The purpose of the article is to analyze the prerequisites, advantages, problems and prospects for the development of the processes of financial decentralization in Ukraine. Initially, the article reveals the features of the federal and unitary arrangements of states. As research has shown, the principles of fiscal federalism have been increasingly used by unitary states. The legislative and normative legal acts regulating the implementation of the decentralization policy in Ukraine are justified and given. Characteristics of the formation (...) of new structures, such as: united territorial societies and their sources of financing are characterized. Changes in incomes in local budgets as a result of decentralization are analyzed, and their significant growth is observed. The mechanism of horizontal leveling of the tax ability of territories has been developed, which helps to remove imbalances and unevenness, most of the budgets of Ukraine are recipients of budgetary funds, since they receive a basic subsidy. The influence of the development of information technologies on entrepreneurial activity in small towns and villages is determined. Information technology is a tool of points of growth of territories. Decentralization will not gradually increase due to urbanization processes, but will be accompanied by new development mechanisms, where the labor force and the means of production will unite and help create a qualitatively new environment. (shrink)

Autonomous AI agents present transformative opportunities and significant governance challenges. Existing frameworks, such as the EU AI Act and the NIST AI Risk Management Framework, fall short of addressing the complexities of these agents, which are capable of independent decision-making, learning, and adaptation. To bridge these gaps, we propose the ETHOS (Ethical Technology and Holistic Oversight System) framework—a decentralized governance (DeGov) model leveraging Web3 technologies, including blockchain, smart contracts, and decentralized autonomous organizations (DAOs). ETHOS establishes a global registry for AI (...) agents, enabling dynamic risk classification, proportional oversight, and automated compliance monitoring through tools like soulbound tokens and zero-knowledge proofs. Furthermore, the framework incorporates decentralized justice systems for transparent dispute resolution and introduces AI-specific legal entities to manage limited liability, supported by mandatory insurance to ensure financial accountability and incentivize ethical design. By integrating philosophical principles of rationality, ethical grounding, and goal alignment, ETHOS aims to create a robust research agenda for promoting trust, transparency, and participatory governance. This innovative framework offers a scalable and inclusive strategy for regulating AI agents, balancing innovation with ethical responsibility to meet the demands of an AI-driven future. (shrink)

Current approaches to AI governance often fall short in anticipating a future where AI agents manage critical tasks, such as financial operations, administrative functions, and beyond. As AI agents may eventually delegate tasks among themselves to optimize efficiency, understanding the foundational principles of human value exchange could offer insights into how AI-driven economies might operate. Just as trust and value exchange are central to human interactions in open marketplaces, they may also be critical for enabling secure and efficient interactions (...) among AI agents. While cryptocurrencies could serve as the foundation for monetizing value exchange in a collaboration and delegation dynamic among AI agents, a critical question remains: how can these agents reliably determine whom to trust, and how can humans ensure meaningful oversight and control as an economy of AI agents scales and evolves? This paper is a call for a collective exploration of cryptoeconomic incentives, which can help design decentralized governance systems that allow AI agents to autonomously interact and exchange value while ensuring human oversight via progressive decentralization. Toward this end, I propose a research agenda to address the question of agent-to-agent trust using AgentBound Tokens (ABTs)—non-transferable, non-fungible tokens uniquely tied to individual AI agents, akin to Soulbound tokens for humans in Web3. By staking ABTs as collateral for autonomous actions within an agent-to-agent network via a proof-of-stake mechanism, agents may be incentivized towards ethical behavior, and penalties for misconduct are automatically enforced. (shrink)

Bitcoin, as a decentralized digital currency, has undergone extreme price fluctuations over the years. Predicting its future price presents a significant challenge due to its volatile nature and susceptibility to various external factors, including market sentiment, regulations, and technological developments. This research aims to build an advanced forecasting model to predict Bitcoin’s price movements accurately. We leverage historical price data and apply cutting-edge machine learning techniques, including Long Short-Term Memory (LSTM) networks and Gradient Boosting Machines (GBM). By comparing these methods (...) with existing models, we evaluate their performance in predicting Bitcoin’s future prices, which is vital for traders, investors, and financial institutions in making informed decisions. (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)

Beyond Capitalism: Designing a New Economic System for Humanity -/- Introduction -/- For centuries, capitalism has been the dominant economic system, driving technological innovation, wealth creation, and global trade. However, its flaws—extreme inequality, environmental destruction, and economic instability—have made many question whether it is still the best model for humanity. Instead of reforming capitalism, perhaps the time has come to replace it entirely with a new system that better aligns with modern challenges, human well-being, and sustainability. -/- This essay explores (...) a new economic model that moves beyond capitalism and socialism, aiming for a system that is fair, sustainable, and technologically advanced. -/- Why Capitalism Must Be Replaced -/- Capitalism’s fundamental flaws make it unsustainable in the long run: -/- 1. Wealth Inequality and Economic Injustice -/- The richest 1% own more than half of the world’s wealth, while billions struggle in poverty. -/- The capitalist system prioritizes profits over people, leading to worker exploitation and economic instability. -/- 2. Environmental Collapse -/- Capitalism’s endless growth model is destroying the planet through deforestation, pollution, and climate change. -/- Corporations prioritize short-term profits over long-term sustainability. -/- 3. Automation and AI Disrupting Jobs -/- Millions of jobs are being replaced by artificial intelligence and automation. -/- The capitalist system does not account for a future where human labor is no longer essential. -/- 4. Psychological and Social Problems -/- Consumerism creates stress, anxiety, and social isolation by equating happiness with material wealth. -/- The fear of financial instability keeps people trapped in low-quality jobs and debt cycles. -/- Given these issues, capitalism is no longer fit for the future. A completely new economic system must be built—one that values sustainability, equality, and technology-driven efficiency. -/- Introducing a New Economic System: The Post-Capitalist Model -/- A new economic model must prioritize human well-being, technological efficiency, and ecological balance over profit. Below is a blueprint for a post-capitalist society. -/- 1. A Resource-Based Economy (RBE) -/- A Resource-Based Economy (RBE) is an economic model where all goods and services are freely available based on need, rather than money or trade. -/- Technology and AI manage resources efficiently, eliminating the need for money. -/- Automation handles labor, allowing people to pursue education, research, and creativity. -/- No private ownership of land or resources, only shared community access based on sustainability. -/- 2. Universal Basic Infrastructure (UBI 2.0) -/- Instead of just giving people money (UBI), a new system would provide universal basic needs, including: -/- Free housing, healthcare, education, food, and clean energy for all. -/- Advanced AI-driven logistics to distribute goods and services efficiently. -/- 3. Decentralized AI Governance -/- Rather than governments being controlled by corporations or corrupt politicians, AI and collective intelligence could ensure fair and transparent decision-making. -/- AI algorithms could optimize resource distribution, prevent waste, and eliminate financial corruption. -/- Direct democratic participation, where people vote on policies using secure blockchain systems. -/- 4. Sustainable, Circular Economy -/- Zero waste policies, where everything is recycled, reused, or repurposed. -/- Focus on degrowth—reducing unnecessary production while increasing quality of life. -/- Energy-efficient smart cities, where transportation, housing, and food production are automated. -/- 5. Post-Work Society: Emphasizing Purpose Over Jobs -/- In a post-capitalist economy, people would not be forced to work meaningless jobs just to survive. Instead: -/- People could focus on science, philosophy, arts, personal growth, and social well-being. -/- Education would be lifelong and freely available. -/- AI and robots would handle most labor, leaving humans free to explore their full potential. -/- How This System Would Solve Capitalism’s Problems -/- Challenges in Transitioning to a Post-Capitalist Economy -/- While this system solves capitalism’s biggest problems, transitioning away from capitalism would face major challenges: -/- 1. Resistance from the Wealthy Elite -/- Billionaires and corporations control most of the world’s resources and political systems. -/- They would fight to maintain power, delaying or sabotaging systemic change. -/- 2. Psychological and Cultural Shifts -/- People have been conditioned to associate money with survival and success. -/- A new system would require re-educating society on cooperation, sustainability, and shared abundance. -/- 3. Technology and Infrastructure Development -/- Large-scale AI, automation, and sustainable energy infrastructure would need global investment. -/- Governments and private companies must be convinced to prioritize long-term sustainability over short-term profit. -/- The Path Forward: Steps to Build a Post-Capitalist World -/- While the transition will not happen overnight, we can begin moving toward a post-capitalist future by taking the following steps: -/- 1. Implement Universal Basic Income (UBI) Now -/- Governments can start by providing a safety net while transitioning to a money-free economy. -/- Countries like Finland and Canada are already experimenting with UBI programs. -/- 2. Expand AI and Automation for Public Good -/- AI should be used to reduce labor burdens, not to enrich corporations. -/- Governments should invest in open-source AI that benefits all of society. -/- 3. Develop Smart Cities and Circular Economies -/- Cities should be designed for zero waste, renewable energy, and efficient transportation. -/- Governments must ban planned obsolescence and require full recycling of consumer products. -/- 4. Decentralize Power Using Blockchain and Direct Democracy -/- Blockchain voting systems can eliminate election fraud and political corruption. -/- AI-assisted governance can help make fair, data-driven policy decisions. -/- 5. Redefine Education and Human Purpose -/- Schools should move away from job training and focus on creativity, science, philosophy, and social intelligence. -/- Societies should emphasize happiness, purpose, and sustainability over financial success. -/- Conclusion: A New Civilization Beyond Capitalism -/- Capitalism was a necessary stage in human evolution, but it has outlived its usefulness. The future demands a system that is more intelligent, just, and sustainable—one where: ✅ No one is forced to work just to survive. ✅ Resources are managed intelligently, not wasted for profit. ✅ Technology is used for human well-being, not corporate greed. ✅ The planet is protected, not exploited. -/- This is not utopian fantasy—it is a logical step forward in human evolution. By combining AI, automation, decentralized governance, and sustainability, we can create a post-capitalist society where everyone thrives. -/- The question Is no longer “Should we replace capitalism?” The question is: “How soon can we build a better system before capitalism destroys us all?” -/- . (shrink)

