Ideas and Ideals

This article provides a theoretical justification for counterparty risk as an independent threat to an organization’s economic security. The problem is that in literature and applied research, counterparty risk is typically considered fragmentarily: through the lens of the counterparty’s creditworthiness, breach of contract, due diligence, bad faith behavior, or operational failures. Existing theoretical approaches do not provide a complete answer to the question of how uncertainty in counterparty relationships translates into multi–level economic damage and affects the organization’s key interests. Therefore, the purpose of this study is to construct a model describing the logic of the transition from the prerequisites of counterparty risk to its realization in the form of direct, indirect, delayed, and cascading damage. This work draws on the principles of the institutional approach, the theory of transaction costs and agency relations, the concept of opportunism, and methods for analyzing an organization’s economic security. The study clarified the concept of counterparty risk, differentiated related categories, and developed a conceptual model that includes risk determinants, mechanisms for its realization, and impact on an organization’s economic security. The scientific novelty lies in the synthesis of disparate approaches and the substantiation of the independent status of counterparty risk within the system of threats to an organization’s economic security. The theoretical signi ficance of the study lies in the formation of a foundation for developing methods for assessing counterparty reliability.

This article presents the results of a scientific study on the topic of improving financial digitalization in a cross-country perspective. In the context of the tasks being solved to improve the financial market, an important aspect is “feedback”, i.e., identifying and assessing changes in the attitude of retail and corporate consumers of financial services towards professional intermediaries operating in the context of global digitalization. The analysis was conducted based on factual data on the state of the financial markets of two countries – the Russian Federation and the Republic of Tajikistan. The conclusions also draw on the results of a sociological study conducted using a questionnaire survey of respondents of different ages (Russia). The work pays special attention to assessing the level of financial and digital literacy of the population of the two countries. The ultimate goal of this study is to demonstrate the objective determinacy of the financial market transition to a new format for providing banking services and to identify the opportunities that need to be used to increase the satisfaction and security of consumers of banking products in the current environment. To achieve this goal, conceptual principles from several Russian and Tajik public policy strategies for improving the financial market through digitalization were utilized. Undoubtedly, studying the experiences of two countries with similar economic structures, histories, and cultures will benefit both Russia and Tajikistan. Since the contours of future digital fi nance are only just emerging as the results of scientific socioeconomic research, conducting such research seems highly promising, as it could serve as the basis for the progressive convergence of the financial systems of countries with common payment systems, stock exchanges, and other institutions. Financial convergence in the modern world is occurring in many ways, affecting the interests of numerous participants–from ordinary consumers to the heads of large financial companies and banks, ministers, and others. Scientists–economists, philosophers, sociologists, psychologists, and cyberneticists–seek to substantiate the feasibility and methods of transferring experience (global and international) in the functioning of the financial market. In this case, not only the concepts of financial market development are important, but also specific measures to improve interactions between suppliers and consumers of financial services.

In modern practice, the basis for setting prices for housing and communal services is the cost set by the municipal authorities, which takes into account only a minimum set of works and services. However, this method does not fully reflect the impact of internal factors, such as the age of buildings and the degree of wear and tear of structural elements, as well as external factors, such as the natural and climatic conditions of the region. The focus is on the number of structural elements, which leads to a simplified and often underestimated calculation of the cost of services. This methodology reduces the competitiveness of management companies (MCs), which take into account all relevant factors and set more reasonable and higher prices. At the same time, MCs that seek to increase their competitiveness in the market by underestimating the cost of services face an imbalance between their revenues and expenses, which negatively affects their fi nancial stability. Additionally, legal restrictions and difficulties in holding meetings of property owners complicate the process of adjusting prices. Therefore, there is a need to improve the pricing methodology by considering the complex impact of internal and external factors. The purpose of this study is to improve the pricing methodology in the housing sector by developing a two-stage approach that includes a theoretical analysis of factors and their mathematical modeling, as well as an expert assessment to enhance the objectivity and practical applicability of the results. The study implemented the second stage of the methodology, which involved the development of a questionnaire and an expert survey to assess the consistency of the theoretical concepts. Based on the obtained data, formulas were proposed for calculating the cost of current repairs in multiapartment buildings, taking into account the influence of internal (building age) and external factors (geological, hydrological, and climatic conditions)

The implementation of the improved methodology allows the management company to identify discrepancies between the cost and frequency of repair work determined based on technical documentation and the data obtained from actual engineering surveys. The results of the study contribute to improving the accuracy of the management company’s financial planning and lay the foundation for sustainable housing development in the long term.

