Vol 29, No 4 (2021)

Modern investors and financiers are increasingly considering a wide range of non-financial factors when making investment decisions. ESG investment (investing), which considers environmental (E), social (S) and governance (G) aspects of companies’ activities, has been gaining momentum for quite a while. At the same time there is no clear definition or understanding of the boundaries of ESG investing now. That explains the relevance of the research with its purpose to examine the essence of the “ESG investment” concept and the basic features distinguishing it from other kinds of investing. This purpose is fulfilled through the methodology of system analysis, methods of historical and comparative analysis. As a result, the authors concluded that, despite its comprehensive nature and growing relevance, ESG investing cannot be considered an umbrella term for all types of values-based investment. This is due to the concept’s semantic emphasis on the three groups of ESG factors, ESG risks and their impact on financial results. Arguably, the growing use of the similar terms “ESG investing,” “sustainable investing” and “responsible investing” reflects the interest of various stakeholders in the characteristic features of these concepts.

The research is devoted to the development of a model of institutionalization of the methodology for ensuring the economic security of entrepreneurial activity. The relevance of the institutional theory is due to the need to create, disseminate and consolidate the “rules of the game” for the application of the methodology under study. A model of institutionalization of the methodology for ensuring the economic security of entrepreneurial activity is proposed, the implementation of which is accompanied by the development of a set of interrelated documents aimed at integrating the “rules of the game” on micro, meso and macro levels. The step-by-step development of documentation formalizes the “rules of the game” to ensure the economic security of entrepreneurial activity and provides an opportunity for the leaders of the subjects and officials to quickly identify and respond to deviations from the benchmark results. The developed model forms a holistic view of the process of institutionalization of methodology in the context of micro, meso and macro levels, which is based on a clear distinction between formal and informal “rules of the game”. From the standpoint of practice, the significance of the model is manifested in a clear statement of the stages and results (including draft documents) that must be obtained to achieve economic and social effect with the institutionalization of the methodology for ensuring the economic security of entrepreneurial activity.

The growing dynamics of relationships amongst Central Asia, Russia and China, and other SCO member states in economic and energy corporations is analyzed. Since the formation of the SCO, there have been tremendous changes in the dispensation of both political and economic forces in the region. The actual terms of the cooperation and the functions of the numerous SCO member states have changed, thus increasing the significance of some member countries while relegating others to minor leading roles. The Central Asian region plays a leading role in the CSO organization itself as a geographical platform for its activities and as one of the world’s leading countries in the global context. First, this course applies to Russia and China. However, China’s recent record-breaking economic growth has affected relations and cooperation with both the SCO countries and Russia over the past decades. The long history of interaction between Russia and countries of Central Asia and the current economic policy pursued by Сhina in the region has a complex structure of intertwining with each other, making the situation of Russian-China’s relations paramount in the SCO. The booming economic growth of China leads to the transformation of the world economic space, where the other countries still occupy the leading positions. Foreign countries, fearing economic competition, announced a policy of containing China. The tension in the economic relations of the Central Asia countries and China is growing.

The article provides an overview of the current state of the labor market in the regions of the Russian Federation, analyzes the level and reasons for the shortage of labor resources, and the factors that have a direct impact on it. It was determined that the main problem is the shortage of labor resources caused by different reasons, such as unemployment, difficult demographic situation, and other complex factors since the federal subjects of Russia are highly differentiated by the level of socio-economic development, demographic, economic, social, geographic, climatic, and other characteristics. In the empirical part of our study, we identified relevant indicators that, in our opinion, fully highlight the changing situation in the regions as well as calculated the percentage dynamics of the level of registered unemployed and the need of organizations to fill vacancies. Subsequent empirical comparative analysis of selected indicators in three-year dynamics reveals that the need of organizations for workers to fill vacancies has an increasingly dynamic, while the unemployment rate is decreasing what shows a satisfactory dynamic. Based on the data obtained, it can be concluded that the shortage of labor resources is evident only in the Belgorod region, the Republic of Mordovia, and the Republic of Buryatia.

The world’s financial markets faced a new cyberspace phenomenon. Cryptocurrencies are non-tracking by any bank or financial institution or even the state. In a digital transactions system, transactions are registered and encrypted in a general ledger book, the blockchains. Cryptocurrencies have features that make them more useful, especially in international exchange, so it is necessary to determine the advantages and challenges of using them. The study of digital currencies in Iran’s economy and electronic business is presented. In recent years, the use of cryptocurrencies in Iran has grown. The necessity of public policymaking in facing this emerging phenomenon of economic importance has become more critical due to the transfer, such as decentralized systems, which led to the elimination of intermediate and observer entities. Cryptocurrencies also allow Iranian businesses and governments to direct access the international markets by bypassing sanctions. In this paper, the author first considers the mechanism of cryptocurrencies in the economy and then identifies the Iranian economy’s challenges and opportunities. In conclusion, cryptocurrencies can allow Iranian entrepreneurs to enter the international arena and international competition. Therefore, it is vital that the government or public organizations raising awareness about cryptocurrencies will also contribute to the prosperity of businesses and prevent criminals from exploiting the conditions.