Alternative currencies are means of payment that circulate alongside—as an alternative or complement to—official currencies. While these currencies have existed for a long time, both society and academia have shown a renewed interest in their potential to decentralize the governance of monetary affairs and to bring people and organizations together in more ethical or sustainable ways. This article is a review of the ethical and philosophical implications of these alternative monetary projects. We first discuss various classifications of these currencies before (...) analyzing the ethical challenges linked to the way they tackle social and environmental issues. We also examine the incentive-based and coercive mechanisms used by these currencies from an ethical perspective and debate the promises and perils of monetary decentralization and democracy. We conclude by identifying an agenda for future research. (shrink)

The Holistic Governance Model (HGM): A Blueprint for the Future -/- Introduction -/- Governments today face increasing challenges, from economic instability and climate change to corruption and social inequality. No single government system has fully solved these issues, but by integrating the best aspects of existing models, we can create an optimal governance system. -/- The Holistic Governance Model (HGM) is a hybrid system that combines elements from Social Democracy, Technocracy, Semi-Direct Democracy, China’s Whole-Process People’s Democracy, and the Modified Westminster (...) System. It leverages AI-driven policy-making, technocratic expertise, direct citizen participation, and long-term national planning to create a balanced, efficient, and just government system. -/- 1. Core Foundations of the Holistic Governance Model -/- The HGM is built on six fundamental pillars, ensuring that governance is efficient, democratic, and sustainable. -/- 1.1. Economic System: A Hybrid of Capitalism and State Planning -/- Inspired by: Singapore (Technocracy), China (State-Controlled Development), Nordic Model (Social Welfare), and Switzerland (Financial Stability) ✅ Key Industries Under State Control: The government regulates healthcare, energy, and transportation while allowing free-market innovation. ✅ Smart Capitalism: Entrepreneurs and businesses thrive, but AI-driven economic planning ensures fair wealth distribution. ✅ Universal Basic Assets (UBA): Instead of universal basic income (UBI), citizens receive free housing, education, and healthcare, ensuring financial security. ✅ AI-Assisted Economy: AI predicts recessions, optimizes budgets, and prevents financial crises. -/- 1.2. Political System: A Dynamic Semi-Direct Democracy -/- Inspired by: Switzerland (Direct Democracy), Westminster System (Parliament), and Singapore (Meritocratic Leadership) ✅ Two-Tier Voting System: -/- General Elections: Citizens vote for representatives every 4-5 years. -/- National Referendums: Citizens directly vote on major policies twice a year. ✅ Technocratic Advisory Board (TAB): A non-political panel of scientists, economists, and AI experts advises the government. ✅ Decentralized Local Governance: Cities and regions have autonomy while aligning with national laws. -/- 1.3. Education & Human Development: AI-Powered Lifelong Learning -/- Inspired by: Nordic Model (Free Education), Singapore (STEM Focus), and China (AI Integration) ✅ Free Public Education for Life: Every citizen has access to continuous learning, including college and skill retraining. ✅ AI-Based Personalized Learning: Students use AI tutors that adapt to their learning pace. ✅ Ethics & Critical Thinking Curriculum: Courses in philosophy, logic, and decision-making prevent misinformation and ignorance. -/- 1.4. Healthcare & Social Welfare: AI-Driven Preventive Medicine -/- Inspired by: Nordic Model (Universal Healthcare), Singapore (Tech-Driven Healthcare), and China (Mass Coverage) ✅ Government-Funded Universal Healthcare: Citizens receive free basic healthcare, with private options available. ✅ AI & Robotics in Medicine: AI diagnoses diseases early, reducing medical costs. ✅ Preventive Healthcare Policy: Citizens receive incentives for maintaining good health (fitness programs, nutrition plans). -/- 1.5. Environmental & Energy Policies: The Green Industrial Revolution -/- Inspired by: China (Renewable Energy Expansion), Nordic Model (Sustainability Laws), and Singapore (Urban Planning) ✅ Mandatory Green Technology Adoption: Businesses must comply with strict eco-friendly policies. ✅ Carbon Credit Economy: Citizens and companies earn rewards for reducing carbon footprints. ✅ 100% Renewable Energy by 2050: The government funds solar, wind, and AI-optimized energy grids. -/- 1.6. Law & Order: AI-Governed Justice & Anti-Corruption Measures -/- Inspired by: Switzerland (Independent Judiciary), Singapore (Strict Law Enforcement), and China (AI in Governance) ✅ AI-Assisted Judiciary: AI helps judges analyze case laws for fair, unbiased rulings. ✅ Zero-Corruption Policy: Public officials caught in corruption face lifetime bans from government service. ✅ Balanced Civil Rights & Security: -/- Freedom of Speech: Citizens can express opinions, but disinformation is regulated. -/- AI Surveillance for Security: AI prevents crime while protecting privacy. -/- 2. Government Structure of HGM -/- 2.1. Executive Branch: The President, Prime Minister, and Technocrats -/- President (Elected by Public Vote) → Oversees national policies and international relations. -/- Prime Minister (Elected by Parliament) → Manages daily governance. -/- Technocratic Economic Council → Expert-led economic planning. -/- AI-Assisted Policy Bureau → Uses AI for healthcare, infrastructure, and environmental policies. -/- 2.2. Legislative Branch: Semi-Direct Parliament -/- Lower House (Elected Officials) → Creates laws based on citizen participation. -/- Upper House (Experts & Regional Representatives) → Reviews laws for scientific and ethical validity. -/- Referendum System → Citizens directly vote on key national issues. -/- 2.3. Judicial Branch: AI-Assisted Supreme Court -/- Independent Court System → Ensures justice and constitutional balance. -/- AI Legal Analysis → AI helps judges analyze previous cases and evidence. -/- 3. Implementation Strategy: How to Apply HGM Worldwide -/- To implement HGM, a phased approach is needed: -/- Phase 1 (0-5 Years): Research & AI Integration -/- ✅ Establish an HGM Global Research Center to develop AI governance models. ✅ Pilot AI-assisted economic planning in select countries. -/- Phase 2 (5-10 Years): Education & Public Awareness -/- ✅ Introduce HGM-based education systems (critical thinking, AI governance). ✅ Encourage political reforms to adopt hybrid governance models. -/- Phase 3 (10-20 Years): Nationwide Policy Implementation -/- ✅ Countries gradually adopt the HGM framework, with AI monitoring national progress. ✅ Global partnerships for climate change action and digital economy growth. -/- Phase 4 (Beyond 20 Years): Global Standardization -/- ✅ Establish an HGM Alliance for international cooperation. ✅ Implement AI-driven global policies on poverty, sustainability, and digital rights. -/- 4. Why the HGM is the Future of Governance -/- The Holistic Governance Model (HGM) offers the most advanced, efficient, and democratic government system by combining AI governance, citizen participation, economic stability, and social equality. -/- Conclusion: A Government System for the 21st Century -/- The Holistic Governance Model (HGM) combines the best government systems into a single, optimized model. By implementing AI, technocracy, direct democracy, and long-term planning, HGM ensures: ✅ Efficient economic management ✅ Social equality without excessive taxation ✅ Democratic participation with AI-driven transparency ✅ Sustainable environmental policies ✅ Corruption-free governance -/- If adopted globally, HGM could transform human civilization into a more just, advanced, and sustainable society. -/- . (shrink)

