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Islamska ekonomija kroz prizmu političke ekonomije

Author(s): Fikret Hadžić,Velid Efendić,Alija Avdukić / Language(s): Bosnian Issue: 76/77/2017

The aim of this paper is to analyse the fundamental principles of Islamic economics and finance in the context of the principles of political economy. The objective is to identify the concept and the framework of Islamic political economy and test whether Islamic economics actually is political economy. In the last twenty years many authors have tried to identify impacts of Islamic financial institutions on economic and social development of countries. However, the literature in the field of Islamic economics has not given the unanimous position on Islamic political economy. Starting at the point of ontological and epistemological aspects of Islamic economics, this paper analyses only the principles of political economy comparing and discussing them in the context of the Islamic attitude towards economics. The outcomes of this research confirm high levels of correlation between Islamic economics and political economy which further confirm that Islamic economics is also political economy and not only economics. This implies that Islamic economics, in both substance and form, is morally economic; thereby systematically integrating a state and the markets within it into its considerations. Consequently, this research identifies Islamic political economy as a moral aspect of political economy.

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Odlučivanje u uslovima rizika i teorija izgleda

Author(s): Aleksandar Milićević,Dubravka Pavličić,Aleksandar Kostić / Language(s): Serbian Issue: 1/2007

The goal of this study was to investigate the dynamics of decision making under risk. In three experiments this dynamics have been explored with respect to probability of outcome and with respect to frame, i.e. the way the outcomes of the alternatives have been specified. The process of decision making was explored within a framework of expected utility and Prospect theory. The outcomes of alternatives as well as their probabilities were quantitatively specified (so that the expected value of a risk alternative was equal to the value of a non-risk alternative). The results of experiments indicate that the attitude towards risk (risk-proneness vs. risk-averseness) depends on the outcome probability and the way the outcomes were specified (i.e. positive/negative frame). It was also demonstrated that content strongly affects the choices made in decision making. This outcome is somewhat unexpected and requires additional empirical evaluation.

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Процессы глобализации и регионализации в развитии современного общества: интеграция исследовательских подходов в социально-гуманитарном знании

Author(s): Maxim Igorevich Kolykhalov,Elena Aleksandrovna Pushkareva / Language(s): Russian Issue: 4/2018

Introduction. The article presents a study on the problem of globalization and regionalization in the development of modern society. The purpose of the article is to identify the main trends in the development of globalization and regionalization processes in the development of modern society on the basis of the integration of research approaches in modern social and humanitarian knowledge. Materials and Methods. The research methodology is based on general scientific methods of system analysis, comparison and generalization of foreign and Russian studies on the globalization and regionalization development in the modern society development. Results. The authors define the economic, economic, political and socio-cultural globalization and regionalization dimension. It is noted that the processes of globalization play a key role in the evolution of the innovative development processes, significantly increasing the intensity of interaction not only between countries but also communities in all spheres of public life. In modern conditions, the world is considered as an integral economic and political space, involving the strengthening of economic actors as subjects of the world political process. The authors emphasize that globalization has a significant impact on the scientific and educational process; the course on the science and education integration activates the activities of universities, including in the field of educational innovations adaptation and the development of international relations. The problems of continuous education, mobility of knowledge and education are actualized. It is also noted that the regionalization processes are not currently regarded as derived from the processes of globalization, but serve as a basis for the emergence of qualitatively new institutional ties, contributing to the emergence of regional associations. Conclusions. The authors conclude about the revealed trends in the development of globalization and regionalization processes within the framework of modern social and humanitarian knowledge.

