All common and contradictory in society, state and economy on the way to modernization transformation is analyzed; concerning all mentioned above, the role of personal-human factor in its transformation is defined. The influence of globalization on county development in cooperation with world and national is revealed. The role of state in unity of society and personality, its capacity to organize and implement the process of recourses usage and knowledge accumulation in combination of moral and mind, what can’t be avoid without effective state and public control over processes of modernization is grounded. The public mood towards some constituents of social system of Ukraine is analyzed.

 

Key words:
Modernization transformation, national states, postmodern model, public conciseness, knowledge, mind, moral, human capital, social state, degree of state presence, state and public control.

The article analyzes the existing theoretical and empirical approaches to the concept of economic freedom and its importance in the evolution of the country. The results of the identification of dependencies between indicators of economic freedom of the countries and individual indicators of their economic development were discovered. It was found the typical direct links between the expansion of economic freedom and the welfare of the population for the majority of the countries.

 

Key words:
Economic freedom, economic development, economic growth.

All common and contradictory in society, state and economy on the way to modernization transformation is analyzed; concerning all mentioned above, the role of personal-human factor in its transformation is defined. The influence of globalization on county development in cooperation with world and national is revealed. The role of state in unity of society and personality, its capacity to organize and implement the process of recourses usage and knowledge accumulation in combination of moral and mind, what can’t be avoid without effective state and public control over processes of modernization is grounded. The public mood towards some constituents of social system of Ukraine is analyzed.

 

Key words:
Modernization transformation, national states, postmodern model, public conciseness, knowledge, mind, moral, human capital, social state, degree of state presence, state and public control.

We construct and explore a new quarterly dataset of 12 traditional financial ratios for defaulted banks. The retrospective comparative analysis of bank-specific early-warning indicators’ predictive power for 2 samples of problem banks over 2008–2012 and 2014 periods was conducted. The survey results reveal the most appropriate early-warning signals, which are useful for credit rating methodologies, and can improve the quality of systemic risk monitoring in the banking sector. The best predictors of defaults proved to be traditional indicators of profitability and liquidity, the share of retail deposits in the liabilities, and qualitative factor of the bank's ownership structure. Insufficiently indicative predictive ability was demonstrated by the simplified indicators of capital adequacy and assets quality.

 

Key words:
Banks, bank default, early-warning indicators, banking crises, systemic risk.

Based on panoramic view of the EMU fiscal fragmentation, it is shown that the divergence of the euro area could not be caused by inadequate principles of the Monetary Union. Prior to common currency transition the problem of fiscal fragmentation was disguised in a more stable global environment and confidence for the future policy of the ECB. The debt crisis in the EMU brought the problem of fragmentation out of the latent state, showing a clear division between the countries that have kept on competitiveness and whose economic growth has positive expectations, and the rest ones, which are characterized by the fact that their financial imbalances have been combined with the loss of competitiveness. Speculation against structural inflexibility tightened fiscal fragmentation. Fiscal rather than monetary reasons for the EMU divergence lie in a combination of incentives to reduce distortion of national debt reduction in the environment of global liquidity expansion and the institutional weakness of fiscal rules model of Stability and Growth Pact. Fiscal fragmentation has the signs of saving for a long time, threatening to enhance sensitivity of the EMU macro-financial stability to the economy policies of individual countries. Fiscal fragmentation of the euro area is incompatible with the prospects of common currency as a reserve one.

 

Key words:
Euro-zone, national debt, debt crisis, fiscal fragmentation, fiscal rules.

The article substantiates the thesis that corporate social responsibility (CSR) is a concept which combines and complements various aspects instrumental to mutual development of business and society. The CSR ideology manifests itself in shaping a new conception of «value», participation of business in social programs, including continuous cooperation with governments and non-government organizations, as well as such new strategic directions as responsible investing. The authors consider two approaches to business morality and organizational decision-making (an end in itself vs. utility). The studied changes in the nature of capitalism in the late 20th century, which occurred under the influence of globalization processes, make it necessary to reassess its nature from the standpoint of the so-called «tectonic economics». The authors offer substantiation for the idea that the problems of ethics and morality in organizational behavior will actualize in response to development of the theory and practice of economics and management. The study shows that management of political and business organizations bears triple responsibility towards the society: management (administrative), social, and moral responsibility.

 

Key words:
Corporate social responsibility, ethics, globalization, morality, moral re-sponsibility of management, tectonic economics.