The dynamics, structure and characteristics of Georgia’s foreign trade in services over the past quarter of a century are examined. The features of the Georgia’s tourism services export, its quantitative and qualitative indicators, as well as the importance of the tourism industry and the export of tourism services for the country’s economy are analyzed. It is concluded that, in fact, only the export of tourism services smooths out the deficit of foreign trade balance of Georgia, and gives to the country the currency earnings from its foreign trade. In the export of tourism services, Georgia is almost completely dependent on the countries of the post-Soviet area, in particular, on the Russian Federation. The current medium-term tourism strategy of Georgia is considered, and the additional recommendations are proposed. In particular, for the development of the country’s tourism industry and for the increasing the export of tourism services, it is recommended to create the stylistic image and event specialization of the regions, and to develop the infrastructure for cheap automobile tourism.

The paper considers the Japanese economic policy towards the SCO member states, which is built on the basis of Japan’s long-term interests in the Asian region. The Shanghai Cooperation Organization is quite diverse: some countries (India, China) are moving in the high-speed segment of the world economy and have annual GDP growth (excluding the fall in 2020 caused by the pandemic) at the level of 5% or more, while others (for example, Russia) are in the low-speed segment. This forms a different content of Japan’s foreign economic policy in relation to the individual SCO states, but there are also a number of general trends due to the current structure of Japanese exports/imports. For more than a decade, Japan has been facing a difficult task of overcoming prolonged economic stagnation not only through internal reforms, but also through expanding the borders of its foreign trade activities, and the SCO countries with their capacious domestic markets experiencing a shortage of high-tech products are among the priority areas for Japanese exports. Therefore, the urgent content of Japanese foreign economic policy in the SCO area is of considerable scientific interest.

The basic principles of the formation and operation of farms in modern conditions of economic development are presented. The main reason for the ineffective functioning of farms is revealed - the lack of capital and the necessary production resources. The authors have shown the need to locate farms in a compact massif. The optimal scheme of the land mass infrastructure has been built. Also, during the study, it was revealed that one of the main conditions that determine the viability of farms is the substantiation and achievement of optimal production and economic parameters. The factors and conditions that must be taken into account when determining the optimal production structure of a farm are indicated. The most important areas of effective activity of farms are considered, one of which is cooperation both with each other and with other agricultural and industrial enterprises engaged in the procurement, processing and sale of agricultural products.

The increasing role of China in the world economy every year turns attention to the foreign policy of the Chinese government. China’s direct investments abroad are of interest today, especially given the fact that China has announced strategies and initiatives such as: Go Out, The Belt and Road Initiative (BRI), Made in China 2025 (MIC25). Moreover, the EU countries play a significant role in the regional diversification of Chinese investments abroad. Chinese investors have long stopped investing in all industries and countries, and have focused on most promising industries, mainly in developed countries. Today, one of the most ambitious projects in China is The Belt and Road Initiative, where the EU countries play a key role. In this regard, it becomes important to analyze Chinese investments in the New Silk Road projects in the EU countries. The purpose of the research is to identify the main industries and countries of greatest interest to China based on the analysis of the ten largest transactions of China within the framework of the Belt and Road Initiative in the EU countries.

Doctor of Geography, Professor Irina Alexandrovna Rodionova - recognized specialist in the field of industrial geography. For more than a quarter of a century she gave to work at the Lomonosov Moscow State University and about the same number - work at the Peoples’ Friendship University of Russia. Her life is full of events and meetings with interesting people. There were also difficulties. It was especially hard for scientific and pedagogical workers in the 1990s, when their work was poorly funded. Specialists did not remain in science, but Irina Alexandrova did not leave it. In the 1990-2000s, many students knew I.A. Rodionova from textbooks. Using them, they entered universities in geographical and economic specialties. 2021 was also a difficult year, when distance learning was introduced. Conferences were also held remotely. Irina Alexandrovna coped with these problems, successfully working both in the teaching and in the scientific field. She generously shares her knowledge and experience with colleagues and students and is the developer of a number of disciplines taught at universities. Under her leadership, 10 dissertations were successfully defended. I.A. Rodionova is the author of more than 400 publications, many of which she published in co-authorship with colleagues and students. She took part and created many textbooks for universities on the geography of industry, economic geography, and is one of the authors of the atlas for the school textbook on geography of grades 10-11. This article - a small fraction of gratitude from colleagues and students in honor of the anniversary of I.A. Rodionova.