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The Problem with the Concept of Utility and its Measurement

Author(s): Lech Keller / Language(s): English Issue: 4/2015

Utility is a fundamental notion of orthodox (mostly neoclassical) economics, but as it is an idea, that is very vague and thus impossible to define and measure, it did a lot of harm to economics as a science. Therefore, I strongly argue that this outdated and imprecise concept should be finally abandoned, especially as a basis for microeconomic consumer theory, because it is not only illogical, but also ideologically not neutral, and thus unscientific. For sheer inertia, the concept of utility, as a basis for microeconomic theory, is taught to the students, thus corrupting the young minds. Furthermore, the present financial and economic crisis, the most serious since the 1930s, should force the economists from the academia to seriously revise the foundations of microeconomic theory, and, as logical consequence, rewrite the handbooks in microeconomics. I do not merely argue that the utility theory defies both logic and empirical justification, as many authors did it before me. I argue that the very notion of utility is unscientific, and was kept in microeconomic books only because of sheer inertia, but this way it made a lot of harm to the science of economics, and, as a result to the real economies. I also argue that the subjectivist theory of value should be replaced with an objectivist one, based on value of labour

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A common currency for the East African community? Lessons from the introduction of the euro

Author(s): Hans H. Bass / Language(s): English Issue: 1/2018

The paper analyses the feasibility of a common currency for the East African Community (EAC), which comprises Burundi, Kenya, Rwanda, South Sudan, Tanzania, and Uganda. The paper discusses theoretical insights on the benefits and costs of a common currency. It then uses the introduction of the common European currency, the euro, as a potential yardstick to assess the feasibility of a common currency in East Africa. The paper analyses the readiness of the EAC’s economies for a common currency as measured by relevant indicators. It concludes that some caveats are in order with regard to the feasibility of a common East African currency at the present point in time.

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The issue of extended free trade area in theory and practice – the case of TTIP

Author(s): Kazimierz Starzyk / Language(s): English Issue: 1/2018

A distinctive feature of the integration processes taking place in the modern economy is the growing function of expanded free trade areas (FTA+). The aim of the paper is to characterise their nature and framework, with the starting point being the definition of a free trade area created by Balassa. In this context, the author examines the difference between the traditional definition of a free trade area and the features of FTA+. In doing so, he uses selected TTIP issues that go beyond the classical definition of a free trade area. This also applies to the flow of capital and financial services, as well as the potential impact of TTIP on international payment imbalance.

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EKONOMSKA STRUKTURA DRUŠTVA I KONTINUITET VLASTI U SRBIJI

Author(s): Slobodan Vuković / Language(s): Serbian Issue: 1-2/2000

Topic of the article is continuity of socialist power njith previous communist in Serbia, analysed mostly in its economic aspect. Starting point of the analysis is that one of basic constitutive institution of former social system is social/state property, and economy founded on it is completely remaining in spite of abandoning of communist heritage. Development of private sector could not have important influence on economic structure, for privatization of social property have been hindered by political means. That provide evidence that in the last years in Serbia, in the economic realm, nothing is changed edžcept remarkable fall of national income. For type of socio-economic mediating springs out from the type of property, all social institution and nstruments of command economy are unchanged in the former forms. That means that prevails basic economic structure of former socialist system. Its main trait is that political ponjer suprime organizer and arbitar in economic transaction. Thus, it is evident that after introduction of one type of political pluralism Serbian economy still have command character.

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Siyasal Gelişme Perspektifinin Bir Analizi

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Siyasal Gelişme Perspektifinin Bir Analizi

Author(s): Fatma Akkan Güngör / Language(s): Turkish Issue: 25/2019

In terms of the evolution of political development to democratization, many topics are considered to be important in the comparative politics literature. These include: income and democracy, political institutions and comparative development, constitutional design and democracy, political culture, political participation and level of economic development. In this regard, priority should be given to identifying the necessary elements, which help understand the concept of political development, rather than trying to define the concept. Therefore giving definitions of political development should be avoided and topics regarding political development should focus more on content.

