Aug 2026· Baltic Journal of Economic Studies· 0 citations· 7 references
Abstract
The institutional-sociological approach views the economy as a system in which the relationships between economic entities are shaped by economic and non-economic factors. Technical and economic factors play an exceptional role in this system. The concept of 'institution' is interpreted very broadly and includes the state, corporations, trade unions, competition, monopolies, taxes, sustainable ways of thinking and legal norms. Those who subscribe to the institutional approach are united by a characteristic methodological principle: an expansive interpretation of the subject of economic theory, otherwise known as the interdisciplinary approach. Unlike the classical school, this school of economic thought focuses not on the processes of production and circulation, but on the system of economic organisation and management, as well as social and historical aspects. According to its proponents, the economy is a playing field. The final outcome of this 'game' is determined by the 'institutions', or parameters, that exist within it. By adjusting these parameters, it is possible to influence the behaviour of the 'players' (who make economic decisions independently). Using the example of the Baltic states and other small European economies, the authors use neo-institutional theory to substantiate the problems associated with the macroeconomic development of small countries. This is because the conditions for economic growth have changed, with intangible costs becoming the most important and determining factor in the development of many EU countries.
The study examining the
subject
of political and economic interactions within the global community, with an emphasis on updating the worldwide regulatory and governance framework. The
importance
of this study stems from the current international relations (IR) regulatory system’s failure, even in its economic aspects, to guarantee global security, equitable international cooperation, and dynamic economic progress. The research
aims
to conduct a detailed analysis and evaluation of reform proposals for the IR regulatory system, including economic elements, with consideration given to UN-level initiatives. As a polycentric world order emerges, major trends include the rise of significant international relations actors and sovereign economic development centers that can drive regional growth. The analysis of China’s concept of global regulation is particularly emphasized, as the PRC, a unique civilization- state, has formulated a theory of global governance with inherently multiple interpretations. Regarding public administration in the PRC, the strictness of business operations, and the ideological stance of foreign policy, the author aimed to uncover the underlying significance of the Chinese model for altering international and international economic relations. The research
methodology
employs general scientific and specialized cognitive approaches, such as historical analysis, a critical review and analysis of the prevailing concept, and an evolutionary method of analysis. In
conclusion
, China’s socio- economic model’s sustainability and openness do not render it a positive example for global promotion or for reshaping international socio- economic models. The author advocates for reforms to the global regulatory system, including the UN Security Council, and addresses the economic positioning of major powers in a polycentric world, aiming to shape new international relations *.
V. Perskaya· Economics, taxes & law· 0 citations
This article provides a theoretical justifi for sanctions pressure as a transformative institutional factor in the modern global economy and international economic relations. The subject of the study is the process of changing the institutional environment of the global economy and the patterns of interaction between actors in international economic relations under the influence of external coercion mechanisms.
The methodological basis of the study is the provisions of institutional economic theory, based on a systems analysis of the processes of transformation of global economic relations and a statistical assessment of the dynamics of the redistribution of resource flows under the influence of external restrictions. The paper reveals the economic essence of sanctions as an instrument of institutional influence in the global economic system, systematizes theoretical approaches to the analysis of sanctions pressure within the framework of the theory of world economy, institutional economics, and the theory of international economic relations, identifies the main channels of influence of sanctions on international trade and international financial relations, demonstrates the transformative role of sanctions pressure in the formation of new trade and financial contours and increased fragmentation of the global economy, and also substantiates the need to adapt foreign trade and financial mechanisms of companies as a key condition for the sustainability of foreign economic activity under sanctions.
The results of the study demonstrate that current sanctions pressure provokes fragmentation of the institutional architecture of the global economy, stimulates the formation of alternative payment systems and settlement mechanisms, significantly increases transaction costs of international interactions, and requires deep adaptation of foreign trade and financial mechanisms of economic entities.
This article analyses the state and evolution of the social economy in several European Union countries, including France, Spain, Sweden, Italy and Romania, with a particular focus on comparative institutional dynamics. The social economy refers to economic activities that prioritize social and environmental objectives over profit maximization, contributing to social inclusion, employment generation and sustainable development. The study adopts a qualitative comparative and document-based approach to examine regulatory frameworks, governance principles, economic relevance and policy integration mechanisms across the selected Member States. Attention is given to recent European policy developments, including the European Commission’s Social Economy Action Plan and the Council Recommendation on developing framework conditions for the social economy, as well as to instruments supporting access to finance, statistical visibility and participation in public procurement.The findings highlight both persistent institutional diversity and emerging convergence trends among national models, reflecting differences in historical traditions, policy approaches and levels of economic integration. At the same time, the analysis shows that European policy frameworks contribute to strengthening the strategic role, institutional consolidation and visibility of the social economy across the European Union. The study suggests that the social economy is evolving into an increasingly important component of the European social market economy, with significant contributions to employment creation, social inclusion and the transition toward a more sustainable, inclusive and resilient economic model.
