This chapter argues for deregulation of the credit-rating market. Credit-rating agencies are supposed to contribute to the informational needs of investors trading bonds. They provide ratings of debt issued by corporations and governments, as well as of structured debt instruments (e.g. mortgage-backed securities). As many academics, regulators, and commentators have pointed out, the ratings of structured instruments turned out to be highly inaccurate, and, as a result, they have argued for tighter regulation of the industry. This chapter shows, however, that (...) the role of credit-rating agencies in achieving justice in finance is not as great as these commentators believe. It therefore argues instead for deregulation. Since the 1930s, lawgivers have unjustifiably elevated the rating agencies into official, legally binding sources of information concerning credit risk, thereby unjustifiably causing many institutional investors to outsource their epistemic responsibilities, that is, their responsibility to investigate credit risk themselves. (shrink)

The paper is devoted to the study of determinants determined the level of financial security of economic systems. It is shown that the financial security of an economic system implies the achievement of a level of financial stability that will contribute to simultaneously maintaining financial equilibrium and ensuring targeted growth in line with the development strategy. The level of financial security of rail transport in Ukraine was analyzed and it was determined that the decline in (...) its security was the result of a complex interaction of external and internal factors, the main of which were tight government regulation, shifting the financial burden of social responsibilities to Ukrzaliznytsya, PJSC, lack of competition in the transportation of the main nomenclature of cargo and the unsatisfactory state of non-current assets. Based on the Argenti’s method, it is shown that the consequence of the inefficient financial management of Ukrzaliznytsia, PJSC are the reduction of its insolvency. Three main determinants of the financial security of rail enterprises were identified: a reduction in traffic volumes, an unstable capital structure and the impossibility of timely repayment of current liabilities. An additive model for assessing the impact of selected determinants on the level of financial security of Ukrzaliznytsia, PJSC is proposed. The analysis of the model parameters showed that the greatest impact has the index of industrial production, which is due to the predominant formation of its own financial resources of rail transport due to income from freight traffic. A complex of measures designed to improve the financial condition of rail enterprises was proposed. It is substantiated that in order to equalize existing threats, it is necessary to take political decisions aimed at improving the financial condition of Ukrzaliznytsia, PJSC by reducing the intensity of leaching of its financial resources, as well as implementing an anti-crisis financial strategy aimed at optimizing the capital structure and financial rehabilitation of rail enterprises. (shrink)

In the given article the problems of choice as for the types and forms of debt and share financing on the developing and “frontier markets” with high interest rates have been considered, the definition of what kind of interest rates can be viewed as high and under which circumstances nominal interest rate and in which ones – the real interest rate is important for business. Also, the classification of debt and sharing financing is given and the comparative analysis of such (...) financing is made. Some close attention has been paid to the calculation of the real interest rate according to the inflation forecast. Recommendations concerning attracting of relatively cheap trade financing including international financial and credit organizations, development of operation factoring, financing from captive financial institutions of the exporters of the materials and equipment from the EU and the US have been grounded. The opportunity of relatively free of charge share financing through the mechanism of placing shares IPO/SPO is emphasized, exemplified by the results of placing shares on stock exchanges and their alternative platforms of issuing banks with businesses in Ukraine in 2005 – 2013. As a result, the conclusion concerning the necessity of thorough analysis of financial conditions on the developing and frontier markets before gaining such financing has been made. High interest rates within the average indicators even on the basis of prime rates do not necessarily mean absence of attractive conditions of financing. (shrink)

The novel coronavirus (COVID-19) has imperatively shaken the behavior of the global financial markets. This study estimated the impact of COVID-19 on the behavior of the financial markets of Europe and the US. The results revealed that the returns of the S&P 500 index have been greatly affected by a lockdown in the US owing to COVID-19. However, the health crisis generated due to the novel coronavirus significantly decreased the stock returns of the Nasdaq Composite index. The results (...) also showed that the economic crisis generated from the pandemic in Spain has had more impact on the IBEX 35 as compared to the health crisis itself. On the other hand, in the long-run, Italy’s stock markets are more affected by the health crisis as contrasted with the economic crisis, while, in the short-run, both lockdown conditions and economic instability lower the stock returns of FTSE MIB. The UK stock markets witnessed that in the short-run, deficiency of health management systems imperatively damaged the stock returns of the London Stock Exchange. The investigation revealed that deficiency of health systems and lockdown conditions have imperatively damaged the structure of financial markets, inferring that sustainable development of these nations is at risk due to COVID-19. The study suggested that governments should allocate more of their budget to the health sector to overcome a health crisis in the future. (shrink)

The financial crisis of 2008–2009 presents us with the opportunity to not only understand what has happened in the markets but also to reflect on the purpose of the marketplace. Drawing from expert economic analyses, we first assess the central lesson of the crisis—the failure of self-regulation by rational self-interest to moderate externalized risk in financial markets. Second, we ask the philosophical question occasioned by the crisis concerning the moral meaning of economic activity: Is market exchange solely for (...) the sake of self-interest? Reflecting on the poetry of Kahlil Gibran and engaging with the recent encyclical of Pope Benedict XVI, we turn our attention from political economy to moral economy: the relationships among market exchange, self-interest, and the common good—and, in particular, the prior conditions of market exchange and their moral significance for the present crisis. (shrink)

The concept of non-arbitrage plays an essential role in finance theory. Under certain regularity conditions, the Fundamental Theorem of Asset Pricing states that, in non-arbitrage markets, prices of financial instruments are martingale processes. In this theoretical framework, the analysis of the statistical distributions of financial assets can assist in understanding how participants behave in the markets, and may or may not engender arbitrage conditions. Assuming an underlying Variance Gamma statistical model, this study aims to test, using the FBST (...) - Full Bayesian Significance Test, if there is a relevant price difference between essentially the same financial asset traded at two distinct locations. Specifically, we investigate and compare the behavior of call options on the BOVESPA Index traded at (a) the Equities Segment and (b) the Derivatives Segment of BM&FBovespa. Our results seem to point out significant statistical differences. To what extent this evidence is actually the expression of perennial arbitrage opportunities is still an open question. (shrink)

Our planet contains 194 independent states and much more nations. They share membership of the United Nations and in consequence they subscribed the Universal Declaration of Rights. These are rooted in the modern universal conception of states and human rights formulated by philosophers of the Enlighten Age like Locke, Kant., Montesquieu, Voltaire and Rousseau. Concepts like democracy are mirrored to the organization of the political life as it was developed in North America and Europe at the end of the 18th (...) and the 19th century. Universality was deeply rooted in the Western intellectual, moral and religious tradition of that part of the world. Even globalization of the economic and social life is governed by the same Western standards and worldwide consumed basic goods like prime matter,. food and energy is expressed in terms of Western currency like dollar, pound sterling or euro. Despite this economic globalization there were two contradictory political evolution to discern: At the one hand more than 70 new states where created and on the other hand 28 European states started to integrate to a political European Union. The latter trend was based on a deep economic integration and since the creation of the euro also a financial integration. Basic idea was the creation of a free economic market as bases for a political unified Europe. Euro criticism is not only identified with conservatism, nationalism, narrow mind and even racism, euro criticism is deprived from any intellectual significance. However other trends put some shadow on the European project. First the Soviet experience around Marxism, Leninism and Stalinism unified more different nations than the European Union but ended in a complete political and economic chaos. Secondly the financial euro crisis involves only the tacit undermining of the national political independence of the member states, but does not make room for a deep analysis what the fundamentals are of this crisis such as lack of confidence of the citizen in the created unified political and financial market and its main instruments like banks that we consider as the fundamental boundary conditions of the worldwide globalization of goods, power and all aspects of human life. Furthermore we claim that this market in al its aspects is the worst answer to the inconvenient yet unavoidable truth that Western way of life of consumption includes a ecological footprint that exceeds since many years the sustainability of our planet. -/- . (shrink)