The paper is dedicated to the task of generalization of the theory and international experience of public-private partnerships in the field of science and education (further- PPPSE), which is lacking in domestic scientific periodicals, in order to create preconditions for its vitalization in Ukraine. The PPPSE’s leading role is determined as a mechanism for the convergence of interests of the state, scientific and educational institutions, and enterprises that comply with the concept of triple helix. For this purpose author identified the main directions, forms, conditions, factors, types, risks, models of PPPSE and the arguments arising from international experience, in which special attention is paid to the EU countries. The PPPSE should be regarded as one of the mechanisms for mobilization and sustainable financing of national scientific and educational potential devel-opment due to its commercialization within innovation systems and creation of competitive advantages for global and local leadership of businesses and economy. The PPPSE is identified as a basis for the development of cities in the global knowledge economy. The experience and peculiarities of the EU have shown the existence of significant national differences between the levels of activity in PPPSE. The main instrument of convergence of the EU in the PPPSE field is defining uniform requirements for public procurement. Opening the PPPSE Ukraine should rely on the results of the study of worldwide international experience.

 

Key words:
University, international experience, intellectual resource, public-private partnerships, scientific and educational space, international competitiveness.

This article presents a theoretical explanation of the functional determina-tion of the tandem «human development – sustainable development», as well as the authors’ overview of theoretical and conceptual principles of sustainable hu-man development as a new social paradigm. This work proves that a state is re-sponsible for maintaining sustainable human development. Special attention is paid to the state’s financial potential as a foundation, which enables the functioning of highly developed national economy with a»human face».This article proposes an extended interpretation of the definition of «sustainable human development» taking into account the financial achievements of science.

 

Key words:
Sustainable human development, human development, sustainable devel-opment, financial science, financial potential of the state.

In this article a usage of Czekanowski’s diagram is presented as a tool used in a comparative analysis of polish public universities. The study was conducted in a spatial frame during two academic years and concerned 57 public universities of academic character. The application of Czekanowski’s diagram in an initial analysis of a level and structure of costs of public universities is a tool which can be used by internal and external decision-makers in a process of creating a strategy of a creative usage of public resources and ranking lists. The results should constitute a basis for further and at the same time more detailed cause and effect analysis.

 

Key words:
Taxonomic methods, public universities, an analysis of costs level.

After twenty five years of efforts, Ukraine seems to have encountered the same challenges that it had faced twenty five years ago: the challenges of integration and participation in the globalized world. Even though the country has made substantial progress, there is still much to be done. Judging from the couple of crises the country has suffered, one is inclined to say that participation of the country in the international financial markets is a point which matters much for Ukraine. The country did not manage to reap the advantage of capital mobility. Today, the country suffers again from a severe currency and banking crisis, where the national currency, hryvnya, devalues on a daily basis, and many people see their balances deteriorating. The policy-makers, the authorities and especially the National Bank of Ukraine (NBU) have used measures that did not work. The society is anxious and frustrated; it has even started to think about solutions like those on the hard side of the “Bipolar View” theory, such as the currency board, dollarization and even early adoption of the Euro. The paper argues that these solutions look very appealing because they seem work out on “freezing” the situation and, therefore, stopping the downward spiral. However, they do not fit well in the situation of Ukraine. In order to fully understand the situation, in the first part of the paper we describe the problem of choosing a proper exchange rate regime in the context of international financial markets, stating the notions of the “blessed” and “unblessed” trinities. In the second part, we examine the two often proposed solutions of the currency board and dollarization, stating their advantages and disadvantages. In the third part of the paper, we investigate the case of Ukraine and try to infer whether these two often recommended regimes fit or don’t fit, and for which reasons. In the fourth part, we present our proposal for the case of Ukraine and look at the problems with implementation of the first level of our proposal. In the fifth part, we conclude.

 

Key words:
Currency regime, emerging markets, financionalization, financial crises, financial globalization, floating, official dollarization, targeting.

The emergence and development of creative economy in the contemporary global society poses challenges to the theory and practice of classical views on management. The aim of the study is to identify the main principles for creative management for modern organizations. The tasks of analysis of characteristics of the creative organization in historical retrospective are based on the views of classical theory and practice of management are solving and establishment of creative management in global environment as a tool of effectiveness of building a new socio-economic system with purpose of achieving this goal. Creative management is considered in the context of synergy of creativity, innovation and ethical business.