Diana-Margareta Morișcă· Legea și Viața· 0 citations
Introduction. In the context of the reformatting of systemic principles for economic development under the influence of scientific and technological progress based on the digital transition and current economic realities, the regional economy serves as the primary unit. Collective success in adapting Russia's regional economies to the current long-term economic environment will signify the successful reformatting of the entire national economy. The choice of the regional economy as the primary unit of study for the digital transformation of the technological foundation is due to the fact that this level meets all the criteria of an economic system capable of a closed innovation and investment cycle. A national economy, especially one as large as Russia, has a complex structure, and standardized recommendations cannot be applied to it. On the contrary, a region, at the level of administrative-territorial division, is distinguished as homogeneous, including economically. By definition, a region possesses homogeneity and systemically similar demands from stakeholders in economic relations. Russia is characterized by the problem of uneven development and systemic backwardness of its regions, which hinders the realization of their innovative potential. The situation has worsened with the emergence of artificial intelligence as the basis for the formation of a new platform-based economy. While regional economies developed on the previously established infrastructural basis, often created during the Soviet era, until the early 2000s, a large-scale restructuring is now required. A different approach to the current situation carries the risk of degrading the innovation process in the regions, with its subsequent transition to the digital economies of the country's megacities. Materials and Methods. In preparing this article, I analyzed data presented in official statistics and the works of Russian scholars published in open sources. Considerable attention is given to the factors driving the dynamics of innovation and the evolution of the innovation economy itself, as applied to its regional aspects. After collecting and processing the information, when formulating conclusions, particular attention is paid to the algorithmic application of the author's recommendations to all regions and the categorization of non-universal recommendations by type of region with similar types of innovation systems. To collect and analyze the diverse experience of domestic and foreign innovation policies at the regional level, I used a synthesis method. At the same time, the author avoids the practice of universal generalizations and tailors them to the specific needs of innovation and investment systems. Results and key findings. As a result of the conducted research, a concept for a regional innovation system is proposed. This concept has two levels and is applicable both to specific regions and to the level of economic interaction between individual regions and the federal center. The following criteria are adopted in the proposed study to ensure the balancing of regional investment and innovation systems:
ensuring the fundamental feasibility of restructuring regional innovation systems based on the technological foundation;
balancing the innovation and investment components within the regional socio-economic system through the population's propensity for entrepre-neurial initiatives;
ensuring the integration of regions into the trajectories of achieving the goals of innovative development of the economy at the federal level in such a way as to maximize the gains of participants at all levels while maintain-ing material interest for each participant (or category of participants with similar interests) involved in the proposed interaction algorithm.
Based on the development of a balanced development roadmap, an algorithmic sequence of economic and organizational innovations is proposed to harmonize the proposed initiatives at the regional level. Discussion. Further consideration of the proposed framework initiatives for specific application to address specific challenges, all other things being equal, deserves special attention. Thus, the possibility of using proprietary initiatives after stabilizing the digital framework of regional innovation and investment systems and the spread of innovation processes beyond the regional economy is of interest for a more in-depth study.
I. Litvinenko· Economic problems and legal...· 0 citations
In the context of institutional changes caused by the formation of a mobilization economy, issues of interaction between government and business come to the fore. The difficult economic situation places increased demands on the quality of public administration and its ability not only to deal with current shocks, but also to create long-term incentives for development. In this context, the dialogue between the State and the business community is no longer a formal procedure and is becoming a key mechanism for ensuring economic security and finding ways to achieve sustainable growth. The article offers the author's interpretation of the scientific concept of "institutional change". The key factors and sources determining the dynamics of institutional changes are highlighted. Various approaches to how entrepreneurs perceive and evaluate their relations with government authorities are considered. The article describes three main types of business reaction to government policy: reactive, interactive and proactive. To assess the effectiveness of business-government relations in the Russian Federation, the B2G Index was analyzed, which reflects the state of the segment of business interaction with government customers. Among the key features of the interaction between government and business during the period of institutional changes, the article highlights the transformation of the very nature of the dialogue between business and government, the growing importance of the institutional environment, the increasing complexity of the mechanisms of business influence on government, the increasing role of non-state actors, and the aggravation of institutional risks. It is concluded that trust will be crucial for building effective relations between business and government.
Irina V. Mostovaya· EKONOMIKA I UPRAVLENIE: PROB...· 0 citations
This paper examines the theoretical foundations for the formation of a regional circular economy in the context of digital transformation and the transition toward a sustainable model of regional socio-economic development. It is argued that existing circular economy concepts are primarily focused on national, sectoral, or corporate levels of governance and insufficiently consider the regional characteristics of organizing material, energy, technological, and information flows. The study analyses both Russian and international scientific approaches to the development of the circular economy and identifies the distinctive features of the European, Japanese, Chinese, and territorially oriented models. Based on this analysis, the author proposes an original concept of the regional circular economy, in which the region is viewed as the primary spatial and institutional system for the formation of closed-loop resource cycles. The scientific novelty of the research lies in advancing the theoretical foundations of regional economics through the substantiation of an original concept of the regional circular economy based on the integration of resource flows, digital infrastructure, intersectoral interactions, and mechanisms of spatial coordination. The practical significance of the study is determined by the potential application of the proposed concept in developing spatial development strategies for the constituent entities of the Russian Federation and in shaping regional policies aimed at promoting the circular economy.
I. Zharikov· EKONOMIKA I UPRAVLENIE: PROB...· 0 citations