In modern conditions the questions of personnel management, including motivation, acquire new meaning. Particularly given the problems relevant to the service sector, where at the beginning of the XXI century employing more than 60% of the workforce in developed countries. These circumstances determine the need for a modern concept of material and immaterial motivation of service industries. Such factors determine the need for the development modern concept of material and immaterial motivation of service industries staff. To obtain indicated objective during (...) research analyzed the existing concepts and paradigm of staff motivation with highlighting their advantages and disadvantages. The results obtained allowed to establish that scientific and expert community does not have the unified approach to the classification and identification of the most effective ones. Special attention is given to modern developments and approaches to the motivation problem. This fact caused the structure of follow studies, including three interlinked vectors: analysis of the essential content of the fundamental concepts in the field of staff motivation; defining features of employee motivation at the enterprises sphere of services; introduction to the key successful international practices which apply by service companies. In general, the results obtained enabled the author’s model of the modern concept of material and non-material motivation at the enterprises the service sector and the corresponding mechanism for the implementation. (shrink)

In the article the effect of disbalances in the movement of financial resources on the national financial systems is formalized. For ensuring the corresponding monitoring objectives the financial sustainability indicators developed by the IMF and the World Bank have been used, as well as the integral indicator of financial resource disbalances, which serve as statistical units for measuring the financial situation and sustainability of the financial sector of the country. For the overwhelming majority of (...) the studied countries, the hypothesis about the negative impact of disbalances in the flow of financial resources on the stability of their financial sectors, regardless of the general economic conditions of these countries' development, was confirmed. At the same time, such a hypothesis was denied for a group of developing countries. Conditions-destabilizers of financial sectors’ stability of the countries under the influence of financialization of their economies, which should be considered the object of regulatory measures in financial markets, are defined. These include the level of market integration into the global financial space, which determines the tendency to systemic risks transmission and the degree of markets’ development that affects their volatility. (shrink)

The paper deals with the topical issue of studying cyclic patterns in the economy and their practical application for the forecasts on the development of financial markets. The work aims to establish the features of the seasonal-cyclic patterns "The January barometer" and "The first five days of January" in the international financial markets in current conditions and to develop recommendations for the practical application of these patterns in the investment activities. The US stock market as an integral part (...) of the World financial market was chosen as a basis for research. The research was conducted by statistical processing of data on the values of the broad market index Standard & Poor's-500 for the period from 1950 to 2019. The study showed that the formation of forecasts about the annual growth or decline of the stock market index using the seasonal-cyclic patterns "The January barometer" and "The first five days of January" can show a high result in cases where the growth of the Standard & Poor's-500 index by the results of both the first five days of January and the results of the entire month of January of this year is a positive value. Otherwise, forecasting based on these instruments is not advisable. The best results (the forecast efficiency was 93.3%) were achieved with the joint application of both cyclic patterns. The practical application of the research results makes it possible to improve the efficiency of investment activities in international financial markets. (shrink)

During the current financial crisis, the need for an alternative to a laissez-faire ethics of capitalism (the Milton Friedman view) becomes clear. I argue that we need an order ethics which employs economics as a key theoretical resource and which focuses on institutions for implementing moral norms. -/- I will point to some aspects of order ethics which highlight the importance of rules, e.g. global rules for the financial markets. In this regard, order ethics (“Ordnungsethik”) is the complement (...) of the German conception of “Ordnungspolitik” which also stresses the importance of a regulatory framework. This framework is needed not to tame the market, but to make it more profitable in the long run. -/- The conception of order ethics relies heavily on contractarianism, especially on James Buchanan’s work. Unlike many other conceptions of ethics, it does not start with an aim to achieve, but rather with an account of what the social world – in which ethical norms have to be implemented – is like. Our social world is different from the pre-modern one. Pre-modern societies played zero-sum games in which people could only gain significantly at the expense of others. And the types of ethics that we are still used to today have been developed within these pre-modern societies. -/- Modern societies, by contrast, can be characterised – by economists and other social theorists alike – as societies with continuous growth. This growth has only been made possible by the modern competitive market economy which enables everyone to pursue his own interests within a carefully devised institutional system. In this system, positive sum games are played, which makes it in principle possible to improve the position of every individual at the same time. Most kinds of ethics, however, resulting from the conditions of pre-modern societies, ignore the possibility of win-win-situations and instead require us to be moderate, to share, to sacrifice, as this would have been functional in zero-sum games. These conceptions distinguish – in more or less strict ways – between self-interest and altruistic motivation. Self-interest, more often than not, is ultimately seen as something evil. -/- Such an ethics cannot be functional in modern societies. Ethical concepts lag behind. Within zero-sum games, it was necessary to call for temperance, for moderate profits, or for a condemnation of lending money at interest. Within positive-sum games, however, the morally desired result of a social process cannot be brought about by changes in motivation, by switching from ‘egoistic’ to ‘altruistic’ motivation. The second theoretical element introduced by order ethics is the distinction between actions and rules, which was already mentioned. Traditional ethics concerns actions: It calls directly for changes in behaviour. This is a consequence of pre-modern conditions as reconstructed before: People in the pre-modern world were only able to control their actions, not so much however the conditions of their actions. In particular, rules like laws, constitutions, social structures, the market order, and also ethical norms have remained stable for centuries. In modern societies, this situation has changed entirely. The rules governing our actions have increasingly come under our control. -/- In this situation, ethics has to focus on rules. Morality must be incorporated in incentive-compatible rules. Direct calls for changes in behaviour without changes in the rules lead only to an erosion of compliance with moral norms. Individuals that continue to behave ‘morally’ will be singled out, because the incentives have not been changed. Moral norms which are to be justified cannot require people to abstain from pursuing their own advantage. People abstain from taking ‘immoral’ advantages only if adherence to ethical norms yields greater benefits over the planned sequence of actions than defection in the single case. Thus ‘abstaining’ is not abstaining in the long run, it is rather an investment in expectations of long-term benefits. By adhering to ethical norms, I become a reliable partner for interactions. The norms do indeed constrain my actions, but they simultaneously expand my options in interactions. And people consent to rules only if these rules hold greater advantages for them, at least in the long run. -/- In general, ethics cannot require people to abandon their individual calculation of advantages. However, it may suggest improving one’s calculation, by calculating in the long run rather than in the short run, and by taking into account the interests of our fellows, as we depend on their acceptance for reaching an optimal level of well-being, especially in a globalized world full of interdependence. -/- The problem of implementation can now be placed at the beginning of a conception of order ethics, justified with reference to the conditions of modern societies I have sketched. Under the conditions of pre-modern societies, an ethics of temperance had evolved that posed simultaneously the problems of implementation and justification. The implementation of well-justified norms or standards could then be regarded as unproblematic, because the social structures allowed for a direct face-to-face enforcement of norms. Pre-modern societies not only favored an ethics of temperance, they also had the instrument of face-to-face-sanctions within their smaller and non-anonymous communities. This instrument is no longer functional in modern anonymous societies, and so we have to face up to the problem of implementation right at the start of our ethical conception. Simultaneously, an order ethics relies on the implementation of sanctions for enforcing incentive-compatible rules. In modern societies, rules and institutions, to a large extent, must fulfil the tasks that were, in pre-modern times, fulfilled by moral norms, which in turn were sanctioned by face-to-face sanctions. Norm implementation in modern societies thus works by setting adequate incentives in order to prevent the erosion of moral norms, which would happen if ‘moral’ actors were systematically threatened with exploitation by other, less ‘moral’ actors. -/- This conception of order ethics is then elaborated further in the area of business ethics. -/- . (shrink)

The purpose of the article is to develop a methodology for alternative substantiation of financial support for bridge construction. To achieve the purpose, the following general scientific and special methods and techniques of research were used: “golden ratio” rule; systematization and generalization; generalization of the results of the analysis and the logical generation of conclusions. Initially, the article analyzed the state of bridge structures in Europe and Ukraine. Based on the analysis, a disappointing situation has been identified, namely that (...) a significant ratio of bridges number require major overhaul or are in critical condition. During the research, the following tasks were solved, namely: physical wear of the bridge as a failure was considered; the feasibility of investing in reconstruction or new bridge construction was determined. For the purpose of rational use of financial resources, which are limited in the age of economic challenges, and on the basis of the rule of “golden proportion”, the maximum percentage of investment in reconstruction is determined. If the limit is exceeded, it is decided to build a new bridge. This result allows making an economically sound decision and evaluating the effectiveness of the invested resources. It is proved that if the wear index of the overhaul bridge construction is higher than the wear rate of the new bridge construction by λ2 / λ1, and the amount of funds for overhaul reaches 70% of the funds needed to build a new one, it is better to build a new bridge. (shrink)