The Universal Formula for Eliminating Government Corruption: A Natural Law-Based Approach -/- Introduction -/- Government corruption is one of the most persistent obstacles to societal progress, leading to economic decline, weakened institutions, and widespread inequality. Traditional anti-corruption measures—such as stricter laws, transparency initiatives, and public awareness campaigns—have failed to fully eliminate corruption because they do not address the problem at a systemic and scientific level. -/- By applying the universal formula, which is based on the universal law of balance in (...) nature, we can understand corruption as a systemic defect—a violation of natural equilibrium that causes inefficiency and societal suffering. This essay will provide a comprehensive scientific explanation of corruption, supported by research, and propose a complete solution that integrates education, institutional reforms, AGI-driven governance, cultural adaptation, and strategic implementation. -/- 1. The Science Behind Corruption: A Systemic Imbalance -/- A. Psychological and Biological Causes → Internal Homeostasis -/- Scientific research suggests that corruption is rooted in human psychology and biology, particularly in: -/- Evolutionary survival instincts – Studies indicate that self-preservation and resource hoarding behaviors evolved to ensure survival but can also lead to greed and corruption in modern societies. (Reference: Trivers, 1971 – Evolutionary theory of reciprocity) -/- Cognitive biases – Research in behavioral psychology shows that self-justification, moral disengagement, and in-group favoritism make individuals rationalize corrupt behavior. (Reference: Bandura, 1999 – Moral disengagement theory) -/- Neurological reward systems – Studies using fMRI scans reveal that bribery activates brain regions associated with pleasure, reinforcing corrupt behaviors. (Reference: Ariely & Loewenstein, 2006 – Neurological basis of unethical behavior) -/- Universal Formula Solution: -/- Educational reprogramming is needed to counteract these internal imbalances. -/- Schools should instill ethical reasoning, self-regulation, and critical thinking from an early age. -/- Leaders must be trained to recognize that corruption leads to long-term systemic instability, disrupting both individual and societal balance. -/- B. Economic Incentives and Systemic Defects → Structural Homeostasis -/- Economists have long observed that corruption is often a rational response to flawed systems where: -/- Low salaries and financial insecurity create incentives for bribery. (Reference: Becker & Stigler, 1974 – Economics of crime and punishment) -/- Weak regulatory oversight allows corruption to persist with minimal consequences. -/- Lack of transparency in financial systems enables embezzlement and fraud. -/- Universal Formula Solution: -/- The economic system must be free of defects—governments should: -/- Ensure fair wages for public officials to reduce bribery incentives. -/- Use blockchain-based transparency systems to track public spending. -/- Implement AI-driven financial audits to detect corruption in real time. -/- C. Political and Institutional Weakness → Governance Homeostasis -/- Corruption thrives when institutions fail to enforce accountability and transparency. -/- The Principal-Agent Problem: Public officials (agents) may act in their own interests rather than serving the public (principals). (Reference: Rose-Ackerman, 1978 – Corruption and governance theory) -/- Legal Loopholes: Weak anti-corruption laws allow elites to manipulate the system. -/- Lack of Whistleblower Protections: Fear of retaliation prevents corruption from being exposed. -/- Universal Formula Solution: -/- Governments must function like biological systems, with constant monitoring and correction mechanisms: -/- Real-time transparency tools (AI-driven monitoring of government transactions). -/- Independent anti-corruption agencies with full enforcement powers. -/- Legal frameworks based on the principle of natural balance, where punishments restore equilibrium rather than being arbitrary. -/- D. Cultural Normalization of Corruption → Collective Homeostasis -/- In some societies, corruption is seen as an accepted norm due to: -/- Patronage networks and nepotism embedded in political cultures. -/- Religious and social justifications for bribery (“gifts” given in exchange for favors). -/- Distrust in the justice system, leading to reliance on informal corruption-based solutions. -/- Universal Formula Solution: -/- A holistic education system must be implemented to reprogram societal attitudes toward corruption. -/- Schools should teach: -/- The universal law of balance and its ethical implications. -/- The cause-and-effect nature of corruption—how even small acts of dishonesty contribute to systemic collapse. -/- Critical thinking skills to challenge corrupt norms and misinformation. -/- 2. Case Studies: Applying the Universal Formula to Real-World Corruption -/- Case Study 1: Singapore’s Zero-Tolerance Approach -/- Singapore successfully reduced corruption by: -/- Increasing public sector salaries to remove bribery incentives. -/- Strict enforcement of anti-corruption laws, ensuring accountability. -/- Cultural reprogramming through education and public campaigns. -/- Universal Formula Connection: Singapore’s model aligns with systemic homeostasis, ensuring a balance between economic incentives, strong institutions, and ethical education. -/- Case Study 2: Scandinavian Countries – Transparency and Trust -/- Nordic countries (Denmark, Sweden, Norway) maintain low corruption levels through: -/- Public trust in institutions based on long-term systemic balance. -/- High transparency in government spending. -/- Strong legal frameworks with immediate corrective feedback mechanisms. -/- Universal Formula Connection: These countries maintain governance homeostasis, preventing corruption through self-correcting institutional designs. -/- 3. Implementing the Universal Formula to Eliminate Corruption -/- A. Education Reform: The Foundation of Ethical Governance -/- Integrate the universal law of balance into curricula from elementary to higher education. -/- Teach cause-and-effect relationships in governance (e.g., how small bribes lead to systemic collapse). -/- Develop leadership training programs that emphasize ethical decision-making based on natural balance. -/- B. Institutional Reforms: Creating a Self-Correcting System -/- Implement blockchain-based transparency systems for public finance. -/- Strengthen whistleblower protections to ensure safe reporting of corruption. -/- Decentralize power to reduce opportunities for monopolistic corruption. -/- C. AGI-Driven Ethical Governance -/- Artificial General Intelligence (AGI) can be programmed with the universal formula to: -/- Monitor government transactions and detect corruption patterns. -/- Ensure transparent decision-making based on systemic balance. -/- Remove human cognitive biases from governance. -/- D. Cultural Adaptation: Tailoring Solutions to Different Societies -/- In high-corruption societies, initial reforms should focus on education and small wins to shift cultural attitudes. -/- In developing countries, AGI-driven transparency tools can bypass weak institutions. -/- In democratic nations, citizen engagement should be emphasized to create self-regulating governance. -/- --- -/- 4. Addressing Challenges and Counterarguments -/- Objection: “Corruption is inevitable in human nature.” Response: Human nature includes both corruption and ethical reasoning—education determines which dominates. -/- Objection: “Elites will resist systemic reforms.” Response: AGI-driven transparency tools and mass education campaigns can reduce elite control. -/- Objection: “Implementing these changes is unrealistic.” Response: Small-scale pilots in cities or institutions can demonstrate success before national adoption. -/- --- -/- Conclusion: The Universal Formula as the Ultimate Solution to Corruption -/- Corruption is a systemic defect—a violation of the universal law of balance in nature. By applying scientific principles of homeostasis, cause and effect, and feedback regulation, we can create a corruption-free governance model. The universal formula offers the only complete solution, integrating education, institutional reform, AGI-driven oversight, and cultural adaptation. -/- If implemented, this model could lead to a world where governance functions as a perfectly balanced system—free of defects, ethical, and in harmony with natural law. -/- . (shrink)

