central, regional and local government institutions should be carried out based on the standards of living. There are various discussions about the expediency of decentralization of power and strengthening the functionality of territorial communities, including independent subjects of cooperation. According to world experience, decentralization of power is not always accompanied by decentralization of resources to finance new competencies and, as a result, a significant imbalance between delegated new powers and available financial resources has led to reduced or poor provision of social services to the population. However, democratic societies have not yet found a more effective model of public administration. Therefore, the question is not in the shortcomings of the institution of territorial communities, but in the implementation of decentralization reforms. One of the directions of the new functionality of communities is the wide opportunities for cooperation at different levels. These issues in the domestic theory of public administration are still insufficiently disclosed and require proper attention of scientists and practitioners. The applied significance of the research results is to identify the best prerequisites for the development of the institute of territorial communities. The scientific novelty of the research results is the development of aspects of inter-institutional delegation of powers in the management of the development of the territorial community. Keywords: governance; decentralization; territorial communities; local government; development.
The chapter examines the theoretical foundations of regional development governance in the context of financial decentralization. It reveals the essence of decentralization as a process of transferring powers, resources, and responsibilities from central authorities to local self-government bodies. Particular attention is paid to financial decentralization as an important factor in strengthening the capacity of territorial communities, ensuring the effective use of financial resources, improving the quality of public services, and stimulating the socio-economic development of regions. The study analyzes the main scientific approaches to understanding decentralization, its forms, advantages, and potential risks. It substantiates that financial decentralization contributes to strengthening local autonomy, increasing citizens’ participation in solving local issues, enhancing the responsibility of public authorities, and creating prerequisites for the inclusive development of territories. At the same time, the chapter emphasizes the need for a balanced distribution of powers and financial resources between different levels of governance, the improvement of inter-budgetary relations, and the consideration of regional specificities in the implementation of decentralization reforms. The chapter is of scientific interest to researchers, specialists in public administration, regional economics, local self-government, and public finance, as well as to practitioners involved in the development and implementation of regional development policy.
Background: The concept of devolution has always presented significant controversy in African unitary states. It is often viewed with inherent suspicion and skepticism based on the lack of mutual trust between the people and the government. While proponents see it as a form of empowerment, resistant groups in society view the decentralization of government powers and responsibilities as a gateway to success. Despite the devolution agenda being a major component of local governance in the Zimbabwean Constitution of 2013, it would not be practically implemented until the new dispensation that rose into power in 2018. However, the coming in of the COVID-19 pandemic has significantly marred the take-off of devolution implementation in Zimbabwe. Whilst COVID-19 cases continue to escalate on the globe, African countries continue to battle not only with the second wave of the pandemic but also with the new COVID-19 variants. Already fragile economies of these countries, the governments were forced to prioritize the national budgets in response to the pandemic; consequently, other social and developmental issues were left behind. Objective: This study discusses the contemporary status of devolution in Zimbabwe to ascertain the extent of implementation; provide supportive legislation for devolution structures through recommendations; analyze devolution disbursements from 2019 before COVID-19 to date; assess the local authorities’ initial requests versus the disbursements in 2019 and 2020. Method: The researcher carried out a desk review and followed the principles of case study design by analyzing financial statements, reports and data coming in from the Councils and relevant Government ministries. The meaning was also derived by critically reviewing, organizing and interpreting related information from books and articles published in newspapers and journals. Result: Despite Section 264(1) of the Constitution providing for devolution of power to the three tiers of the Government, there is no supporting legislature in place as yet to actualize this key element. The Government Budgetary Allocation of 5% is not meeting local authority demands. Conclusion: The onset of the COVID-19 pandemic in late 2019 reduced the pace of the devolution process because the funds were channeled to fight against the virus. If properly practiced, devolution may be one of the solutions to the development of the Zimbabwean economy since the devolution program is largely founded on the principle of empowering provincial government councils and Local Authorities to spearhead economic and social development projects in their areas by leveraging on local resources. It may also solve issues of corruption in many local councils in Zimbabwe by improving accountability mechanisms, especially where sub governments are permitted to progressively compete with each other to establish innovative ways of delivering public services efficiently and inexpensively. Implications: The findings imply that the Government policies can affect the social and economic well-being of citizens, however, the COVID-19 pandemic has far outweighing impacts. Secondly, the coronavirus outbreak has proved how much the Government of Zimbabwe is ill-prepared to deal with a pandemic of this dimension. Policymakers should ensure that finances are set in the national budget for unseen events so as not to derail other Government projects. Originality: This paper is original and not sent anywhere for publication.