Currently, under the conditions of permanent financial risks that hamper the sustainable economic growth in the financial sector, the development of evaluation and risk management methods both regulated by Basel II and III and others seem to be of special importance. The reputation risk is one of significant risks affecting reliability and credibility of commercial banks. The importance of reputation risk management and the quality of their assessment remain relevant as the probability of decrease in or loss of (...) business reputation influences the financial results and the degree of customers’, partners’ and stakeholders’ confidence. By means of imitating modeling based on Bayesian Networks and the fuzzy data analysis, the article characterizes the mechanism of reputation risk assessment and possible losses evaluation in banks by plotting normal and lognormal distribution functions. Monte-Carlo simulation is used to calculate the probability of losses caused by reputation risks. The degree of standardized histogram similarity is determined on the basis of the fuzzy data analysis applying Hamming distance method. The tree-like hierarchy based on the OWA-operator is used to aggregate the data with Fishburne's coefficients as the convolution scales. The mechanism takes into account the impact of criteria, such as return on equity, goodwill value, the risk assets ratio, the share of the productive assets in net assets, the efficiency ratio of interest bearing liabilities, the risk ratio of credit operations, the funding ratio and reliability index on the business reputation of the bank. The suggested methods and recommendations might be applied to develop the decision-making mechanism targeted at the implementation of reputation risk management system in commercial banks as well as to optimize risk management technologies. (shrink)

In accordance with Order No. 548 of the Ministry of Infrastructure dated December 21, 2015 “On measures for the development of road transport and the road economy for the period until 2020”, strategic directions and strategic development goals were developed. This is necessary to ensure the implementation of plans and the implementation of EU legislation in accordance with the Association Agreement. In accordance with the Order, the priorities were to reform the road sector and to ensure the development and maintenance (...) of the road network in good condition. It was also proposed to modify the existing road financing system. (shrink)

We analyze the properties of optimum portfolios, the price of which is considered a new quantum variable and derive a quantum analog of the Black-Scholes formula for the price of financial variables in assumption that the market dynamics can by considered as its continuous weak measurement at no-arbitrage condition.

Greatly aided by an information age in which protesting laborers in a remote offshore outpost can capture front page headlines around the globe, theSarbanes-Oxley Act of 2002 (SARBOX) has made corporate transparency the linchpin for good corporate governance. Under a SARBOX-enhancedregulatory framework, publicly traded corporations are required to rapidly disclose material changes in their financial conditions or operations—changes such as impairments to goodwill, a trademark, or some other intangible corporate asset. Especially challenging for multinational corporations (MNCs) with far-flung corporate (...) empires is the need to stay abreast of the ebb and flow of goodwill, at a time when transnational human rights groups are aggressively mobilizing world opinion against the sweatshop labor conditions that abound at the offshore production sites favored by MNCs. The author explains why the convergence of a digital age of free-flowing information and the advent of SARBOX, a legislative enactment of paraenetic design, is causing the boards of MNCs to more critically evaluate the long-term costs of their offshore operations. (shrink)

Hedonism is a basic problem in society, especially in Indonesia. There are several negative impacts produced by hedonism such as poverty, debt problems, and social conflict. With an income level that does not match one's level of spending, this can cause an imbalance in one's financial condition. The economic theory of Marxism—which was pioneered by Karl Marx through one of his books entitled The capital—helps us to understand more about logical considerations when consuming and maximizing utility to fulfill (...) the collective interest. Capitalism creates a quite radical push in one's consumption activity, where by analysis Law Diminishing Marginal Utility, capitalists will easily make new innovations so that they can produce new commodities that are deliberately positioned as commodities needed by society. Debt to Income Ratio which is one of the ratios to measure the liability and income of entities can be used as a step to prevent or slow down the development of a culture of hedonism and raise collective awareness in the midst of a fairly chaotic capitalist system. (shrink)

Purpose – to differency in the franchise model implementation by tour operators in the European and Ukrainian markets. Design/Method/Approach. A theoretical approach is based on generalization, system and comparative analysis, content analysis, statistical, and graphical and tabular methods. Findings. The research characterized business franchising models of the largest multidisciplinary tour operators of mass tourism in Ukraine. The general conditions of performing tourist activity on the principles of business franchising for travel agencies are determined. The authors clarified the differences between business (...) franchising models in the European and Ukrainian markets. The mechanism of business multiplication and cooperation of opportunities aimed at promoting a tourist product on the target market defines the franchising. Originality/Value. The scientific novelty is to clarify the tourism activities conditions on a franchise basis in Europe and, in particular, in Ukraine, highlighting the franchise model features of the European business that are in a clearly defined vertically integrated management structure, strong national marketing management, corporate business support, longterm franchise agreements, and effective franchise system. Practical implications. The research practical results significance lies in travel agencies' possible application in deciding to join the franchise network and tour operators in addressing projected business risks diversification. Research limitattions / Future research. Due to the economic crisis in the tourism business, further research promising area is to find ways to stabilize the network business in tourism. The change in the financial condition of travel agencies after franchisee status obtain or termination is of interest. Paper type – theoretical. (shrink)

This thesis contains three studies which provide theoretical analysis and empirical evidence on the decision-making of farm households under shocks and imperfect markets in Vietnam. The first study attempts to investigate the effects of the 2007-08 global food crisis on the investment, saving and consumption decisions of household producers by using the panel data of the Vietnam Household Living Standard Survey (VHLSS), covering 2006 and 2008. The results show that the high food prices had a positive effect on only fixed (...) asset investments in the period of the crisis. When the price shocks are incorporated in the financial conditions, the findings reveal that the effects of household incomes, loans obtained and land sizes matter. The second study uses the Vietnam Access to Resources Household Survey (VARHS) of 2010 to assess the determinants of chemical fertiliser adoption for rice cultivation, and effects on productivity and household welfare. The analysis implements both nonparametric (propensity score matching) and parametric (instrumental variables) approaches. The findings show determinants affecting decision of adoption differ from those affecting decision of adoption intensity. The results show unsurprisingly positive impact on outcomes, but focus on advantage of using parametric approach to estimate these impacts. The third study employs a sub-sample from the 2008 VHLSS that is restricted to rural areas and to children from 10 to 14 years old to explore the relationship between farmland and the employment of children on their family’s farm. The hypothesis is tested in three models (the Tobit, Heckit and double-hurdle models), in which the dependent variables are examined for two stages of decision-making, including the probability of participation and the extent of participation. Empirical evidence supports the hypothesis that child labour increases in land-rich households and decreases in land-poor households. (shrink)

This article analyzes the global causes of the contemporary crisis and the possibilities to eliminate the most acute problems that have generated this crisis. It analyzes both the negative role of the world financial flows and their important positive functions including the ‘insurance’ of social guaranties at the global scale. In connection with the outcome of the crisis it analyzes the conditions of possible transformations of the world system and the possibility of various global scripts of its near future. (...) It gives a characteristic of the coming ‘epoch of new coalitions’; it gives some futuristic prognosis. (shrink)

Financial sustainability of protected areas is one of the main challenges of management. Financial self-sufficiency is an important element in improving conservation effort in these areas. This study seeks to review best practices in recreational fee systems in different countries and to find a relevant entry fee for a wildlife sanctuary in Malaysia. The revenue of the National Elephant Conservation Center (NECC) in Kuala Gandah, Malaysia, comes from several sources, including the national government, but all these budgetary sources (...) are strained by tighter public budgets and greater demands. The present study investigates the introduction of visitor entrance fees to supplement an otherwise inadequate budget for supporting the operational costs of the sanctuary. Factor analysis and a double-bounded contingent valuation method were combined to estimate tourists' willingness to pay (WTP) the proposed entrance fee. Factor analysis showed that respondents' motivation to support the NECC with user fees is conditioned by their direct experiences with elephants, their satisfaction with NECC's educational programs and services, and other experiences it gives to users. The WTP model considered respondents' four motivation factors with their sociodemographic characteristics. Since NECC visitors arrive from both within and outside the country, this study suggests to center managers a two-tier fee structure (residents vs. nonresidents of Malaysia), based upon mean WTP estimates. This study further suggests that revenue from such an entrance fee for NECC could support the Center's management and development costs. © 2015 Elsevier B. (shrink)

