Fighting Cyber-Attacks with Sanctions: New Threats, Old Responses
State Capitalism could be characterized by a triple role of the state: the state performs as a “programmer” to guide economic activity; it acts as a “protector” to safeguard national economic interests; and it also plays the role as a “producer” to create national wealth through its state-owned enterprises (SOEs). However, the influences of State Capitalism in a country are not only limited to the domestic sphere. They often extend internationally, either through the globalization of SOEs, or through Sovereign Fund investments, or by means of other influences. Many recent acquisition projects by SOEs, often in strategic sectors, highlight the importance of understanding this new geopolitical investment which has created special relations between State Capitalism and the free market. They also raise the question of the need for updating national economic security concerns in the context of globalization. As the value of Sovereign Funds reaches several trillion dollars, the controversy surrounding these Funds is evolving. For many, these Funds do not necessarily always look for maximizing business performance, but are sometimes also accompanied by political and strategic ambitions of the respective states from where they originate. The phenomenon of State Capitalism has gained prominence in recent years especially in several emerging markets. It appeared, firstly, because of multiple government interventions in the economy,and secondly, emphasis given to the globalization of their SOEs / economic organizations in international markets (China, Russia, Brazil, Malaysia, Saudi Arabia, India, Korea, etc.). In January 2012, The Economist published another special article on State Capitalism and wondered if the new balance of power that is being built-up with the emergence of market oriented SOEs will pose a challenge to the liberal capitalist model. The objectives of this conference are manifold: to examine the characteristics of State Capitalism in the world economy, especially in emerging countries, to assess its real impact on economic development, to identify its scope to other developing countries, and also to explore the major challenges that it poses to the liberal capitalist model in the world of free-markets.
The subject matter of the article lies between public law and economics. The article contains sources of legal regulation in state corporations, ways of their forming, jurisdiction, priorities and results of its activities achieved in western democracies. The author stresses the dependence of effectiveness of this public law institute on checks and balances as well as individual responsibility, responsibility for doings and refraining from doing by authorities, reputation of officials.
Given the specificity of Russia can be said that the development potential microgrid very high, but the level of its use will depend on the model for the energy sector development. In this article the basic model for this development, given their estimate with the benefits and risks. The results of the pilot study, the authors of the effectiveness of model projects microgrid in Far Eastern Federal District (FEFD).
> Georgia. Georgia's $16 bln economy saw strong annual growth in 2010-12 of around 6-7%, but in 2013 growth slowed to 3.2%, which is still good but not enough for an economy with a GDP per capita of around $3,600. Indeed, over the year, Georgia - which depends heavily on capital inflows - failed to utilize its competitive advantage of lower unit labor costs than in other countries in the region, such as Turkey and Bulgaria. > Turkey. The Turkish economy performed well in 1H14 as industrial output rose 3.8% y-o-y (down from 5.3% y-o-y in 5m14). GDP climbed 4.3% y-o-y in 1Q14, and we estimate 2Q14 to show GDP growth just below 4.0%. We expect 3.7% for 2014 as a whole, which is a bit stronger than we expected early in the year. > Bulgaria. Similar to some other smaller economies in the region, Bulgaria benefited from a recovery in the Eurozone that was characterized by ECB President Mario Draghi on August 7 as "moderate and uneven." Bulgarian GDP picked up to around 1.4% y-o-y in 1H14 (1.2% in 1Q14 and 1.6% in 2Q14). Given that Bulgaria's currency is pegged to the euro, the country was unable to extract benefits from this recovery to the same extent as some other countries, such as Turkey, Hungary or Romania, whose monetary policy and exchange rates are more independent. In 2H14, Bulgaria will face additional pressure from potentially slower growth in the EU as policy makers in the West and Russia continue experiments with sanctions.
The article discusses the legal content of the principle of efficiency of public expenses in Russia as one of the underpinnings of the financial activities of state and municipal entities in Russia. The author analyzes the current legislation, identifies the characteristics of the principle of efficiency of public expenditure in certain legal norms. The author finds that the principle of effectiveness of public expenses is incompletely regulated in Russia. The article concludes that the principle of effectiveness of public expenses is the institutional principle of financial law. The principle of effectiveness of public expenses covers all financial activity of state and municipal entities associated with the expenditure of public funds.
The paper consists of three main sections. The first is devoted to a discussion of the "state capitalism" concept and the reasons for the growing interest to this phenomenon. It is proposed here to consider the state capitalism not only in terms of the state ownership in major national industrial enterprises and banks, but also taking into account the efficiency of SOEs. In the second section, the new data on the state involvement in the Russian economy are represented, including the shares of the state in the authorized capital of the largest industrial enterprises and banks. Their economic indicators are compared. Contrary to some assumptions P / E values for national champions are lagging behind the average for emerging markets. The third section examines the hypothesis that one of the major challenges faced by the state capitalism is the development of investment incentives for SOEs and their performance. It is shown that the interests of the state as an owner of business enterprises are often in conflict with the interests of the state as a social institution. A number of examples are demonstrated. In order to solve this problem the state should reduce its stakes in SOEs except for those that are of strategic importance. The output of the analysis is that the state capitalism as a social phenomenon has no a long-term perspective. Most of so called “state capitalist” countries will take in future the path of traditional mixed market economy.
The article considers the processes of progress in production and service sectors and answers the question how and thanks to what service sector of Russian economy left the productive one behind (concerning contribution in GDP of our country). The rates of development of service sector turned out to be so high firstly - as a reason of peculiarities of new Russian economy, which historically was built on the market principles and was developing in conditions of investment resources deficit, secondly - as a reason of system differences between «physical» goods and services as an object of sale. Nowadays Russia faces an unusual symbiosis: effective service companies, operating in hard competitive sphere with average profitability and non-affective from the point of management industrial companies, which thanks to monopolistic pricing have great profitability, providing profits of Russian budget and determining a macroeconomic situation.
The article is devoted to a particular form of freedom of assembly — the right to counter-demonstrate. The author underlines the value of this right as an element of democratic society, but also acknowledges the risk of violent actions among participants of opposing demonstrations. Due to this risk, the government may adopt adequate measures restricting the right to counter-demonstrate, certain types of which are analyzed in this paper.
Development of standards of international controllability is reviewed in the article. Institutional approach is applied to development of international legal regime of Energy Charter. Definition of controllability is connected to development of international standards of dispute settlement, which are described in the article in detail. In connection with controllability, Russian interest, defense of investment in European Union and ecological investment encouragement, is reviewed in the article.
мировое управление и управляемость, Мировая экономика, международное экономическое право, энергетическая хартия, International control and controllability, International economics, international economic law, Energy Charter
международное частное право; недвижимость; ; школа бартолистов; бартолисты; теория статутов; статуарная теория/