Eliminating Power Struggles Through a Balanced Hierarchy of Leadership While Preserving Beneficial Competition -/- Introduction -/- Power struggles have been a defining feature of human history, often leading to conflicts, corruption, and inefficiencies in governance. Some argue that power struggles are an inescapable part of human nature, but a scientific systems approach reveals that they are the result of imbalances in leadership structures, resource distribution, and decision-making frameworks. -/- Eliminating power struggles does not mean eliminating healthy competition. Competition, when properly (...) structured, plays a crucial role in innovation, economic growth, and societal progress. For instance, capitalistic competition has driven technological and economic advancements, but when left unregulated, it has also led to wealth concentration, corporate monopolies, and economic instability. -/- By implementing a balanced hierarchy of leadership that operates according to the universal law of balance, we can eliminate destructive power struggles while preserving beneficial competition—ensuring a system where leadership serves as a regulator rather than a source of concentrated power. -/- The Scientific Basis of Power Struggles and Competition -/- 1. Systems Theory and the Emergence of Power Struggles -/- Power struggles arise when a system lacks balance and feedback mechanisms that regulate decision-making. Systems theory, which is used in engineering, biology, and economics, explains that: -/- In stable systems, components work together through feedback loops to maintain order. -/- In unstable systems, feedback loops are disrupted, leading to chaos or dominance by certain components. -/- In human societies, power struggles emerge when: -/- Leadership structures concentrate too much power in a few individuals or groups. -/- Feedback mechanisms are weak or absent, allowing leaders to make unchecked decisions. -/- Resources and opportunities are unfairly distributed, causing friction between competing factions. -/- This is why unchecked power always leads to instability—when power accumulates in a few hands, competition turns into destructive conflict rather than beneficial progress. -/- 2. Neuroscience of Decision-Making and Power Dynamics -/- Neuroscientific research shows that human decision-making is influenced by a balance between rationality and emotion: -/- The prefrontal cortex regulates rational decision-making and long-term planning. -/- The amygdala triggers emotions like fear and aggression, often fueling power struggles. -/- In imbalanced leadership systems, leaders often act based on emotional impulses, such as fear of losing power, rather than rational governance. This is why unchecked competition often turns into greed-driven monopolization, instead of fostering fair economic growth. -/- A balanced hierarchy of leadership ensures that rational decision-making prevails over impulsive power struggles, using structured feedback loops to regulate authority. -/- 3. The Role of Karma and Systems Thinking in Competition -/- The law of karma, as defined in the universal formula, aligns with systems thinking in that: -/- Every action creates a reaction that influences the entire system. -/- If a system is designed with defects or imbalances, it will eventually break down. -/- For example, in economic systems: -/- Unregulated capitalism leads to monopolies, inequality, and financial crises. -/- Overly centralized economies lead to inefficiency and lack of innovation. -/- A balanced economic system ensures that competition remains fair, productive, and sustainable, while preventing monopolization and economic instability. -/- Flaws in Existing Leadership and Economic Structures -/- Despite progress, current leadership and economic systems suffer from fundamental flaws: -/- 1. Political Power Struggles -/- Most political systems, whether democratic or autocratic, prioritize power retention over societal welfare. Elections often become battles for control, rather than mechanisms for choosing the most competent leaders. -/- 2. Unregulated Capitalistic Competition -/- While capitalism has driven technological progress, it often lacks regulatory balance. This results in: -/- Monopolies and corporate lobbying, where a few corporations control entire industries. -/- Extreme wealth concentration, leading to systemic instability. -/- 3. The Absence of Scientific Decision-Making in Governance -/- Many governments and corporations make decisions based on short-term political gains or financial interests, rather than scientific principles. This leads to: -/- Environmental degradation due to profit-driven policies. -/- Social inequality, as wealth and resources are unfairly distributed. -/- These issues show that competition alone is not enough—it must be regulated by the universal law of balance to prevent systemic collapse. -/- The Solution: A Balanced Hierarchy of Leadership with Beneficial Competition -/- To eliminate power struggles while preserving beneficial competition, we need a hierarchy of leadership based on: -/- 1. Leadership Selection Based on Competence and Wisdom -/- Leaders should be chosen based on scientific merit and ethical competence, rather than political influence or wealth. -/- Education systems should train future leaders in the universal law of balance, systems thinking, and rational decision-making. -/- Leadership should act as a regulator of competition, ensuring fairness and progress. -/- 2. Decentralized Yet Coordinated Decision-Making -/- Power should be distributed across multiple levels, preventing centralized control while maintaining system-wide coordination. -/- A hierarchical feedback system should allow leaders to adjust decisions dynamically based on real-world conditions. -/- 3. AGI-Assisted Regulation of Leadership and Competition -/- AGI, programmed with the universal formula and a complete sensor system, can act as an impartial advisor, monitoring economic and political systems to detect imbalances before they escalate. -/- AI should not replace human leadership but should serve as a scientific tool for maintaining systemic balance. -/- 4. Economic Policies Aligned with Natural Law -/- Fair competition should be maintained, preventing monopolies while encouraging innovation. -/- Wealth gaps should be regulated, ensuring economic mobility without discouraging entrepreneurship. -/- Capitalistic competition should be structured to foster progress while preventing systemic failures. -/- How Beneficial Competition Fits Into the System -/- Instead of eliminating competition, a balanced leadership hierarchy ensures that competition is: -/- ✔ Fair – No monopolies or financial manipulation. ✔ Productive – Encourages innovation and efficiency. ✔ Sustainable – Prevents extreme inequalities and power struggles. ✔ Ethical – Decisions are guided by natural balance, not greed or short-term gains. -/- This model allows entrepreneurs, businesses, scientists, and innovators to compete in ways that drive human progress, while eliminating power struggles that lead to corruption, inequality, and societal collapse. -/- Conclusion: A Society Without Power Struggles, Driven by Beneficial Competition -/- Power struggles are not an unavoidable part of human nature; they arise from imbalances in leadership, economy, and governance. By implementing a balanced hierarchy of leadership, we can eliminate power struggles while preserving beneficial competition that fosters development. -/- A properly designed system ensures that: -/- Leaders act as regulators, not rulers, preventing power accumulation. -/- Competition is structured to be fair, productive, and sustainable. -/- AGI and scientific governance help detect and correct imbalances before they become crises. -/- The economy promotes innovation without allowing monopolization or exploitation. -/- With these principles in place, we can create a world where leadership ensures balance, competition drives progress, and power struggles become a thing of the past. -/- . (shrink)

The Importance of Holistically Empowering All Levels of Government Leadership for National Development -/- A nation’s progress is deeply rooted in the quality of its leadership at all levels of government. Effective governance requires more than just political authority—it demands informed decision-making, ethical governance, and strategic planning to achieve sustainable development. Holistically empowering all levels of government leadership is crucial to ensuring that policies are implemented effectively, economic stability is maintained, and the country remains resilient against global and local challenges. (...) Without well-trained and knowledgeable leaders, a nation risks falling into cycles of corruption, inefficiency, and instability. -/- This essay explores the importance of empowering all levels of government leadership, emphasizing how this approach strengthens governance, improves policy implementation, stabilizes the economy, and promotes sustainable national development. -/- Strategic and Balanced Decision-Making -/- When all levels of government leadership—from local officials to national policymakers—are holistically educated and empowered, decision-making becomes more strategic and well-balanced. Informed leaders understand the long-term consequences of their actions and avoid making impulsive or politically motivated choices that could destabilize the country. This ensures that governance is driven by rational planning rather than personal or short-term interests. -/- For example, countries with strong leadership development programs, such as Singapore, have demonstrated how well-informed leaders can create policies that prioritize long-term economic stability and social welfare over immediate political gains. By empowering leaders with knowledge of sustainable development, a nation ensures that progress is not only rapid but also lasting. -/- Strengthening Governance and Accountability -/- Weak leadership structures are often the root cause of corruption and inefficiency. When government leaders lack proper education in governance, economics, and ethics, they become more susceptible to corrupt practices or poor decision-making. Holistically empowering leaders through continuous education, training, and ethical reinforcement ensures a transparent and accountable government. -/- A good example is Scandinavian countries, where leadership development programs emphasize ethics, social responsibility, and economic sustainability. As a result, these countries have some of the lowest corruption levels in the world, proving that well-educated leaders are less likely to engage in corrupt activities. -/- Effective Policy Implementation -/- Even the best policies will fail if they are not implemented properly. Many developing nations struggle with policy execution due to gaps in leadership competency at different government levels. When national leaders create policies without ensuring that local leaders understand and support them, the implementation becomes weak or inconsistent. -/- By empowering leadership across all government levels, policies can be efficiently translated into real-world progress. For example, China’s rapid development was achieved not only through national-level planning but also by ensuring that local government officials were highly trained in economic management, urban planning, and infrastructure development. -/- Economic and Social Stability -/- A country’s economic health depends on leadership that understands economic sustainability. Leaders who rely solely on continuous economic growth without balancing resource management and population control risk creating long-term economic instability. -/- For instance, excessive reliance on resource extraction without reinvesting in sustainable industries has led to economic collapse in countries like Venezuela. In contrast, nations such as Germany have maintained economic stability by ensuring that government leaders at all levels are educated in economic sustainability and long-term planning. -/- Holistic leadership education should emphasize the balance between economic growth, environmental sustainability, and population regulation. Leaders must understand that wealth creation should serve the long-term needs of the people rather than short-term financial gains. -/- Resilience Against Global and Local Challenges -/- Every country faces challenges, whether from climate change, economic recessions, or political crises. A government with empowered leaders at all levels can respond effectively to these challenges. -/- For example, Japan’s efficient response to natural disasters is a result of well-trained leaders at every level of governance, from local mayors to national emergency coordinators. These leaders are educated in crisis management, ensuring that the country can adapt and recover quickly from disasters. -/- Without holistic leadership training, many nations struggle to respond to crises, leading to unnecessary loss of life, economic damage, and political instability. -/- Encouraging Grassroots Development -/- Sustainable development does not only happen at the national level—it must also be driven from the grassroots. Local government leaders play a crucial role in addressing the needs of their communities. When they are empowered with the right knowledge and skills, they can implement national policies effectively while addressing specific local challenges. -/- A good example is how decentralized governance in Switzerland has allowed local leaders to make independent decisions tailored to their communities’ needs while still aligning with national policies. This has led to high-quality public services and economic development at all levels. -/- Reducing Political Polarization and Populism -/- One of the biggest threats to democracy and governance today is political polarization fueled by misinformation and populism. Leaders who lack a holistic education in governance, economics, and social balance are more likely to manipulate public opinion for personal gain. This leads to societal divisions and weak governance. -/- When leaders are trained to understand the principles of balanced decision-making, they can guide the public towards rational, evidence-based solutions rather than emotional or ideological extremes. Countries that invest in political leadership education, such as Canada, have more stable governments with less political conflict. -/- Enhancing International Relations and Competitiveness -/- A country’s ability to engage in diplomacy, attract foreign investment, and maintain strong trade relations depends on the competency of its leaders. Well-educated and empowered government officials can negotiate better trade agreements, establish beneficial international partnerships, and improve the country’s global reputation. -/- For instance, Singapore has become one of the world’s most competitive economies due to its well-trained leaders who understand global trade dynamics, technology, and economic planning. Without a strong leadership framework, countries struggle to remain competitive in an increasingly interconnected world. -/- Solution: A Holistic Leadership Education System -/- To achieve holistic empowerment of government leadership, a structured and continuous leadership education system must be implemented. This system should include: -/- 1. Integration of Leadership Training in Education – Basic education should include subjects that develop critical thinking, governance principles, and ethical decision-making. -/- 2. Specialized Leadership Training for Government Officials – Ongoing training programs should be provided for government officials at all levels to improve their skills in policy-making, economics, and governance. -/- 3. Application of the Universal Law of Balance in Governance – Leaders should be educated on how to apply balance in decision-making to avoid extreme policies that harm economic and social stability. -/- 4. Transparency and Public Accountability Programs – Public officials should be trained in ethical governance, with strict accountability mechanisms in place. -/- Conclusion -/- Holistically empowering all levels of government leadership is the key to a nation’s sustainable development. When leaders are well-trained, accountable, and knowledgeable about governance, economics, and social balance, they can make informed decisions that benefit the country in the long run. -/- A nation that Invests in its leadership structure strengthens governance, improves policy implementation, stabilizes the economy, and builds resilience against crises. By ensuring that leadership education is integrated into all levels of governance, a country can achieve long-term progress and avoid the pitfalls of corruption, political instability, and economic collapse. -/- A true path to national development lies not just in economic policies but in the empowerment of those who lead the nation. -/- . (shrink)