The current economic crisis caused by the COVID-19 pandemic has created new changes and challenges for society, which has led to a deeper identification of pressing problems and to develop strategies and models for overcoming crises in various countries, industries and businesses. The formation and improvement of modern strategies and models of crisis management is impossible without optimizing the resources of economic entities, providing assistance at various levels of government to support priority sectors of the economy, finding additional sources of (...) funding to combat the COVID-19 pandemic. To ensure the effective develop and implementation of modern strategies and models of crisis management it is necessary to have information about the state of economic entities, relevant commodity, raw materials, financial markets, explore the internal and external environment, determine the impact of risks on current activities business entities or industries. The effectiveness of crisis management strategies and models is determined by the ability of the management system to ensure the support of business activity of economic entities in the relevant market and to stimulate effective consumer demand. The purpose of writing this scientific monograph is to substantiate the theoretical and methodological foundations and to form and improve strategies and models of crisis management taking into account new changes and challenges for society related to the COVID-19 pandemic and declining business activity of economic entities. The object of the author’s research was the process of formation and improvement of crisis management strategies and models in the conditions of market imbalance and change of the external environment, reduction of activity volumes of economic entities, growth of budget expenditures to combat the COVID-19, formation of new forms of activities and penetration of information technology into various spheres of life to optimize the negative consequences of a pandemic. The subject of the study were socio-economic, organizational and institutional processes of formation and effective implementation of strategies and models of crisis management in various areas of economic activity; substantiation of mechanisms for ensuring the competitiveness of economic entities and the formation new forms of entrepreneurship; development of modern information technologies; consideration of best practices in business process management and digitalization using world experience in various sectors of the economy caused by the COVID-19. (shrink)

Since the global financial crisis in 2008, corporations have faced a crisis of trust, with growing sentiment against ‘elites and ‘big business’ and a feeling that ‘something ought to be done’ to re-establish public regard for corporations. Trust and trustworthiness are deeply moral significant. They provide the ‘glue or lubricant’ that begets reciprocity, decreases risk, secures dignity and respect, and safeguards against the subordination of the powerless to the powerful. However, in deciding how to restore trust, it is difficult (...) to determine precisely what should be done, by whom, and who will bear the cost, especially if any action involves a risk to overall market efficiency and corporate profitability. The paper explores whether corporations have a moral duty to be trustworthy, to bear the cost of being so and thus contribute to resolving the current crisis of trust. It also considers where the state and other social actors have strong reason to protect and enforce such moral rights, while acknowledging that other actors have similar obligations to be trustworthy. It outlines five ‘salient factors’ that trigger specific rights to trustworthiness and a concomitant duty on corporations to be trustworthy: market power, subordination (threat and intimidation), the absence of choice, the need to preserve systemic trust, and corporate political power which might undermine a state’s legitimacy. Absent these factors and corporations do not have a general duty to be trustworthy, since a responsible actor in fair market conditions should be able to choose between the costs and benefits of dealing with generally trustworthy corporations. (shrink)

The monograph reveals challenging issues of small and medium enterprises development in the European Union and East-Partnership countries. Special attention is paid to a new paradigm of financing investments and fostering innovations at all levels of legal entities including SMEs, enhancing innovative entrepreneurship in conditions of global social and technological challenges as well as determining priority sectors for small and medium enterprises as drivers of economic growth. The authors of the monograph emphasize on such European approaches to financing SMEs as (...) crowd-funding and SME-bonds, analyze experience of applying fiscal instruments to support investment and innovations. The researchers underline the role of social investment as an innovative strategy for European SMEs that could be applied in Ukraine and East-partnership countries, suggest new conceptual approach to the evaluation of innovative business development. They also analyse trends of Ukrainian IT enterprises development in the context of modern information services in a global market. Additional attention is paid to the analysis of SMEs’ entrepreneurial potential in conditions of global social and technological changes, estimation effects of applying electronic governance technologies to provide administrative services by public authorities of various levels of governance. Finally, the researchers disclose economic mentality of legal entities as an informal side of financial assets and substantiate the necessity of creation entrepreneurial universities as drivers of innovative development of economy. The materials of the monograph will be useful to scholars, financial managers of companies, financial analysts, representatives of state bodies who implement the state policy in the field of SMEs development in the East-partnership countries, as well as students of economic universities. (shrink)

The authors of the book have come to the conclusion that it is necessary to effectively use the methodological tools for assessing the competitiveness of financial and insurance markets, methodological approaches to assessing the effectiveness of regional policy, internal audit of resources. Basic research is aimed at researching the main trends in the international economy, socialization of global economic development, investment aspects of development countries, functioning of consumer market in the international economic system, trends of international population migration, processes (...) of European integration in the field of energy efficiency. The research results have been implemented in the different models of the behavior of the economic system in the conditions of crisis, provision competitiveness of national economy in the face of increasing burden of public debt. The results of the study can be used in decision-making at the level of international business, ministries and departments that regulate international relations, ensuring security and overcoming risks. The results can also be used by students and young scientists in modern concepts of the formation of international economic relations in the context of strengthening European integration processes and globalization of the economy. (shrink)

Is it wrong to bring new children into existence when there are so many existing children in need of parental care? Several philosophers have defended the view that prospective parents have a pro tanto​ duty to adopt rather than procreate as a means of fulfilling their interest in parenting. The most prominent argument for this view in the existing literature is the rescue-based argument, which derives an individual duty to adopt rather than procreate from a more general duty to rescue (...) or assist those in need. In this paper, I critically examine the rescue-based argument and explain why it fails. First, I argue that we do not necessarily have a duty to rescue in cases that resemble the global orphan crisis, where one’s intervention is merely sufficient to prevent serious harm to a potential victim. Second, I argue that even if we had such a duty, it would not necessarily generate a duty to adopt rather than procreate given the significant financial, emotional, and agency-related costs of adoption, particularly in current, non-ideal conditions. The upshot of these arguments is that the rescue-based argument can only generate a duty to adopt rather than procreate with respect to a relatively small constituency of orphaned children, many of whom are likely to be adopted anyway by willing volunteers. In the vast majority of cases, then, the rescue-based argument does not entail that it is wrong to create new children when there are already existing children in need of parental care. (shrink)

Some provisions of the UN’s Convention on the Elimination of Discrimination Against Women (CEDAW) are clearly important from the perspective of business ethics, particularly those calling for equal rights for women to employment and financial security. Some other provisions of CEDAW are equally as important for ethical business practices and Corporate Social Responsibility (CSR), but are frequently overlooked because of the presumption that they are not strictly business concerns: the rights of women to participation in public life, marriage, and (...) family rights; the rights of rural women to adequate living conditions; and general rights to equality. This chapter will discuss the conceptual commitments that underlie the assumption of a clear demarcation between work and life concerns, and examine the criticisms of this assumption made by feminism. It will, in particular, be interested in: -/- • The public/private distinction • The meaning of “work” or “labor” • The relationship between CSR and care ethics • Fostering a broader understanding of the family or familial relations • Examining the connection between fair wages and work/life integration -/- These discussions suggest that the ability for businesses worldwide to uphold the tenets of CEDAW is dependent upon a reconsideration of the character of the Ideal Worker and a nuanced understanding of the effects of workplace policies on the wider communities in which businesses operate. In particular, though work/life integration is not strictly speaking a “women’s issue,” the ethical and policy considerations addressed herein currently have disproportionately negative effects for women; thus, addressing them is crucial for achieving the aims of gender equality. (shrink)