The article provides a comparative analysis of the European and domestic approach to the policy of voluntary association of territorial communities. The author conducted a study of key areas of local government reform in Ukraine and European countries. The paper describes the dynamics of the formation of territorial communities, the basic concepts, principles and conditions of voluntary association of territorial communities. The domestic normative-legal provision of the relations arising in the process of formation of capable communities is characterized. The paper analyzes the general aspects of decentralization reform on the example of European Union member states. The practical experience in the reforms of the former post-socialist countries was studied. The author notes that the use of European experience in reforming local public authorities serves as a good basis for decentralization reform in Ukraine and to achieve effective changes in the system of governance, financing, modernization of small communities in Ukraine. The paper notes that the reform of decentralization has already led to significant changes in Ukrainian society, in public administration, as well as in the system of local self-government. Since the adoption of the Concept of Local Self-Government Reform and Territorial Organization of Power in Ukraine in 2014, a legal framework for large-scale local self-government reform has been created and practical experience has been gained. The author shows that the policy of voluntary association of territorial communities should take into account the existing historical experience of such reforms. Analysis of domestic and European experience in reforming local self-government and forming capable communities shows that the policy of consolidation of territorial communities is one of the important ways to create an effective system of local self-government. Ukraine’s state policy in the field of local self-government is based on the interests of residents of territorial communities, which has led to the decentralization of power through the transfer of powers, resources and responsibilities from local self-government bodies. Based on this policy, the provisions of the European Charter of Local Self-Government and the best practices of European countries are laid down.
Thushara Kamalrathne, Dilanthi Amaratunga, Richard Haigh
The entire world is in an unprecedented dysfunction since 11 th March 2020 when the WHO declared a global pandemic as unprecedented health and socioeconomic issues emerged with the outbreak of the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2) and its associated 53 coronavirus diseases (COVID-19). This challenging pandemic has created a greater shock on regular activities of every social strata resulting in a significant decline in economic growth and health sector progression. A serious wearing down of infrastructure, human resources and emergency response in the public health sector was visible in many countries, irrespective of the level of economic and social development. In this backdrop, many scholars are exploring appropriate and effective resilient systems to govern pandemic risks in varied settings. It is observed that Sri Lanka's pandemic response is not properly embedded with the country's Disaster Risk Reduction (DRR) framework and in many aspects, it is heavily reliant on the public health sector authority. In further elaborating the identified gap, this study explored many possible policy amalgamations that can be considered to improve the effectiveness of pandemic response activities at sub-national levels in Sri Lanka. Many government authorities, universities, volunteer agencies including NGOs, private sector organisations and the community can be efficiently integrated into pandemic response activities, vesting necessary responsibilities and authority for contingency and financial decision making at the sub-national level. This system further ensures the unique and contextual approach in pandemic response at the Divisional Secretariat level of each sub-region, which consists of diverse cultures. A large number of public officers are employed at District Secretary (DS) level in different areas of work such as finance, statistic and information, development, public health, livelihood, legal, police, child protection and probation, social welfare, elderly care, poverty alleviation, etc. within the public administration protocol adopted in Sri Lanka. These official positions can also be effectively integrated with the pandemic preparedness and response mechanisms at sub-national level.
Wolfram Groschopf, Mario Dobrovnik, Christian Herneth
Current research on smart contracts focuses on technical, conceptual, and legal aspects but neglects organizational requirements and sustainability impacts. We consider this a significant research gap and explore the relationship between smart contracts and sustainability in supply chains. First, we define the concept of smart contracts in terms of supply chain management. Then, we conduct a content analysis of the literature to explore the overlapping research fields of smart contracts and sustainability in supply chains. Next, we develop a semi-structured assessment framework to model the potential environmental and social impacts induced by smart contracts on supply chains. We propose a conceptual framework for supply chain maturity by mapping the relationships between organizational development, sustainability, and technology. We identify smart contracts as a foundational technology that enables efficient and transparent governance and collaborative self-coordination of human and non-human actors. Thus, we argue that smart contracts can contribute to the economic and social development of networked value chains and Society 5.0. To stimulate interdisciplinary research on smart contracts, we conclude the article by formulating research propositions and trade-offs for smart contracts in the context of technology development, business process and supply chain management, and sustainability.
Статья посвящена зарубежному опыту законодательного регулирования внедрения цифровых технологий, которые самым непосредственным образом связаны с текущими процессами развития экономики и общества. Авторы рассматривают опыт регулирования цифровых активов на примере законодательства Республики Мальта и Княжества Лихтенштейн. Правительство Мальты в 2018 году заявило, что готово к цифровой трансформации своей экономики, тем самым претендуя на роль первой страны в мире, создавшей целостную законодательную базу для применения технологии блокчейн и токенизации активов. Одним из последних законодательных актов в этой области является Закон Княжества Лихтенштейн, посвященный технологии распределенных реестров, который представляет собой технологически нейтральную и всеобъемлющую систему, призванную охватить все аспекты токенизации. Исследуется возможность отнесения криптовалюты к объекту правового регулирования, что позволяет упорядочить и систематизировать правила, которые будут применяться в отношении оборота цифровых активов. The article is devoted to the foreign experience of legislative regulation of the introduction of digital technologies, which are most directly related to the current processes of economic and social development. The authors consider the experience of regulating digital assets on the example of the legislation of the Republic of Malta and the Principality of Liechtenstein. In 2018, the Government of Malta announced that it is ready for the digital transformation of its economy, thereby claiming the role of the first country in the world to create an integral legislative framework for the use of blockchain technology and asset tokenization. One of the most recent pieces of legislation in this area is the Principality of Liechtenstein Act on distributed ledger technology, which is a technologically neutral and comprehensive system designed to cover all aspects of tokenization. The possibility of classifying cryptocurrency as an object of legal regulation is being investigated, which makes it possible to streamline and systematize the rules that will be applied in relation to the circulation of digital assets.