It is crucial to actively detect the risks of transactions in a financial company to improve customer experience and minimize financial loss. In this study, we compare different machine learning algorithms to effectively and efficiently predict the legitimacy of financial transactions. The algorithms used in this study were: MLP Repressor, Random Forest Classifier, Complement NB, MLP Classifier, Gaussian NB, Bernoulli NB, LGBM Classifier, Ada Boost Classifier, K Neighbors Classifier, Logistic Regression, Bagging Classifier, Decision Tree Classifier and Deep (...) Learning. The dataset was collected from Kaggle depository. It consists of 6362620 rows and 10 columns. The best classifier with unbalanced dataset was the Random Forest Classifier. The Accuracy 99.97%, precession 99.96%, Recall 99.97% and the F1-score 99.96%. However, the best classifier with balanced dataset was the Bagging Classifier. The Accuracy 99.96%, precession 99.95%, Recall 99.98% and the F1-score 99.96%. (shrink)

Several states have enacted specialized limited liability company legislation in an attempt to attract decentralized autonomous organizations. In this way, the regulatory competition debate surrounding states such as Wyoming, Tennessee, and Vermont, attempting to dethrone Delaware, has found a new battleground. According to Professor Lynn LoPucki, this will entail a regulatory race to the bottom, that is, a race to “laxity.” I disagree. In fact, deregulation has already been achieved in the traditional limited liability company form. The decentralized autonomous organization (...) limited liability company is no laxer or more attractive to investors, who will likely prefer the traditional limited liability company or even other entity forms, given the diversity of investors’ needs and aims. Moreover, some decentralized autonomous organization organizers may wish not to incorporate at all, hoping to avoid the law altogether. While increasingly risky, this strategy rests on the belief in the alegality liability shield, further diminishing the impact of the lex specialis approach. After analyzing the statutory developments and the scholarly and industrial commentary, I conclude that in decentralized autonomous organizations, as elsewhere, the regulatory race to the bottom is a fad. (shrink)

Background: The feeding modalities applied in countries with school meal programs are varied because these are shaped not only by the national commitments to alleviate food insecurity among children but also by resource availability from national and international agencies. In terms of financial resources, the USA plays a consistent role in providing donations, grants, loans, and loan guarantee programs to support global school feeding. The U.S. Department of Agriculture (USDA) oversees these funding sources for international school meal programs. Aim: (...) This study aims to examine the moderating effect of USDA funding on the relationship between supply purchasing methods and feeding modalities among countries implementing school meal programs. Methods: The Bayesian Mindsponge Framework, combining the reasoning strengths of Mindsponge Theory and inference advantages of Bayesian analysis, was employed on a dataset of 126 government representatives who manage large-scale school meal programs in 126 different countries. Results: The findings indicated that USDA funding has the potential to positively moderate the relationship between foreign supply purchases and the feeding modalities of school meal programs. However, the direct association between foreign purchases and feeding modalities was unclear. Conversely, while USDA funding was found to have a negative moderation effect on the relationship between domestic supply purchases and feeding modalities, it is these domestic purchases that show potential for positively influencing the feeding modalities. Conclusions: Findings underscore the importance of supporting the World Bank and World Food Programme’s recommendation to rely more on local resources and capacities for developing long-term and sustainable school meal programs. Further exploration of the impact of foreign supply purchases on feeding modalities is needed. Formulating strategic plans to better leverage USDA funding for enhancing domestic supply purchases is highly recommended. (shrink)

Through the guidelines of D.O No. 22, s. 2021, the study finds that the majority of 304 teachers from both public elementary and secondary schools are married females between the ages of 30 and 40 with 1 to 4 years of work experience and 15,000 to 30,000 monthly income. Findings exposed the “high level of comprehension perceived” in financial knowledge, behavior, and attitude. Also, the perception of asset acquisitions as the highest priority, along with other relevant factors from budgeting (...) and decision-making and retirement preparedness, demonstrated “importance” in the level of their comprehension. The significant difference through test variation in teachers' retirement preparedness and asset acquisitions towards the age variable is significant. Thus, teachers' retirement preparedness based on their perceptions of budgeting has a strong impact on their teaching experience. Accordingly, financial literacy and retirement preparedness have an essential or direct relationship. This indicates a strong impact of financial preparedness on financial literacy. (shrink)

Financial gerontology can be defined as investigating relations between finances and aging. Authors such as Neal E. Cutler, Kouhei Komamura, Davis W. Gregg, Shinya Kajitani, Kei Sakata, and Colin McKenzie affirm that financial literacy is an effect of aging with concern about the issue of finances, as well as stating that it is the effect of longevity and aging on economies or the financial resilience of older people.

Before the Doi Moi reforms in 1986, Viet Nam’s economy was devastated by 30 years of warfare with two major military powers, France and the US, ending in 1975. In the subsequent 10 years, Viet Nam suffered from failing economic experiments, including agricultural cooperatization, “industry-commerce rehabilitation,” price-wage-currency reform, among others, under the centrally planned mechanism (Wood 1989), as well as the international isolation and a US trade embargo when its troops entered Cambodia to overthrow the Khmer Rouge (Riedel and Turley (...) 1999). Its per-capita gross domestic product (GDP) declined to USD 97 in 1989 whereas the ratio of external debt to GDP reached 330%. 1 The economy languished and became one of the poorest in the world (VGP 2016). (shrink)

In this chapter, my main aim is to explore some of the central moral critiques of international financial institutions as well as proposals to overcome the moral problems that they face.

According to the classical finance theory it is assumed that investors show rational behaviour in order to achieve maximum gain.but this approach has changed since 1980s. There are a lot of academic studies emphasizing the determining effect of human psychology in financial decisions. Behavioral finance considers the interaction between emotions and investors decisions. According to the New financial approach investors show irrational behaviours and take prejudices into the account for investment decisions as opposed to traditional perspective. Behavioral finance (...) analyzes the market anomalies which conventional financial theories are inadequate to explain based on an assumption that individuals are not rational. While doing this, it benefits from the other sciences such as psychology, sociology, and antropology, etc. One type of behavioral finance is herd behavior. In this paper, domestic and foreign literature research on herd behavior in financial markets were analyzed. (shrink)

This study thoroughly investigates the financial behaviors of financially independent, young, single professionals aged 24 to 35 in Balayan, Batangas, amidst a period of global inflation. Focusing on five industries—education, finance, government, healthcare, and retail—the research employs a mixed-methods approach. Quantitative analysis, involving 75 respondents through a 4-point Likert scale survey, is complemented by qualitative insights from in-depth interviews with 5 participants from each industry. The findings from numerical values revealed that demographics did not impact working professionals' saving habits (...) and buying behaviors during the global inflation surge. This suggests that despite differences in age, gender, industry, employment status, and monthly income or salary, all professionals prioritized robust, strong savings and reduced spending to ensure financial stability. The research underscores the significance for professionals in various industries to prioritize specific aspects of personal financial management during the prevailing global inflation surge. The study suggests that, irrespective of industry, working professionals should prioritize specific aspects of personal financial management during the global inflation surge. (shrink)