Introduction. Higher education plays a particularly important role in the development of a country. The goal of the article is to describe the development of concepts about education in general and higher education in particular to explain the role of education in social life. Humboldt sees higher education as a process toward freedom and the search for true truth. Humboldt's philosophy of higher education is an indispensable requirement in the context of people struggling to escape the influence of the state (...) and church forces. The purpose is to find out the content and principles of higher education, especially meaningful suggestions for building an autonomous education in Vietnam today. Materials and Methods. The article uses materialist dialectic to analyze Humboldt's philosophy of higher education. In addition, the article also uses methods of analysis, synthesis, comparison and contrast to clarify views on education in the history of human thought from ancient, medieval, modern and modern times, from which to draw the basic contents and principles in the philosophy of higher education of Humboldt. Results and Discussion. Humboldt is the founder of the University of Berlin - known as the mother of modern universities. It is a new university model based on the philosophy of upholding freedom in learning and teaching, upholding the scientific spirit to seek and discover the truth, and at the same time, combining teaching with scientific research. His liberal education philosophy has contributed to affirming the strength and position of universities. He criticized state intervention in university institutions. Based on the anthropological foundation of emphasizing human diversity, Humboldt's higher education philosophy is truly liberating when it comes to bold views. Humboldt believes that a university is a pure place of science and research, so it is not influenced by any outside force, even from the state. A university is where academic freedom, scientific freedom and other autonomy are guaranteed so that the institution can run smoothly. Universities must have unity between research and teaching. However, Humboldt's philosophy of higher education still contains many issues that need to be considered thoroughly. Specifically, the promotion of internal self-determination requires financial autonomy while the state's investment capital in universities is still quite large; Calling for education to be privatized is still inadequate. The elitist spirit in the Humboldt model is no longer fully relevant in the context of a market economy that tends to lead to the pursuit of targets, which are often related to quality. Practical significance. Humboldt's liberal philosophy of higher education has a strong influence, dominates and becomes a reality in many countries with advanced education. For Vietnam, Humboldt's higher education philosophy is a meaningful suggestion to build an autonomous education under the country's socio-historical conditions. (shrink)

An increasing number of regulations propose the notion of ‘AI audits’ as an enforcement mechanism for achieving transparency and accountability for artificial intelligence (AI) systems. Despite some converging norms around various forms of AI auditing, auditing for the purpose of compliance and assurance currently have little to no agreed upon practices, procedures, taxonomies, and standards. We propose the ‘criterion audit’ as an operationalizable compliance and assurance external audit framework. We model elements of this approach after financial auditing practices, and (...) argue that AI audits should similarly provide assurance to their stakeholders about AI organizations’ ability to govern their algorithms in ways that mitigate harms and uphold human values. We discuss the necessary conditions for the criterion audit, and provide a procedural blueprint for performing an audit engagement in practice. We illustrate how this framework can be adapted to current regulations by deriving the criteria on which ‘bias audits’ for hiring algorithms can be performed, as required by the recently effective New York City Local Law 144 of 2021. We conclude by offering critical discussion on the benefits, inherent limitations, and implementation challenges of applying practices of the more mature financial auditing industry to AI auditing where robust guardrails against quality assurance issues are only starting to emerge. Our discussion as informed by experiences in performing these audits in practice highlights the critical role that an audit ecosystem plays in ensuring the effectiveness of such methodology. (shrink)

In this chapter, I describe my “post-diagnosis” experiences as the parent of an autistic child, those years in which I tried, but failed, to make sense of the overwhelming and often nonsensical information I received about autism. I argue that immediately after being given an autism diagnosis, parents are pressured into making what amounts to a life-long commitment to a therapy program that (they are told) will not only dramatically change their child, but their family’s financial situation and even (...) their entire mode of existence. Moreover, despite information overload, many treatment programs for autism rely on empty jargon and make completely unrealistic promises, so parents are left feeling overwhelmed and panicked. Even well respected therapy programs encourage parents to spend liberally. Indeed, autistic therapists, who help construct what I refer to as the Culture of Autism, advise parents to commit to a minimum of 35 to 45 hours of intensive therapy every week. The implications are clear: for a parent who works full-time, their autistic child becomes a second full-time job. Autism is big business right now, and therapists are pushing parents to the brink of desperation. So it is not too surprising that there is a desperate cry for a more permanent solution—which is why researchers seek to cure autism. But there are two ways to conceptualize cure. A Therapeutic Cure model (TC) conceives of a cure as a beneficial treatment for the patient that eliminates or ameliorates the harms of the disease or condition. But the notion of a therapeutic cure for autism is highly implausible, given the complexities of autism. Indeed, at this point, the vast majority of researchers have come to the conclusion that the idea of a therapeutic cure for autism is simply a non-starter. Therefore the bulk of research seeking a cure for autism focuses instead on a second approach, which I refer to as the Negative Eugenics Cure model (NEC). With this model, the intention is to eliminate the disease or condition without regard for the health or well-being of the organism carrying the disease or condition. So, with regard to autism, researchers are focusing on identifying genetic markers for autism that can be detected in utero, or in embryos, so that autistic fetuses can be eliminated and autism eradicated by preventing the existence of autistic individuals. I review both models and argue that both fail to provide convincing arguments that the “solution” either offers is desirable. Both rest on the assumption that autism renders a life not worth living which, all things considered, is false. Instead of pushing to cure autism, an idea pervasive in this Culture of Autism, I contend that autistics are individuals with lives worth living. Moreover, rather than expend millions on research to search for the means to eliminate autism, we should instead expend our resources to ensure autistic individuals have access to support they may need. If the phenomenology of autism were better understood and appreciated, the panicked demand for a cure for autism might abate and perhaps autism could be seen as having value in and of its own right. (shrink)

Few recent developments in information technology have been as hyped as blockchain, the first implementation of which was the cryptocurrency Bitcoin. Such hype furnishes ample reason to be skeptical about the promise of blockchain implementations, but I contend that there’s something to the hype. In particular, I think that certain blockchain implementations, in the right material, social, and political conditions, constitute excellent bases for common knowledge. As a case study, I focus on trust in election outcomes, where the ledger records (...) not financial transactions but vote tallies. I argue that blockchain implementations could foster warranted trust in vote tallies and thereby trust in the democratic process. Finally, I argue that if the promise of blockchain implementations as democratic infrastructure is to be realized, then democracies first need to ensure that these material, social, and political conditions obtain. (shrink)

In this chapter, it is argued that some animal shelters fulfill the conditions that make triage protocols necessary, namely, the operation with limited financial budgets, space, medical resources, and staff. It is suggested that requirements presented for triage in humans can be fruitfully applied to the context of animal shelters. The focus lies on the criteria of maximizing benefit, justice, medical criteria, life-span considerations, fair decision-making, patient will, re-evaluation of triage decisions and changes in the therapeutic goal, and burden (...) of triage and staff support. The establishment of triage protocols for shelters will make the decision-making process less arbitrary, fairer, and more transparent. Furthermore, it is argued that, in situations where disagreement persist among shelter staff, an external Ethics Board could be called in to help analyze and potentially resolve some of the remaining ethical issues. (shrink)

The use of lexical signs like ‘knowledge’ has consequences. Not only do they have direct psychological resonances, but people ascribe beliefs and act based on their semantics. This paper proposes that such consequences are up for negotiation, and introduces a formal framework from financial theory to suggest constraints on those negotiations and implications of those constraints. The upshot is that changing language will be easier sometimes than others, and philosophers’ projects of linguistic change should be aware of those conditions.

Bribing doctors for preferential treatment is rampant in the healthcare system of developing countries like Vietnam. Although bribery raises the out-of-pocket expenditures of patients, it is so common to be deemed an “envelope culture.” Given the little understanding of the underlying mechanism of the culture, this study employed the mindsponge theory for reasoning the mental processes of both patients and doctors for why they embrace the “envelope culture” and used the Bayesian Mindsponge Framework (BMF) analytics to validate our reasoning. Analyzing (...) responses from 1042 Vietnamese patients, we discovered that bribing doctors can help patients reduce the destitution risk induced by treatment. Such effect of doctor bribery remains consistent among patients that have to pay high daily costs (e.g., accommodation and subsistence fees) regardless of their employment status. Nevertheless, for patients with no or unstable jobs, their risks of destitution increase if they have to pay more thank-you money. These findings suggest that doctor bribery is an adaptive strategy for patients in an environment where the healthcare supply cannot meet the actual demand. Moreover, healthcare equity is greatly exacerbated due to the envelope culture, as vulnerable individuals are exposed to a greater threat of poverty. At the same time, those with good economic conditions get preferential treatment by paying a higher amount of thank-you money. Healthcare workers’ ethics must be the top priority for an equitable and proper healthcare system. (shrink)