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Enhancing Efficiency of Baltic Retail Contact Centers

Author(s): Rosita Zvirgzdiņa,Velga Vevere,Iveta Liniņa / Language(s): English Issue: 1/2018

Private consumption is one of the main cornerstones of economic growth in any country. Retail sales also play an important role in today’s society and in the national economy as it introduces and develops new technologies in customer service, provides jobs and increases the welfare of society. Adapting to customer needs and requirements gives the company, on the one hand, the opportunity for further development and increase of competitiveness, but, on the other hand, it necessitates organizing customer service and improving the use of existing resources for the management of the customer service process. In order to identify the factors for effective management of communication with customers, the authors aim to study the factors characterizing and influencing the effectiveness of retail contact centers. To accomplish that, the authors of the article with a monographic or descriptive method investigate the theoretical basis of efficiency management, analyze the trends of the retail sector in Latvia and investigate the application of the principles of Queueing theory to ensure the efficiency of customer service of Latvian retail companies. This research will give companies an insight into the theoretical and real factors of the queueing theory. In the end of the study, the authors conclude that by exploring the factors of the queueing theory, the company can manage this process and maybe it is one of the tools for competitiveness.

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ПЕРЕДУМОВИ ВИНИКНЕННЯ КУЛЬТУРИ ІНДУСТРІАЛЬНОГО МЕНЕДЖМЕНТУ

Author(s): Elena Yaroslavivna Kovalenko / Language(s): Ukrainian Issue: 34/2018

The purpose of the article theoretical analysis and generalization of the preconditions of culture industrial management, which will contribute to the cultural enrichment of science with new knowledge about the formation of the management culture in the industrial society. The methodology of the research is the dialectical principle of cognition, systemic, sociocultural and historical approaches, the fundamental tenets of the theory and history of culture management. Used General scientific and interdisciplinary methods of research: analysis and synthesis, induction and deduction, comparison, generalization, formalization. The scientific novelty of the obtained results lies in identifying objective prerequisites for the emergence of culture industrial management.

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A NEW APPROACH TO CREATING STATE-OWNED ENTERPRISES IN UKRAINE

Author(s): Mykola Kovalenko,Larysa Velychko,Sergiy Kalinichenko,Dmytro Ziuz / Language(s): English Issue: 4/2019

The paper discusses the contradictions of state policy in the sphere of public ownership. It is noted that in the Ukraine there is a movement towards liberalization of all areas of public life which, on the one hand, justifies itself in the context of deregulation of certain spheres of the economy but, on the other, assumes a threatening character with regards to the unwarranted privatization of public property, etc. The inconsistency of the dominant scientific point of view on minimizing the participation of the state as the owner (entrepreneur) is emphasized. It is proposed that a system of innovative enterprises be created that would be able to accelerate the renovation of production in Ukraine. A new approach to the creation of state-owned enterprises has been developed. The expected results of the activity of the newly created state-owned enterprises and the directions of their further transformation are determined. The proposals presented in the paper will ensure the growth of the production potential of the domestic economy, which will be key to the accelerated socio-economic development of Ukraine.

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AFRICA’S EXTERNAL TRADE RELATIONS: FROM DEPENDENCE TO AGENCY?

Author(s): Garth Le Pere / Language(s): English Issue: 2/2019

Africa’s development and growth challenges will increasingly be shaped by Agenda 2063 and the African Continental Free Trade Area (CFTA) as new continental blueprints for integration. These challenging blueprints must also be situated in the role and shifting interests of Africa’s external trade and development partners. This relates particularly to its historically-defined engagements with the European Union (EU) and the United States (US) which have only served to reinforce and underscore Africa’s marginality and dependence. These engagements are rendered more complex with the entry of China and India onto the African geo-political landscape, especially whether these two countries provide an alternate regime for trade and development cooperation that give African countries greater decision-making agency, policy space, and strategic choice. Given these shifting vectors, this article will assess Africa’s trade relations with two of its most important traditional partners, the EU and the US; and with two of its most important emerging partners, China and India. These analytical portraits have direct implications for Africa’s future industrial development and economic growth and the extent to which it can collectively move away from a history of external dependence to determining its own destiny.