The credit crises experienced in the US in year 2008 is labeled as perhaps the most significant crises since the great depression. The roots of the crises were found in the default of the sub-prime mortgages and the failure occurred in both the US and the UK. Due to the integrated nature of international financial systems the spillover impacted many countries as the economies in Asia and Europe were purchasers of the sub-prime mortgages that originated in both UK and (...) US. The impact of the credit crises in Canada is of unique importance due to the close proximity to US, and both the US and Canada being of great strategic importance to each other as well as one of the largest trading partners.Even though the international financial credit crises adversely impacted many countries, the evidence that has come across recent years point towards the conclusion that Canada was able to weather the crises much better than many other countries. (shrink)

In the beginning of the 1970s, Michel Foucault dismisses the terminology of ‘exclusion’ for his projected analytics of modern power. This rejection has had major repercussions on the theory of neoliberal subject-formation. Many researchers disproportionately stress how neoliberal dispositifs produce entrepreneurial subjects, albeit in different ways, while minimizing how these dispositifs sometimes emphatically refuse to produce neoliberal subjects. Relying on Saskia Sassen’s work on financialization, I argue that neoliberal dispositifs not only apply entrepreneurial norms, but also suspend their application for (...) groups that threaten to harm the population’s profitability. Neoliberal dispositifs not only produce entrepreneurial subjects, but also surplus populations that are expelled from the overall population to maintain its productivity. Here, the concept of ‘exclusion’ is appropriate if understood in Agamben’s sense of an inclusive exclusion. The surplus population is part of neoliberal dispositifs, but only as the element to be abandoned. (shrink)

The study aimed to determine the personal financial management practices among selected personnel of the Bureau of the Treasury – Central Office. It used the descriptive method of gathering data. The respondents of the study consisted of 183 personnel from 35 divisions of the Bureau and selected through simple random probability sampling technique. The study shown that most of the respondents aged 26 to 35 years old, female, single, bachelor’s degree holder, rank and file workers, permanent employees, have been (...) in the agency for 5 years and below and with monthly compensation ranging from P15,001 – P30,000. In terms of financial planning, most of the respondents set their short and long-term financial goals. In terms of money management, most of the respondents saved so that they do not need to borrow from others. In terms of income and asset protection, most of the respondents considered uncertainties for their future. And in terms of investments, most of the respondents purchased government securities. The researcher recommended to utilize various social media platforms as an avenue for financial planning, start considering the use of credit management in the acquisition of their needs, understand the need of acquiring non-life insurance and start familiarizing themselves in the concept of the derivatives market. Also, the Bureau of the Treasury should initiate seminars/webinars about how to start writing a financial plan, effective ways in managing finances, the vital role of insurance and estate planning, and possible ways in earning money when investing on securities and derivatives. (shrink)

This paper argues that the plethora of experiments with decentralized social technologies (DSTs)—clusters of which are sometimes called “the Web 3.0 ecosystem” or “the Fediverse”—have brought us to a constitutional moment. These technologies enable radical innovations in social, economic, and political institutions and practices, with the potential to support transformative approaches to political economy. They demand governance innovation. The paper develops a framework of prudent vigilance for making ethical choices in this space that help to both grasp positive opportunities for (...) transformation and avoid the potentially problematic consequences. Most of our specific examples and concerns come from the blockchain/Web3 universe, as this has received the greatest investment, attention, and adoption to date. However, we aim to offer a framework for governance decision-making in conditions of uncertainty that applies more broadly to other DSTs. Specifically, under the framework of prudent vigilance, we propose a pragmatic, democratic, and pluralist approach to navigating bold experimentation with social practices and political economy enabled by these technologies. Our overarching goal is to provide a framework open to transformative improvement and constrained by guardrails and guiding values supportive of democracy, freedom, and pluralism. We take a relatively strong position, rather than simply laying out ethical issues and potential approaches. We seek to be provocative in order to spur further work and hope this paper will serve as a first bridge between academic philosophy and the DST community, which have hardly interacted to date. (shrink)

Most business in the Philippines is mostly in the microenterprise. Hence, this research was accomplished in order to assess the effectiveness of financial management practices of microenterprises in Quezon City. The city was selected as the locale of the research since there were various microenterprises built in this location. The respondents were classified according to the number of years in operation of their business, the number of employees, capitalization, and their source of funds. Additionally, the individual profile was also (...) classified into their age, highest educational attainment, and the number of seminars or trainings related to their business that they had attended. The assessment was specified into aspects of financial planning, financial control, and cash management. The result shows that most businesses were newly established and only operating for zero (0) to two (2) years. The result also showed that most of the respondents only had a capitalization of PHP 100,000.00 and they were utilizing their personal savings as a source of funds. Most of them are aged from twenty-one (21) to thirty (30) years with no bachelor’s degrees. They only attended seminars and training less than three (3) times. The result of this study was beneficial to business owners, local government units, government, government agencies, banks, and other financial institutions, academe, and future researchers. (shrink)

Financial literacy is becoming a pivotal skill in navigating the marketplaces within the predominant rising digital branches of trading domains; however, there remains a concerning gap in the purchasing behavior of adolescents, who are its primary users. With this in mind, the main objective of our research is to determine whether there is a relationship between a student's level of financial literacy and their online purchase decision-making. The researchers employed an explanatory mixed approach and purposive sampling to identify (...) respondents from Immaculate Conception College of Balayan, Inc. A 5-point Likert scale survey was utilized to collect data from 66 respondents, followed by semi-structured interviews with 10 selected participants. The results showed a moderately positive correlation between a student's financial literacy and online purchase decisions, as determined by the Pearson correlation coefficient. Thus, the thematic analysis revealed that respondents generally have good financial literacy, emphasizing factors like pricing, online reviews, and product ratings when making digital marketplace decisions. However, there are notable gaps in their understanding of basic financial concepts and their ability to apply them in real-life situations. To effectively enhance students’ financial literacy and online purchasing decisions, a holistic approach is necessary, including targeted interventions, practical applications, and continuous adaptation to evolving consumer behaviors. Educational institutions, policymakers, and stakeholders should work together to create comprehensive programs that provide students with the knowledge, skills, and attitudes needed to negotiate real-world financial situations and make sound judgments in the digital commerce ecosystem. By emphasizing practical learning, key financial concepts, and trustbuilding approaches, educators may empower students to become responsible consumers capable of managing their resources successfully and ethically. (shrink)

To what extent are questions of sovereign debt a matter for political rather than scientific or moral adjudication? We answer that question by defending three claims. We argue that (i) moral and technocratic takes on sovereign debt tend to be ideological in a pejorative sense of the term, and that therefore (ii) sovereign debt should be politicised all the way down. We then show that this sort of politicisation need not boil down to the crude Realpolitik of debtor-creditor power relations—a (...) conclusion that would leave no room for normative theory, among other problems. Rather, we argue that (iii) in a democratic context, a realist approach to politics centred on what Bernard Williams calls ‘The Basic Legitimation Demand’ affords a deliberative approach to the normative evaluation of public debt policy options. (shrink)

The recently rising field of Critical Data Studies is still facing fundamental questions. Among these is the enigma of digital subjectivation. Who are the subjects of Big Data? A field where this question is particularly pressing is finance. Since the 1990s traders have been steadily integrated into computerized data assemblages, which calls for an ontology that eliminates the distinction between human sovereign subjects and non-human instrumental objects. The latter subjectivize traders in pre-conscious ways, because human consciousness runs too slow to (...) follow the volatility of the market. In response to this conundrum Social Studies of Finance has drawn on Actor-Network Theory to interpret financial markets as technically constructed networks of human and non-human actors. I argue that in order to develop an explicitly critical data study it might be advantageous to refer to Maurizio Lazzarato’s theory of machinic subjugation instead. Although both accounts describe financial digital subjectivation similarly, Lazzarato has the advantage of coupling his description to a clear critique of and resistance to finance. (shrink)

Although Minsky’s interpretation of Keynes’s macroeconomics and essential message clashes with authoritative alternative interpretations, it has become increasingly influential during the years following the Global Financial Crisis, even in mainstream circles. This paper offers a critical evaluation of Minsky’s Financial Instability Hypothesis from the perspective of the alternative Austro-Wicksellian paradigm. Although some of the similarities and/or analogies between Minsky’s approach and that of the Austrian School suggest a more than merely superficial affinity between the two theoretical frameworks and (...) although some scope for cross-fertilization between both approaches can be found, both theoretically and empirically, at a fundamental conceptual level both theories remain incompatible and difficult if not impossible to reconcile, in particular in terms of fundamental causality and in terms of policy conclusions and prescriptions. Despite the fact that Minsky’s policy conclusions are multifaceted and somewhat eclectic, they manifest a lack of familiarity with the conclusions of the Austrian analysis of the problems of central planning by Big Players such as Big Bank and Big Government. Both approaches also offer contrasting interpretations of the historical experience of the Global Financial Crisis. (shrink)