Cambodians are still vulnerable. To reverse those conditions, National Social Protection Strategy (N.S.P.S) was developed for the poor and vulnerable people to promote their livelihoods. Royal Government of Cambodia (R.G.C) has paid attention to social assistance. In strategic plans, highlights on strengthening, and collectively developing social security, consistent and effective. With these issues, the government establishes a national social protection policy framework to help all people in particular poor and vulnerable people (M.o.E.F, 2017, p.1). The research aims at reviewing the (...) institutional capacity of government institutions in charge of the National Social Protection Framework (N.S.P.P.F) toward its goal achievement The Department for International Development (D.E.F.I.D) capacity approach is proposed as a framework for this institution of government toward its goal achievement. The D.E.F.I.D (2003) cited in Kay amp Franks (2003) identifies the approach for assessing capacities in three-level. The strengths and the weakness of the seven points were identified. Those included an Overview of N.S.P.P.F, financial resources, relationship with others, policies and systems, strategies, structures, and technical skills and competencies. It was concluded that budget limitations and lack of data and guidelines for implementing the frameworks were limited. Recommendations were identification of People with Disability (P.W.D) data, people close to the poverty line, the inclusion of P.W.D, increase in budget, and budget decentralization. (shrink)

Looks into evaluation of information provision probability from different sources, based on use of linguistic variables. Formation of functions appurtenant for its unclear variables provides for adoption of decisions by the decision maker, in conditions of nonprobabilistic equivocation. The development of market relations in Ukraine increases the independence and responsibility of enterprises in justifying and making management decisions that ensure their effective, competitive activities. As a result of the analysis, it is determined that the condition of economic facilities can (...) be described and determined by the decision-maker, in the presence of the necessary information. The confidence of the decision-maker in the information received is different and the decisions made have a correspondingly different level of information risk. It is important to substantiate the procedure for assessing the numerical extent of information risk in decision-making based on the information obtained in conditions of uncertainty. The use of a linguistic variable in the processing of expert data presented in the form of a matrix of binary relations of values of the membership function, which allowed to move to further processing of knowledge to support decision-making in the management of industrial, commercial, financial and other activities. As a mathematical model for estimating the numerical measure of information risk when making decisions based on the information obtained in conditions of non-stochastic uncertainty, a model has been developed to model natural language uncertainties, which differs from existing ones by formalizing knowledge taking into account uncertainty of input information. Making such a clear decision in a fuzzy environment has appropriate values of effectiveness and risk. The paper proposes all the functions and accessories of indicators of both quantitative nature and qualitative nature to bring their values in the field of definition to one scale. Then the indicator of the effectiveness of decision-making will be a measure of the clarity of the cross-section of fuzzy subsets, which correspond to the introduced indicators of information risk. The condition of economic facilities can be described and determined by the decision-maker, if the necessary information is available. Decision-making on thenumerical measure of information risk must be determined by a set of basic indicators, which can be both quantitative and qualitative in nature. Predictive values of indicators should be determined in conditions of nonstochastic uncertainty. In this case, the indicators of a quantitative nature can be determined by fuzzy triangular numbers, which implement a high level of confidence in the subjective judgments of experts. Indicators of qualitative nature should be presented in linguistic variables. The values of the indicators of qualitative nature that are predicted must be considered for all fuzzy variable terms-sets of linguistic variables introduced into consideration. For any fuzzy variable, the introduction to the consideration of a clear set of values as carriers of the α-level of its membership function allows to reduce to a single interpretation of the predicted values of indicators of quantitative and qualitative nature in terms of non-stochastic uncertainty. (shrink)

The collective monograph «Determinants of Innovation and Investment Development of Multisectoral Entrepreneurship, Tourism and Hospitality Industry» is devoted to the 20th anniversary of the Educational and Scientific Institute of Economics and Law of Cherkasy Bohdan Khmelnytsky National University and is a continuation of the research tradition on the development of entrepreneurship, innovation, finance, competition, accounting and auditing problems, tourism, hotel and restaurant business. The results of the scientific research presented in the collective monograph show the achievements of the representatives of (...) various scientific schools, allow analyzing the experience gained and, considering current economic and political realities, contribute to the scientific substantiation of the prospects for the development of entrepreneurship, tourism industry, hotel and restaurant economy, enrich the intellectual potential of higher schools. The topics of sections and subsections identify the problem issues of innovation, investment and information technology in entrepreneurship, consider the competitive environment in the field of entrepreneurship, investigate the financial-economic and social problems, various directions of tourism industry development, declared by the World Economic Forum jointly with the World Tourism Organization (UN WTO). Particular attention is paid to the development of new trends in the hotel and restaurant business. A common task for scientists, educators, and employers in the conditions of international environmental instability is the formation and dissemination of new knowledge to achieve ambitious goals concerning the entrepreneurship development of tourism, hotel and restaurant business. The proposed discussion of current issues, experience and recommendation exchange will contribute to problem solving, research intensifying in the specified areas of activity. An important component of the modern economics is entrepreneurship; and the intensification of entrepreneurial activity should ensure overcoming of economic crises and their social and economic consequences, and determine the dynamic progress of a society and future welfare of people. It is entrepreneurship that is considered in many economically developed countries as a defining condition for a social and economic prosperity. Entrepreneurial activity involves all branches of economy including industrial, humanitarian and service areas. Therefore, it is necessary to study the key factors for the development of entrepreneurial activity in Ukraine. The current problems of entrepreneurship, tourism, hotel and restaurant business are extensively investigated by both domestic and foreign scholars. A number of researches focuses on these problems. Without diminishing the importance of their contribution to science, the need for further research and improvement should be noted. Therefore, in the monograph, special attention is paid to the state support of business structures, the regulation mechanisms of entrepreneurship, tourism, hotel and restaurant business, social sphere and interaction of market and state institutions, etc. The research was carried out using the developed scientifically substantiated methodological approaches based on the scientific developments of leading foreign and domestic scientists, which allowed proposing the specific directions of entrepreneurship development in the fields of economy, tourism, hotel and restaurant business. The unique nature of the monograph is not only its scientific significance, but also its practical application; since the substantiated positions, measures, proposals for the further transformation of economic processes in Ukraine and in the world have practical value. (shrink)

Gerontology together with its subfields, such as social gerontology, geragogy, educational gerontology, political gerontology, environmental gerontology, and financial gerontology, is still a relatively new academic discipline that is currently intensively developing, expanding research fields and combining various theoretical and practical perspectives. The interdisciplinarity, transdisciplinarity, and multidisciplinarity of research on ageing and old age, despite its vast thematic, methodological and theoretical diversity, have a common denominator, which is the focus of research work on improving the quality of life of older (...) people. It is the concern for the components of quality of life such as welfare and well-being as well as focus on learning about phenomena conditioning successful ageing that has become motivators and premises hidden or visible in many texts included in the Research Topic “Perspectives and Theories of Social Innovation for Ageing Population.” The Research Topic that we are presenting to our readers is unique not only because of its size but above all because of its novelty and social involvement, visible in the content of individual chapters. The presented collection includes 17 articles prepared in total by 76 authors from the following countries: China, Finland, Germany, Ghana, Hungary, Ireland, Israel, Italy, Japan, the Netherlands, Poland, Portugal, Slovenia, Spain, Sweden, the United Kingdom, and the United States. Two journals were combined with this Research Topic: “Frontiers in Public Health” and “Frontiers in Sociology.” The presented Research Topic contains seven types of articles covering: two community case studies, eight original research articles, two perspective articles, one hypothesis and theory paper, one policy and practice review, one methods article, and two book reviews. The rationale to start work on this set of texts was the desire to continue and deepen the research analyses of the editors of this set, which concern the development of social innovations for the ageing population as well as changes of public policy on ageing. This Research Topic deals with topics covering issues such as social learning, intergenerational transmission, senior entrepreneurship, creative content creation by older adults, care services, raising the independence of older people in their living environments, dementia challenges, the image of the older generation in local social policies, new trends in qualitative research on old age, strategies for dealing with chronic diseases, the use of digital tools in health education, the silver economy/longevity economy, age-friendly environments, the diversity of structures and social services, preparation for old age, and food safety. The wide variety of submitted texts shows several selected and, according to the authors, current challenges that contemporary seniors have to face. The articles comprising this Research Topic are organized according to five themes. (shrink)