 

Key words:
Creative economy, creative management, the principles of effective (productive) management, creative school of management, the principles of creative management, the moral responsibility of management.

Research is devoted to the analysis of economic diversity of global actors and the process investigation of rethinking social change and social movements in favor of alternative model of global society. The purpose of the research is to analyze alterglobal movements aimed at economic valorization of diversity and elaboration conclusions on the implementation alterglobal model of the world economy. The object of research is the alternative model of world economy development. An evaluation of conflicting relations of the alterglobalization and neo-liberal ideology is carried in terms of market self-regulation. The influence of neoliberal ideology on actors is determined; the deprivation of world general alternatives is defined by the global system promotion of market management and government intervention. The process of rethinking social change and social movements is studied particularly in the matter of calling the existing forms of activity; concepts of changes associated with large movements of industrial society. Participation of alterglobal movement is identified in the fight against offshore relocation, economic inequality and social justice. An analysis of valorization of economic diversity is conducted as one of the defining values of alterglobal movement in the aspects of identity, convergence, relevance and alternativeness. The conclusions on the specification and verification of alterglobalization understanding are formulated.

 

Key words:
Alterglobalization, ephemeral network, neoliberal model, non-governmental organization, poverty gap, social movement, valorization of diversity..

At the end of the XXth century, in the countries of the former socialist camp, the capitalist reforms of the fundamental content of the principles of ensuring the right to liberty were carried out, including the economic one, that was realized in accordance with the existence and protection of the rights for a private property. This choice was made because there was a fundamental desire to overcome the dependence on the leadership of the political sovereign, which, in fact, ensured the receipt of "rents" through the implementation of a centralized management system on a planning and distribution basis, restraining the desire to gain freedom by providing opportunities for self-realization . In place of the ideology of the political "sovereign", the new ways of human activity coordination had to come, based on the principles of the ideology of liberalism. At the initial stages of reforms, the problems of institutionalization of activity of both the state and business, remained out of attention, since freedom was "above all." Capitalism, that develops without control and restrictions, is guided by a single criterion – by the private interest of the strongest and remains hostile to any form of public interest of the majority. At the same time, the development of the social institutions requires the formation of an institutional space for the implementation of the civic initiatives and the protection of freedoms from the manifestations of power and the weakly controlled monopoly organized business in the limitation of the civic activity. For this reason, in the process of development of society, the state should establish the long-term social mechanisms not only to consolidate the new spirit of capitalization and further economic growth, but also development through the social mechanisms of the social space that will not break, but will stabilize the society on the basis of the social values.

 

Key words:
State, private institutions, capitalism, liberal reforms, social institutions, social space.

A theoretical analysis of the crisis of the neoliberal model of globalization, which led to the processes of deindustrialization in many countries of the world, including Ukraine, is presented. It is shown that through the restoration of the development of high-tech sectors of the real economy, a global economic model is changing, that gives a chance to overcome negative consequences of the global crisis. The analysis of various models of capitalism under conditions of neo-liberal globalization, including those in the countries emerging in the post-socialist space, has been carried out. It is shown that solving the contradiction that has developed in Ukrainian economy between current and long-term tasks is possible on the basis of a reproductive approach.

 

Key words:
globalization, deindustrialization and reindustrialization, various models of capitalism, industrial policy, depreciation, strategic goal-setting, a model of sustainable economic growth.

In this paper weak and strong forms of global governance of raw materials markets are compared. This is done by comparing the “transparency agenda” with the “structural reform agenda”. John Maynard Keynes has worked for decades academically on commodity markets, on speculation and storage, on forward markets and buffer stocks etc., but he has also practised commercial trading activity on various commodity markets, and he has written and/or influenced the Post-World War Two ICU/ITO (International Clearing Union/International Trade Organization) agendas which are containing detailed provisions for establishing a world order on commodity markets. He was very much interested in the relation between price volatility of raw materials and its impacts on global macroeconomics, but he was also convinced that appropriate regulations of commodity markets and sectors impact positively on peace and development. He was convinced that strong global governance must be based on simple, stable, effective, consensual and binding rules. Now the “transparency agenda” with regard of raw materials is so much debated but it is a rather weak form of global governance, while the “structural reform agenda” represents a rather strong form of global governance of the resources sectors. The “transparency agenda” is discussed in great detail in this paper while the “structural reform agenda” is considered in the Conclusions and Outlook section but needs further elaboration in a follow-up paper.

 

Key words:
Global governance, transparency agenda, structural reform agenda.