The objective of this study is to Analyze the Financial Position and Performance of the Axis and Kotak Mahindra Bank in India based on their financial characteristics. We have chosen the CAMEL model and t-test which measures the performance of bank from each of the important parameter like capital adequacy, asset quality, management efficiency, earning quality, liquidity and Sensitivity. The present study is conducted analyze the consistency of the profitability of the Axis and Kotak Mahindra bank’s. It is (...) analyses that the ratio of credit deposit is maximum of Kotak Mahindra Bank Ltd and it shows efficient management of the bank. The ratio of earning per share is maximum for Axis Bank Ltd i.e. 50.28 and the ratio of return on Assets is minimum for Axis Bank Ltd. The CAMELS’ analysis and t-test concludes that there is no significance difference between the Axis and Kotak Mahindra bank’s financial performance but the Kotak Mahindra bank performance is slightly less compared with Axis Bank. (shrink)

This special issue introduces the study of financial technologies and finance to the field of philosophy of technology, bringing together two different fields that have not traditionally been in dialogue. The included articles are: Digital Art as ‘Monetised Graphics’: Enforcing Intellectual Property on the Blockchain, by Martin Zeilinger; Fundamentals of Algorithmic Markets: Liquidity, Contingency, and the Incomputability of Exchange, by Laura Lotti; ‘Crises of Modernity’ Discourses and the Rise of Financial Technologies in a Contested Mechanized World, by Marinus (...) Ossewaarde; Two Technical Images: Blockchain and High-Frequency Trading, by Diego Viana; and The Blockchain as a Narrative Technology: Investigating the Social Ontology and Normative Configurations of Cryptocurrencies, by Wessel Reijers and Mark Coeckelbergh. (shrink)

The purpose of the paper is to determine the state of automotive corporations financial stability and to generalize the consequences of its violation for their activity and the global economy as a whole. Methods. The theoretical and methodological basis of the research is the scientific works in the field of corporate finance management and strategic development that studied analyzing and evaluating the financial stability of corporate companies, maintaining their financial stability in the medium and long term, official (...) statistics data of United Nations Conference on Trade and Development, financial statements of corporations Toyota Motor Corporation (Japan), Mercedes-Benz (Germany) and Tesla Motors (USA), own research results. The methodological basis of the study is a set of general scientific and special methods used to achieve the research goal: theoretical generalization, analysis and synthesis – in studying the content of scientific works on the research of financial stability of corporate companies and maintaining their financial stability; observation – to obtain primary information about the state of the world automotive market; the method of coefficient analysis and typing the situations – to assess the financial stability of automotive corporations; analytical – in determining the economic consequences of financial stability violation of automotive corporations; causation – to obtain final conclusions. Results. This article deals with the development of automotive industry in the world. The financial stability of leading automotive corporations is evaluated. The economic consequences of financial stability violation of automotive corporations are summarized. Financial strategies to improve the financial stability of automotive corporations are proposed. Practical value. The results of the study may be useful to the United Nations Conference on Trade and Development, the financial management of Toyota Motor Corporation, Mercedes-Benz and Tesla Motors. Value / originality – the state of financial stability of automotive corporations is determined and the consequences of its violation for their activity and the world economy as a whole are generalized. Further research should be directed towards the development of project measures to improve the financial stability of automotive corporations in the world. (shrink)

Financial distress in the hospitality industry affects both businesses and their employees. This study explores the perspectives of employees on financial distress within the hospitality sector in Imo State, Nigeria. The study addressed three research questions. Survey research design was adopted for the study. The study was carried out in Imo State Nigeria. 361 financial officers in the hotels within the hospitality industry in Owerri Imo State were the target population and random sampling was used to select (...) 181 hotels whose financial officers served as the study respondents. Structured questionnaire was specifically designed for this study. The data was analyzed using mean, and standard deviation to provide an overview of employee perspectives on financial distress. The results indicate that a wide range of variables, such as economic downturns, irregular revenue, high cost of living, and management concerns within businesses, are responsible for financial hardship among employees in the hotel industry in Imo State. Employees also mentioned that worry, anxiety, and job instability were direct effects of their financial hardship. Based on the results, a number of suggestions are made to lessen financial hardship. These include putting in place financial literacy initiatives for staff members, enhancing management-staff communication and transparency, supporting ethical labor practices, and encouraging social support systems within the workplace. (shrink)

This paper aims to study the impact of Crowdfunding financial attributes on entrepreneurship risk taking. This study was applied on Arabic Crowdfunding platforms from all crowdfunding models. The population of the study consists of individuals, entrepreneurs, investors, employees at electronic-crowd funding Arabic platforms. According to last statics at (2018), there are (12) legit Arabic platforms working in this field. Several statistical tools were used for data analysis and hypotheses testing, including reliability Correlation using Cronbach’s alpha, “ANOVA”, Simple Linear Regression. (...) The overall findings of the current paper show that there is a significant statistical impact for financial properties on entrepreneurship and this effect around (25%). Furthermore, the current paper is unique by topic and population as it is the first study on Arabic crowdfunding platforms. (shrink)

The paper reviewed financial resources which is a critical factor and component of Business Process Re-engineering in achieving academic performance of higher education institutions in the Democratic Republic of Congo. The objective of the study is to examine whether financial resources can contribute to improving and achieving academic performance of higher education institutions in general and students in particular. The study used a systematic literature review and content analysis was to establish the relationship between financial resources and (...) academic performance. The key findings are grouped in three dimensions: 1) financial resources; 2) budget and funding/financial model; 3) tuitions fees, scholarship and loans provision. The study found consistent evidence to show that there is a significant and positive relationship between financial resources and performance of higher education institutions. The study concluded that higher education sector in the Democratic Republic of Congo needs a radical change and fundamental rethinking in improving educational budget processes to meet the needs of the institutions, provision of scholarship and loans processes to students mainly those from poor background and designing innovative financial/funding model to sustain educational institutions. The study is based on academic capitalism theory. The recommendations were made based on the findings of the study. -/- . (shrink)

This study presents a novel transformer-based model specifically designed for financial forecasting, integrating explainability mechanisms such as SHAP (SHapley Additive exPlanations) values and attention visualizations to enhance interpretability. Unlike previous models, which often compromise between accuracy and transparency, our approach balances predictive accuracy with interpretability, allowing stakeholders to gain deeper insights into the factors driving market changes. By revealing critical market influences through feature importance and attention maps, this model provides both robustness and transparency, catering to the needs of (...) high-stakes financial environments. (shrink)

This research examined the management of financial and non-financial resources by Calabar Metropolis’ public secondary school principals in relation to the fulfillment of institutional goals. Null hypotheses were developed based on the two specific objectives guiding the study. The study used the ex-post facto research design under the quantitative research framework. A census approach was adopted in enumerating all the 69 school managers (24 principals and 45 vice principals) in Calabar Metropolis, Nigeria. A validated questionnaire, with a reliability (...) index of .90, was used for data collection. It was shown that there is a considerable association between the management of financial resources by school leaders and the fulfillment of institutional goals. A significant relationship was also established between principals’ management of non-financial resources (such as school libraries, school records and human resources) and the fulfillment of institutional goals in secondary schools. It is argued that to fulfil educational goals, financial and non-financial resources’ management in public secondary schools are critical. Policy and theoretical implications for successful educational management were discussed in light of this result. (shrink)

News about personal data breaches or data abusive practices, such as Cambridge Analytica, has questioned the trustworthiness of certain actors in the control of personal data. Innovations in the field of personal information management systems to address this issue have regained traction in recent years, also coinciding with the emergence of new decentralized technologies. However, only with ethically and legally responsible developments will the mistakes of the past be avoided. This contribution explores how current data management schemes are insufficient to (...) adequately safeguard data subjects, and in particular, it focuses on making these data flows transparent to provide an adequate level of accountability. To showcase this, and with the goal of enhancing transparency to foster trust, this paper investigates solutions for standardizing machine-readable policies to express personal data processing activities and their application to decentralized personal data stores as an example of ethical, legal, and technical responsible innovation in this field. (shrink)

This paper provides a comprehensive review of the Vasicek model and its applications in finance, categorizing the literature into four key areas: Vasicek model applications, Monte Carlo simulations, negative interest rates and risk, and deep learning for financial time series. To provide deeper insights, a synthesis chart and chronological analysis are included to highlight significant trends and contributions. Building upon this foundation, we employ Generative Adversarial Networks (GANs) and Variational Autoencoders (VAEs) to generate synthetic future interest rate data. These (...) generated projections are then integrated as inputs into the Vasicek model, dynamically adjusting its parameters with the support of AI-driven synthetic data. Additionally, we propose the use of publicly available financial information, gathered via public-facing large language models (LLMs) like ChatGPT, to assess whether the models project trends in line with real-world data. Specifically, we will query ChatGPT to analyze 50 key questions related to interest rates, risk management strategies, inflation, and economic indicators from institutions like the Federal Reserve and banks. Our approach also leverages publicly available information to refine model outputs, reducing reliance on assumptions and emphasizing the alignment of AI-generated noise with observable market behaviors. By integrating these real-world insights, we aim to ensure that our models remain both innovative and grounded in current economic realities. Ultimately, this framework combines advanced generative AI models, such as GANs and VAEs, with human oversight and economic data, providing a robust, adaptable, and forward-thinking approach to financial risk modeling. Keywords: GANs, VAEs, Vasicek, GenAI, Financial Risk Modeling. (shrink)