Most people are completely oblivious to the danger that their medical data undergoes as soon as it goes out into the burgeoning world of big data. Medical data is financially valuable, and your sensitive data may be shared or sold by doctors, hospitals, clinical laboratories, and pharmacies—without your knowledge or consent. Medical data can also be found in your browsing history, the smartphone applications you use, data from wearables, your shopping list, and more. At best, data about your health might (...) end up in the hands of researchers on whose good will we depend to avoid abuses of power.2 Most likely, it will end up with data brokers who might sell it to a future employer, or an insurance company, or the government. At worst, your medical data may end up in the hands of criminals eager to commit extortion or identity theft. In addition to data harms related to exposure and discrimination, the collection of sensitive data by powerful corporations risks the creation of data monopolies that can dominate and condition access to health care. -/- This chapter aims to explore the challenge that big data brings to medical privacy. Section I offers a brief overview of the role of privacy in medical settings. I define privacy as having one’s personal information and one’s personal sensorial space (what I call autotopos) unaccessed. Section II discusses how the challenge of big data differs from other risks to medical privacy. Section III is about what can be done to minimise those risks. I argue that the most effective way of protecting people from suffering unfair medical consequences is by having a public universal healthcare system in which coverage is not influenced by personal data (e.g., genetic predisposition, exercise habits, eating habits, etc.). (shrink)

The diabetic foot is a global threat to public health because it can result in infection and amputation, as well as cause the patient to experience considerable pain and incur financial costs. The condition of patients with diabetic foot in North China is distinguished by more severe local ulcers, a worse prognosis, and a longer duration of disease than that of patients with diabetic foot in the south. Through appropriate preventive measures, the diabetic foot can be effectively avoided. (...) This study assesses the existing knowledge, attitudes and practices associated with diabetic foot prevention among adults with diabetes living in rural areas of North China. (shrink)

Globalisation Considering the Multitude of Worlds This book deals with globalisation, its foundations, its rise and fall and the question of its future. It discusses the conditions that have led, each in its own way, to the reduction of the many worlds to one. The first foundations were laid in the time of the discoveries, the earth was recognised and measured as a unified space. Missionary work and colonisation have made the geographical unit into a unity of fundamental beliefs, values (...) and Western European languages. The brisk trade with the colonies also unified the financial and economic situation of the conquered foreign worlds, which were managed according to Western patterns. The small gain of the political independence of the states achieved in the decolonisation movement was unfortunately destroyed by the great losses already suffered in the area of the fundamental values of the original worlds, their languages, their ways of living, their faith. In the new situation it became apparent that the economic dependence on the former colonial states was increasing rather than decreasing, the way of doing politics had remained by habit that of the colonial powers. Decolonisation was not a way back to the old world. Two metaphysical assumptions of globalisation are discussed in more detail. One is the assumption of realism that the world is one. This assumption justifies missionary and colonialist action. On the other hand, there is the thesis of liberalism that the being of the beings is its economic value. Against the realistic assumption of the one world, arguments are put forward which justify and make plausible the opposite assumption of a multitude of worlds. Now that the world is de facto one thanks to globalisation, and now that it is suffering from problems that affect all people, a new kind of globalisation is needed, one that recognises and respects different worlds on the one hand, but is nevertheless capable of tackling environmental, financial and social problems together. Depending on the subject, two very different ways of reasoning are used. In the preparatory historical part, the arguments are empirical and stick to details; in the part dealing with the justification of the multiplicity of worlds, the argumentation is theoretical, not to say speculative. (shrink)

This paper aims to analyse the relationship that exists between state capture, party patronage, and the conduct of electoral processes in the settings of post-communist countries, of which Albania is one. A characteristic of the political developments of the transition period in many post-communist countries has been the phenomenon of state capture, which has occurred mainly through the endemic party patronage and politicization of state institutions. The phenomenon of state capture by the ruling political parties has had a negative conditional (...) impact on the conduct of competitive, free and fair elections in these countries, leading to distrust regarding the credibility and integrity of the process. This study argues that phenomena such as state capture and extensive party patronage as informal practices/mechanisms in the hands of the ruling political parties affect the creation of a skewed playing field and the production of hyper-incumbency advantages in holding electoral contests between political parties, making the possibility of political power rotations difficult. Albania, in the case of its last parliamentary elections, held on 25th April 2021, constitutes the case study (Section IV) to which the theoretical framework of the paper is applied, by identifying the informal practices and methods through state capture that the ruling political party used to provide structural, institutional, and financial advantages in its favour regarding elections. (shrink)

Application of the reliability of repairable systems on solving problems from constructing production systems takes an important place in the process of finding the optimal solution among the suggested system choices. The basic hypothesis when using the reliability of the repairable systems is that every machine is representing a component, a fact that is debatable when talking about technical sciences. However, considering the second assumption of the stationary process, the function of the availability is introduced. It represents the measure between (...) the reliability and the benefit of maintaining the components and the system as a whole one. An additional and the last reason for analyzing constructing machine as a whole one has an economic reason. From the aspect of the total cost and the capacity of the system, the function of the availability is catching more and more impact in the process of determinating the total cost in bill of quantities as the most important part of tender documents. Until former works, techno-economic optimisation usually ran over when choosing the system of the construction machines. In the work, there are shown the methodologies for gathering and analyzing the indicators of availabilities per unit of a company's machine park. The time of demission and reparation have been investigated among 34 components in the period of 6 years. Based on the obtained result for different conditions of machine exploitation and facilities, it is suggested the methodology of the future behaviour of the corresponding within the model optimization availability of constructing production system with the aim of eliminating extra criterion. The suggested model takes in consideration the total cost of the components when they are functional, and when they are not. This kind of approach enables the one who take choices decision of the height of profits, in the lenght of work in function of the projection of cash flow and managing with real indicators of functioning the system at the project level. Given the fact that the maintanance policy of machines is based on availability, and not on reliability of components, with the aim of maximizing the availability of different budget scenarios, a logical approach to the selection of the objective function in the terms of management of construction production systems is to minimize costs for a given availability of system constructing machinery is based on the use of historical data base with the values of the operational availability of components, conditions in which they function, in the process of forecasting the project availability for projects that follow. Ranking variant solutions is the result of the adopted function of the aim as a consequence due to enlargement methods of availability for serial parallel systems with the associated restrictions. For optimal system availability is taken a value that belongs to minimal total cost. However, it is predicted that after the end of the financial year, the real and projected indicators of system functions get compared to each other. Informational support to the proposed model is informational company system, which was built in the PHP programming language on the Linux software platform, and with data based in My SQL. The suggested model is tested on the system for the production and embedding bitumen bound materials on the specific project. Obtained results confirm the assumptions used in work. (shrink)

For the modern model of the market there are inherent existence of both a set of possibilities and a large number of hazards that are waiting for economic agents and which are generated by the need to make decisions in the conditions of considerable uncertainty about the future. Liquidity risk is one of the central places in the system of bank risks, is closely related to solvency and financial stability, and therefore its management is an extremely important element of (...) financial management of the bank. This paper is devoted to the consideration of theoretical approaches to the management of bank liquidity risks, as well as understanding the risk of unbalanced liquidity and its place in the system of bank risks. In the course of the study, the essence of the concepts of uncertainty, risk as such, economic risk and its varieties, including banking is gradually clarified. We offer our own definition of "bank risk" and describe its essence. Based on the understanding of the concepts of bank risks, liquidity balance, bank liq uidity, the essence of the risk of unbalanced liquidity is disclosed, its characteristics and main aspects of management are determined. In determining the risk of liquidity as a probability of a future state, when the bank may suffer losses due to the imbalance of demand for liquidity and availability at a certain point in time, we believe that the essence of liquidity management is reduced to the maximum balance of demand for liquid assets and their actual availability in a certain moment of time using special tools. Our paper also reveals the mechanism of information influence on bank liquidity and its leading role in liquidity risk management processes. Moreover, the paper discloses the conceptual constituents of organizational support for bank liquidity risk management. (shrink)