Introduction. The concept of inclusive growth is one of the most effective modern theories of socio-economic development. Given the problems in the Ukrainian economy and the lack of financial resources, in-depth research is needed to find mechanisms for financing projects and programs for inclusive growth, to adapt them to the conditions of decentralization and practical use in local government. The purpose of the research is to substantiate the feasibility of implementing the concept of inclusive development and to reveal the features of mechanisms for financing inclusive development programs to intensify the processes of socio-economic growth in Ukraine under decentralization. Results. The essence of the inclusive type of development is revealed and the necessity of its introduction in Ukraine is substantiated. The legislative bases of inclusive development in Ukraine are analysed. It is determined that the search for financial resources for the implementation of programs and projects aimed at achieving certain goals remains a problematic issue. Four main mechanisms for financing inclusive development projects and programs have been identified and characterized: budgetary; investment; credit; grant. The analysis of the financing of development programs for the period of decentralization is carried out. The structure of revenues of local budgets of Ukraine was assessed and it was established that tax revenues were of the greatest fiscal importance among own revenues. In order to create additional sources of attracting resources to local budgets, it is proposed to adopt the practice of self-taxation of residents of territorial communities. Conclusions. In order to ensure sufficient funding for inclusive development programs and projects, it is necessary to use all possible mechanisms to attract funds from local and state budgets, business entities, and international organizations. The main mechanisms for financing local socio-economic development programs are budget, investment, credit, and grant. The practice of self-taxation of residents of territorial communities can be an important source of additional resources for financing inclusive development programs. Keywords: inclusive development, financing, local budgets, inclusive development projects, financing mechanisms.
The article deals with economic and statistical research on the latest trends in local budget’s revenues caused by the decentralization reform, as well as the identification of its key problems, such as: significant differentiation in the regions’ fiscal capacity, arising due to a number of factors (social, geographical, resource, legislative ones); the regions’ dependence on central authorities due to the lack of effective mechanisms for devolution, hampering the efficiency and reducing the expediency of delegating certain functions; the insufficient level of the regions’ fiscal capacity; and finally, finding the ways of solving the abovementioned problems. These problems can be solved by creating conditions for increasing the local budgets’ own revenues in the face of limited budget funds. The state regional policy, having been carried out for decades, has created the regions’ deep dependence on the center and their lack of incentives to develop on their own by designing mechanisms to use the potential of Ukraine’s regions effectively. The recent decentralization policy is aimed at eliminating these negative trends. The success of this policy can only be ensured by improving and reforming the local government financing system. Local budgets are the main tool by which local authorities implement the program of social and economic development of a region. But at present, the mechanism of local budget formation is inefficient. This statement can be confirmed by the fact that the amount of financial assets in the local budget is insufficient to conduct an independent program of social and economic development. The structure and composition of local budget revenues have been studied on the basis of statistical information, their impact on the social and economic development of Ukraine’s regions has been determined. The research allows to conclude that successful implementation of the decentralization policy requires an individual approach to the formation of each administrative and territorial unit, a thorough study of economic sufficiency and independence of this unit, as well as research on social and economic development of this unit, as a whole.
The main trend of development of modern society is named – it is digitalization that is causing global changes in industries, companies, processes, business models. Recently, an increasing penetration of the latest information technologies into all spheres of modern society, including tourism, which is currently one of the fastest growing areas in Russia, can be observed. The study of logistic in tourism is one of the promising areas of the modern economy, and, at the same time, blockchain is the main trend of digitalization. Despite the novelty of the trend of digitalization of tourism logistics, there is a growing awareness of its importance for economic and social development in Russian and in international practice. The definition of concept and content of the blockchain technology are considered. The main goal of getting familiar with the blockchain technology and highlighting its importance is achieved. The expediency of use is justified and examples of practical application of blockchain technologies in tourism logistics are considered. The assumption is made that the interest of using blockchain technology will increase in the nearest future.
Non Fungible Token (NFT) Industry has been witnessing multi-million dollar trade in recent times. With rapid innovation of the NFT market environment by technology, innovation, and decentralization, it is becoming hard to distinguish between genuine NFT from fads and scams. This article discuss the NFT market microstructure, with a focus on price formation, market structure, transparency, and applications to other financial areas. Market manipulation in NFT market with the context of wash-sale patterns has also been surveyed. The article concludes by providing pointers on due-diligence activity that can be adopted by investors to mitigate NFT trading risk.