The article discloses the problem of distributing state financial support based on an integrated approach. The study has proved the urgency and necessity of state support for the lowest priority territorial units (regions). It answers the research question of what components need to be included in the methodology for determining state financial support. A comprehensive method for estimating the share of public funds is proposed, taking into account the investment attractiveness of a region (oblast) and the risk of (...) the corresponding region (oblast). To achieve this goal, the following general scientific and special methods and research techniques were used in the work, such as comparative analysis of scientific literature and information sources based on methods of comparison, systematization, and generalization; generalization of the analysis results, as well as logical generation of conclusions and integral assessment. -/- Since the problem of financing the construction and reconstruction of bridges is relevant for a number of countries, this technique was tested using an example of bridge construction. -/- According to the obtained results, territorial units (regions) that are not leaders in priority for the investor and have a high level of riskiness of investing financial resources become eligible for state financial support. The problem of financing such regions can be solved only through state support. The results of calculations show that the distribution of financial resources with the available volume of public finances K=1 allocated for support is carried out proportionally. An integrated approach made it possible to identify 10 territorial units (oblasts) for funding, with the oblasts with the worst priority factors receiving the largest share of state financial support. -/- This study is of practical interest to government agencies in the distribution of public funds, and it is of theoretical importance to researchers dealing with issues of financial security and public administration. (shrink)

This study contributes to the limited literature on VAT’s impact on student populations by assessing the financial strain on university students in Oman. The research provides novel insights into policymaking, suggesting VAT exemptions for essential educational goods and proposing financial literacy programs for mitigating the adverse effects of VAT which employs chi-square tests and regression analysis to quantify the financial effects of VAT on students' purchasing behavior, revealing that VAT negatively impacts purchasing power with a statistically significant (...) p-value (< 0.05). The findings highlight substantial financial strain on students, particularly those in lower-income brackets, prompting policy recommendations for VAT exemptions on essential educational goods and the inclusion of financial literacy programs aimed at helping students mitigate the tax's adverse effects. This study evaluates the financial implications of the Value Added Tax (VAT) introduced in Oman in 2021, focusing on its impact on consumer behavior among university students at A’sharqiyah University. Utilizing a quantitative methodology, including chi-square tests and regression analysis, and a sample of 53 students, the research investigates the effects of VAT on purchasing power and consumption patterns. The findings demonstrate a significant disruption to students' financial capacity, with the majority reporting challenges in affording essential educational materials. By contributing to the limited body of literature on VAT’s effects on low-income populations, this study provides valuable insights into how students rationalize their consumption and cope with increased financial strain. Policy recommendations include VAT exemptions for educational goods and the implementation of comprehensive financial literacy programs to help vulnerable groups manage the tax's adverse effects. (shrink)

This article presents a new model for valuing financial contracts subject to credit risk and collateralization. Examples include the valuation of a credit default swap (CDS) contract that is affected by the trilateral credit risk of the buyer, seller and reference entity. We show that default dependency has a significant impact on asset pricing. In fact, correlated default risk is one of the most pervasive threats in financial markets. We also show that a fully collateralized CDS is not (...) equivalent to a risk-free one. In other words, full collateralization cannot eliminate counterparty risk completely in the CDS market. (shrink)

Sumantra Ghoshal’s condemnation of “bad management theories” that were “destroying good management practices” has not lost any of its salience, after a decade. Management theories anchored in agency theory (and neo-classical economics generally) continue to abet the financialization of society and undermine the functioning of business. An alternative approach (drawn from a more classic institutional, new ecological, and refocused ethical approaches) is reviewed.

I argue that epistemic failings are a significant and underappreciated moral hazard in the financial services industry. I argue further that an analysis of these epistemic failings and their means of redress is best developed by identifying policies and procedures that are likely to facilitate good judgment. These policies and procedures are “best epistemic practices.” I explain how best epistemic practices support good reasoning, thereby facilitating accurate judgments about risk and reward. Failures to promote and adhere to best epistemic (...) practices contributed to the 2008 financial crisis. I identify and discuss some of the ways in which best epistemic practices were violated in the events that led to the crisis, with a focus on the role of the credit rating agencies. I go on to discuss some of the ways in which these failings have been redressed. I conclude by observing how proactive regulation for best epistemic practices might help us to anticipate and avoid future crises. (shrink)

This research explore factors influencing entrepreneurial sustainability and financial stability within the context of the fashion industry, with a focus on the perceptions of fashion designers in Abia State. Descriptive survey methods were employed to provide a comprehensive understanding of the subject matter. The total population for the study was 487, which comprises all registered fashion designers operating in Aba, hence the whole population was used for the study. The study was carried out in Aba which is one of (...) the major fashion hubs in Abia State. Data was collected through structured questionnaire titled Questionnaire on Perceived Entrepreneurial Sustainability and Financial Stability among Fashion Designers (QPESFAFD). The data collected was analyzed using mean and standard deviation to answer the items on each objective. The findings revealed that there are perceived entrepreneurial sustainability strategies adopted by fashion designers, and perceptions influence the financial stability of fashion businesses. It also revealed that there are challenges and opportunities faced by fashion designers in sustaining their businesses and achieving financial stability. Based on the findings, recommendations were made that, there should be regular workshops and training sessions that will focus on financial management and planning specifically tailored for fashion designers and networking and collaboration platforms should facilitate knowledge sharing, resource pooling, and collaboration among fashion designers in Abia State. (shrink)

Variations in people’s perceptions of investment risk and financial literacy have been linked in studies. More specifically, Diacon (2016) discovered significant differences between less financially savvy non-experts and financial professionals. Lay people therefore have a larger propensity for association bias (i.e., they give suppliers and salesmen a higher level of credibility than laypeople) and are often less risk-tolerant than financial professionals. The method of sampling that the researcher chose is known as purposeful sampling. According to Easton & (...) McColl, it is a fundamental sampling strategy where the researcher chooses a smaller group of people (a sample) from a larger group (a population) to study. The responders of the survey included both commissioned and non-commissioned PNP members. There were 67 non-commissioned individuals and 33 commissioned personnel. These individuals are at work while this study is being done. Because they think mutual funds can invest in a variety of assets in the future, think savings account interest is higher than that on fixed deposit accounts, and even budget their monthly income for expenses, savings, and investments, survey participants can be inferred to rate their level of financial knowledge as extremely high. Additionally, people learn about investments from their peers and think that growing costs will limit purchasing power. They also get banking advice from dependable friends. Because they want to make sure that they are not concerned about loans as long as their savings are protected and they refrain from purchasing non-essentials, police responders are persuaded that they have a very high attitude toward their finances. They also believe that investing in a business is a better use of their money than spending it now, that saving money over time is more satisfying than spending it now, and that their financial status is a big problem or a source of stress. The poll participants believe that their level of financial conduct is pretty high since the separate their needs and wants, have begun saving for their retirement, and consistently save money each pay period. They also budget their money, regulate their spending, and always pay their bills on time. (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)

In the last 10 years, after becoming the official member of WTO in 2007, Vietnam has made commitments to the comply with the US-Vietnam Bilateral Trade Agreement and other international economic agreements. Vietnam has also become a member of the AEC and entered into important free trade agreements, notably the Trans Pacific Partnership. The financial integration of Vietnam in the global economy has been increasing rapidly. However, Vietnam also witnesses the unexpected economic fluctuations domestically and internationally. The global (...) class='Hi'>financial crisis, especially the US financial crisis, exerts a major impact on Vietnam’s economy and its banking system. Accordingly, the real estate market, stock market and banking system in Vietnam have fluctuated remarkably. This article discusses the causes of the US financial crisis and analyses the US government’s solutions. The causes of the US financial crisis are distributed to lax lending standards, failures in regulations of derivates financial instruments, and lack of state control of banking systems. In this respect, recommendations are made for Vietnam’s case. (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)

By the end of the course students will be able to: - Analyze the issues caused by anonymization and financial virtualization -Develop a clear understanding of Digital Identity and the legal aspects of it - Identify the functioning of cryptocurrencies, blockchain and « digital cash » - Understand the reconfiguration of the balance of power between "traditional" financial actors and new financial players. - Assess the latest developments in cryptocurrency law - Explain new risks in terms of (...) financial security - Develop a prospective analysis on new financial technologies. (shrink)