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REALPOLITIK IN THE AFRICA – ONE CHINA NEXUS, 2001-2008: THE CASES OF CHAD AND MALAWI

Author(s): Bhaso Ndzendze / Language(s): English Issue: 2/2019

This paper investigates whether there was an opportunity cost for two African states (Chad and Malawi) in recognising the Republic of China (ROC) as the ‘One China’ over the People’s Republic of China (PRC) in the period between 2001 and their respective year of switching, which in turn could explain the direction of the switches. In this paper, opportunity cost was operationalised as relative economic loss (as measured through export volumes to either China) incurred that could have otherwise been avoided or compensated for by recognising the PRC over the ROC. In the timeframe studied, after two years for Chad and after one year for Malawi, both countries saw exponentially increased export volumes to the PRC once they affected a switch in recognition from the ROC, since recognising the PRC is concomitant with entering politically-enhanced bilateral economic relations at the behest of the economically stronger PRC. This indeed indicates an opportunity cost, and pursuit of realpolitik by the African countries studied who have switched back-and-forth between the two Chinas based on the prospective gains to be made.

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GOVERNING AFRICA’S BLUE ECONOMY: THE PROTECTION AND UTILISATION OF THE CONTINENT’S BLUE SPACES

Author(s): Rentia Pretorius,Roland Henwood / Language(s): English Issue: 2/2019

In Agenda 2063 the African Union (AU) prioritised the utilisation of the resources in oceans as the new frontier of its blue economy. Africa’s ”inland waterways” were added to the scope of the blue economy in the 2050 AIM Strategy. Most of Africa’s marine ecosystems and large water spaces are shared by different countries which requires the transcendence of national interests, the harmonisation of national and regional policies and multi stakeholder participation in strong institutions guided by a legal framework. The protection, securitisation and sustainable utilisation of blue spaces are key pillars for the governance of the blue economy. The first part focuses on the contribution of Africa’s blue spaces to the development of the continent, the growing challenges to these spaces in the twenty-first century and UNCLOS’ legal zoning of oceans to manage their protection and utilisation. The second part focuses on the governance of Africa’s blue economy and the security challenges to Africa’s oceans. The last part focuses on the Benguela Current Large Marine Ecosystem (BCLME) and finds the Benguela Current Commission (BCC) to be legitimate, accountable and its policies adaptive and guided by human needs, ecosystem sustainability, and long-term economic growth.

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CAMEROON’S ANGLOPHONE CRISIS: ANALYSIS OF THE POLITICAL, SOCIO-CULTURAL AND ECONOMIC IMPACT

Author(s): Roxana Mateş / Language(s): English Issue: 2/2019

The article aims to analyse the present Anglophone conflict in Cameroon as a consequence of a perpetual political crisis, which has its roots in the colonial administration of the territory. Moreover, the Anglophone crisis is presented as a situation of a minority’s marginalization and discrimination, highlighting the so-called francophonisation of the Anglophone system and the issue of the state’s mismanagement of cultural diversity. Another interpretation tacked by the article is that the current crisis represents the direct consequence of the authoritarian style of leadership and of the dysfunctional democracy in the country. There are also illustrated the myriad of negative political, social and economic consequences of the crisis, by presenting the relation between the threatened political and economic stability of the country and the increased state authority and violence.

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DETERMINANTS OF CORPORATE SOCIAL RESPONSIBILITY EXPENDITURE AMONG SELECTED FIRMS IN OIL AND BANKING SECTORS IN NIGERIA

Author(s): Adewale Atanda Oyerinde / Language(s): English Issue: 2/2019

Orientation: Findings have shown that some organizations in Nigeria prefer to be less socially responsible due to the financial implications among others. Analysis of factors that determine corporate social responsibility (CSR) expenditure can shed more light on the reason why this is happening. Objectives: The study investigates the determinants of corporate social responsibility CSR spending among some selected banking and oil firms in Nigeria. Motivation: The continued emergence of different conclusions on the impact of CSR on performances of firms prompted the investigation of factors that influence a firm decision to be socially responsible. Methods: Secondary data approach is used. Nine and seven leading commercial banks and oil/gas firms respectively were selected for the survey. Data on CSR expenditures, return on asset, total asset, leverage, competition, legal environment and inflation are used. Panel data analysis is applied. Results: The results show that all these variables are important determinants of CSR but total asset remains the only factor that exhibit the highest influence on CSR expenditure of the firms. In addition, it was found that there is no significant difference in factors that determine CSR in both banking and oil industries. Significance of the study: The study revealed that the size of organizations is an important factor that affects CSR in both oil and banking sectors therefore, while improving on the efforts to make firms more socially responsible, efforts should be more directed to the smaller firms.