The article deals with a new financial tool of attracting capital, known as Initial Coin Offering (ICO). In conditions of reduced banking lending and difficult access to finance for SMEs, ICO is viewed to be one of the possible ways to access capital. It considers the main advantages and disadvantages of ICO performance, including its typical features, challenges and regulatory approaches to tax regulation, cybersecurity. The authors of the article determine stages of the ICO mechanism, identifying potential risks and (...) ways to mitigate them, focusing primarily on the need to control and regulate ICO projects. The authors identify the main types of ICO funding, including hybrid and pure funding. The research contains an analysis of ICO trends and their duration for the period of 2013-2017. The capital raised through ICO performance over the period of 2013-2017 is analysed, and determination of the exponential trend line showing the level of its approximation is determined. The study covers the territorial distribution of ICO, in which the top positions regarding the amount of capital raised by ICO are attributed to the USA and EU member states. The existence of ICO regulation in European countries, such as Switzerland and UK, was defined positive in terms of further development of the relevant regulation in the financial market. The article considers the best ICO practices in EU member states. To mitigate risks relating to ICO performance and to increase the level of investment, it would be reasonable to create regulatory rules in every country where cases of ICO performance are reported, based on the practice of the mentioned European countries. The authors give recommendations regarding ICO regulation in Ukraine, taking into consideration the relevant European experience. (shrink)

This study seeks to critically explore the link between sovereignty, violence and war in Giorgio Agamben’s Homo Sacer series and Thomas Hobbes’s Leviathan. From a brief rereading of Leviathan’s main arguments that explicitly revolves around the Aristotelian distinction between actuality/ potentiality, it will conclude that Hobbesian pre-contractual violence is primarily based on what Hobbes terms “anticipatory reason” and the problem of future contingency. Relying on Foucauldian insights, it will be emphasized that the assumption of certain potentialities suffices in leading to (...) Hobbes’s well-known conclusion that the state of nature is a “condition of Warre.” In a second step, this study considers some of Agamben’s arguments to account for how pre-contractual violence as envisioned by Hobbes cannot be rendered impotent through the integration of a sovereign. In specific, Agamben’s claims shed light on an irreducible, inextricable entwining between the state of nature and the state of law as “Siamese twins” (Virno). On a meta-level, Agamben thus implicitly shows how the “Hobbesian problem” cannot be merely reduced to a “problem of order” (Parsons). With regard to the current functioning of the stratagems of financial markets and the mechanisms of future-colonization underpinning global politics, this study finally argues that Hobbes ought to be reevaluated in particular regarding the problem of the future in his account. Partly responding to Agamben’s critical investigations, I suggest that a careful exploration of what will be coined “the prospects of an actualization of the potentiality not-to-be” might serve as a first theoretical step towards a productive form of criticism. (shrink)

An examination of two recent documents of Catholic Social Doctrine, Caritas in Veritate and Vocation of the Business Leader, is undertaken to uncover their assessment of our current cultural and moral crisis, of which our present economic distress is but one aspect, and their proposal for cultural renewal including a return to sound economic decision making. The intellectual commitments of molders of the modern mind such as Bacon, Descartes, and Hobbes severed morality at its metaphysical roots. Destroying the anthropological underpinnings (...) of ethics catapults the contemporary world into a state of nihilism. In such a condition economic disorder is inevitable. The human person is crushed in a regime that searches for more relentlessly. The demand for metaphysical and moral reconstruction is met by Pope Benedict XVI with his insistence on receptivity to what is. Contemplation of an ultimate reality given to us takes us to the Person of Jesus Christ. The Christian faith is the context of authentic integral human development. Being made in the image of God gives every human person an inviolable dignity and makes every person subject to transcendent moral norms. A truth-filled love informs the conduct of enterprise. Goods that are truly goods and services that truly serve are produced or supplied. Promotional efforts are conducive to the pursuit of wisdom. People are given meaningful work that utilizes and develops their higher faculties and are let in on the financial success of the venture. The environment is respected as a home place ought to be. The Christian business leader can have a transformative effect on the business world through the power of grace. (shrink)

There is currently no generally agreed-upon definition of the mechanism of action of psychedelic therapy. Existing proposals have approached the issue from various perspectives, utilizing concepts on many layers of abstraction. Most commonly, mechanisms based on neurotransmitters have been proposed. From a clinical perspective, explanations on the psychological level would be more useful. This study provides one such explanation, focusing on the destabilization of trauma-related memories and their replacement with memories that allow for more adaptive behaviors. This mechanism is not (...) specific to psychedelics, and the study therefore illustrates a non-pharmacological process involving it. -/- The study features a male entrepreneur in his early fifties who suffered from chronic but non-debilitating anxiety and depression since his teenage years. In his mid-30s, he suffered from severe burnout but partially recovered. The amount of alcohol consumed was constantly relatively high. More recently, due to simultaneous relationship and workplace stress, he experienced a more severe episode of burnout, depression, anxiety, and insomnia. He felt completely exhausted when trying to get something done and became fearful of the workplace. Psychotherapy and various pharmaceutical medications provided little benefit. -/- After three months on sick leave, a trip to the mountains triggered severe insomnia. Sleep deprivation likely contributed to a spontaneous experience of altered states of mind, including a two-day period of hallucinatory visions. There was the feeling of being a complete failure, but through a new relationship initiated just before the trip, he received love and validation from his new partner, which contradicted the feeling of worthlessness. The combination of an altered state of mind and love induced an alteration of identity that resolved his depression, burnout, and sleep disorders. After three more months of self-organized rehabilitation, he successfully returned to work. -/- Six months after the trip, financial decline caused by his absence and unchanged stressful conditions at the workplace led to disappointment, motivational issues, and stress, but his work performance remained good regardless. One year after the trip, although his work-related stress had increased rather than decreased due to the financial situation of his company being more demanding than before his burnout, the positive outcome prevailed, proving its long-term stability. (shrink)

This study demonstrates the combinations of multiple causal factors that formulate a startup’s strategy to successfully “exit”, namely “recipes for a successful exit,” in the clean- and hard-tech sector. We identify seven key causal factors (i.e., causal conditions) that impact startup success, including commercial readiness, investor interactions, favorable industry, non-financial support, straightforward development path, experienced team, and visibility to investors. We also investigate the combinations of selective causal conditions that can provide further synergetic impact. We conduct the fuzzy-set qualitative (...) comparative analysis (fsQCA) on seven U.S. clean- and hard-tech startups that exited between 2005 and 2016. The successful companies all demonstrate distinctive characteristics based on three general categories (1) robust ecosystem; (2) heavy-lifting team; or (3) external opportunity. Across these three categories, commercial readiness and strong investor interactions are necessary conditions for all exit cases. But there are important differences that drive success in each category, such as the interaction with non-financial support (in the robust ecosystem case), experienced team (in the heavy-lifting team case), and favorable industry (in the external opportunity case). Our findings are meant to support entrepreneurs in reaching an exit by optimizing the given internal and external circumstances, and policymakers to build a robust ecosystem that can increase the success rate of the clean- and hard-tech development. (shrink)

Communist discourses are resurging in various disciplines across the globe. Philosophy has its share of this resurgence especially after the global financial crisis of 2008 made a number of its thinkers convene in various conferences and intellectually meet in a host of publications. In these intellectual engagements, the idea of communism is once again interrogated as the moribund capitalist system failed humanity its promise. Alain Badiou is among the leading figures in the philosophical task of (re)interrogating the idea of (...) communism. Badiou raised the urgency of reformulating what he calls as the communist hypothesis for it to both reconsider its supposed failures of the past and better suit the current conditions. Badiou is particularly guided by the lessons of the May ’68 of France, the Great Proletarian Cultural Revolution of China, and various contemporary popular uprisings to develop a reformulation of the communist hypothesis. In advancing a laborious task of reformulation, Badiou inevitably rejected a core category of the Marxist-Leninist tradition: the party. The rejection is supported by a view of the party that reduced it to its supposed fusion with the State, i.e., the party-State fusion. Such a fusion is characterized by either parliamentarian or insurrectionary politics. In this politics, Badiou argues that the party is obstructed from advancing further the proletarian revolution as it is tied to a Statist procedure. This work develops a Maoist reformulation of the communist hypothesis. Along the course of the socialist constructions of Russia and China, certain moments of what can be called as indigenized and mobilizational politics characterized periods that escape what Badiou reduced the party into, i.e., the party-State fusion. The Maoist notions of the mass line and protractedness come out as indispensable requisites in developing the concepts of indigenized and mobilizational politics. These moments depicted what can be called as the party-masses fusion and provided practical resources not only for the rectification of the supposed failures of the past but also for a reformulation of the communist hypothesis. Through the development and employment of the category of the party-masses fusion and the politics that determine it, the reformulation of the communist hypothesis is supported by a discourse of success rather than of defeat. (shrink)