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AFIRMIRANJE I ZAGOVARANJE ENERGETSKE POLITIKE U FUNKCIJI EKONOMSKOG RASTA I RAZVOJA

Author(s): Emir Tahirović / Language(s): Bosnian Issue: 2/2019

One of the most crucials and most important sectors in contemporary countrys is energetic sector. Development of energetic sectors and energetic potencials deeply depends on one countrys position on the global scale. Countrys with well developed energy sector are key players and global actors of all events in the world. Countrys as such clearly and precisly formulated and implemented energetic politics into practice realising in the right way their importance for future growth. However, energetic politics althou crucial and important for countrys developments, especially those less or non developed in new times find themself in front of constant obsticles. External effects that take place when energetic potencial is activated got into global policys eye. Advocates of enviormental protection are strongly against growth and developments of energetic sector because of external effects that sector produces. This problem is only posible to solve by adequately harmonising energetic politicsand enviormentl protection politics,since both of those public sector policys are important to one country. Conclusion is that how by adovacy of energetic public policys should be present, but with requierd respect for other public policys, mainly enviromental protection policy. Adequete implementing depends on theyr synchronisation of sustainable life.

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GET THE ECONOMICS BACK TO THE TRAIL OF MORAL SCIENCE

Author(s): Branko Đerić / Language(s): English Issue: 19/2019

The paper focuses on the function of the market, economic policy and the public in dynamising economic progress and the arguments that support the claim that economics as a science, taken together with economic policy, has lost the attribute of moral science in our conditions. The dynamics of economic growth is not the only relevant macroscopic feature of economic development, although it has received dominant attention today. And that is not everything. Particular attention is drawn to structural, technological and other changes, the re-institutionalization and construction of an appropriate economic order and economic model and, above all, the state and realization of the moral imperatives of contemporary development. In addition to these issues, the paper addresses the challenges, directions and instruments of economic policy in our circumstances, which is of particular relevance to our better future.

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Competition for Infrastructure Among Regions in Turkey

Author(s): Mehmet Güney Celbiş,Denis de Crombrugghe,JOAN MUYSKEN / Language(s): English Issue: 2/2019

There has been a surge in infrastructure enhancements in Turkey during the2000s, particularly in the area of transportation and communication. This hasprovided valuable testing grounds of economic theories from a regional economicsperspective. Empirically, the positive effect of infrastructure enhancements on tradeand economic growth alongside numerous development-related outcomes is highlyestablished in the literature. Our research aims to shed light, through econometricmethods, on how the socioeconomic attributes of regional economies play a role inthe allocation of the investments in transportation and communication. We observethat regional competition is an important effect among other factors.

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The Other Entrepreneurs - Migrant Economies as Spaces for Social Innovation?

Author(s): Claudia Lintner / Language(s): English Issue: 2/2019

This article analyses the relationship between migrant entrepreneurship, marginalisation and social innovation. It does so, by looking how their ‘otherness’ is used on the one hand to reproduce their marginalised situation in society and on the other to develop new living and working arrangements promoting social innovation in society. The paper is based on a qualitative study, which was carried out from March 2014- 2016. In this period, twenty semi-structured interviews were conducted with migrant entrepreneurs and experts. As the results show, migrant entrepreneurs are characterised by a false dichotomy of “native weakness” in economic self-organisation against the “classical strength” of majority entrepreneurs. It is shown that new possibilities of acting in the context of migrant entrepreneurship are mostly organised in close relation to the lifeworlds and specific needs deriving from this sphere. Social innovation processes initiated by migrant entrepreneurs through their economic activities thus develop on a micro level and are hence less apparent. Supportive networks are missing on a structural level, so it becomes difficult for single innovative initiatives to be long-lasting.

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