The authors propose to introduce into economic theory the category of a moderator, which is understood as a subject of economic activity whose activities have a positive impact on the actions of other market participants and on economic development in general. The article examines the functions and mechanisms of moderation both in past years and at present. Two main groups of moderation functions are distinguished: stimulating and stabilizing functions. It was also noted that the introduction of the categories “moderator” and “moderation” allows for a new interpretation of the role of the state in the economy as a special case of moderation. The state, in this regard, represents only one of the moderators operating in the economy, and its functions should be considered, first of all, in the context of the activities of other moderators performing similar functions. The article shows that within the framework of the development of economic theory, ideas about moderation were gradually formed. Researchers approached this from different sides. The authors refer to the works of A. Smith, J. Schumpeter, F. Hayek and other economists.

In conclusion, the article explains the authors’ position on the practical usefulness of using the categories “moderator” and “moderation” using examples from innovation and consulting.

By the nature of his scientific work, Stanislav Mikhailovich Menshikov occupies a unique place in the history of Russian economic thought. For several decades, he successfully researched the U.S. economy, lived there for many years, and collaborated with the leading American economists of that time. From the 1970s onward, alongside his research on the economies of capitalist countries, he also studied the economy of the USSR, identifying major defects within it. Unlike the vast majority of Soviet and Russian economists, Menshikov approached the issues of reforming the Soviet and Russian economy based on many years of experience researching capitalist economies. His economic views are presented in four books published between 1990 and 2008, a review of which is provided in this article. Menshikov proposed a program for the transition to a market economy based on his analysis of the inherent defects and crisis phenomena of the command system. His program envisioned the commercialization of the state sector and the creation of conditions for the development of the private sector. It also aimed to improve the structure of the economy by reducing the military and investment sectors while expanding the consumer sector and foreign economic activity. In the area of foreign economic relations, Menshikov considered it necessary to grant enterprises of various forms of ownership broad rights to engage in foreign economic activity in order to foster competition as a means of increasing economic efficiency and product quality. Menshikov’s program assumed that the population’s standard of living would be maintained during the transition to the market through reductions in productive investment, military spending, and shadow economy revenues.

The article analyzes cross-sectoral integration in Russia’s regional industry, focusing on the linkages between the development of mining sectors and the dynamics of manufacturing across eight federal districts during 2017–2024. Special attention is given to macroregional sectoral specialization and the impact of economic factors and structural shifts on sustainable production ties between raw material extraction and processing sectors.

The empirical base comprises official statistical data on shipped goods, works, and services in ‘Mining of useful minerals’ and ‘Manufacturing’ activities by federal districts. Correlation-regression analysis methods, along with Spearman’s and Kendall’s rank coefficients accounting for nonlinear effects and time lags, were used to quantify the nature and strength of intersectoral linkages.

The results indicate a substantial positive correlation (0.84–0.99, p < 0.05) between mineral extraction and manufacturing performance in the Southern, Far Eastern, Volga, Ural, Northwestern, and North Caucasian districts, corroborated by regression models. In the Central and Siberian districts, the linkage is weak and statistically insignifi cant due to economic diversification and lower manufacturing dependence on raw material chains.

The identified structural integration in most macroregions underscores manufacturing’s reliance on the raw material base, forming unified production chains. Exceptions suggest alternative growth models with greater resilience to raw material shocks. The practical significance lies in applying the findings to develop regional development and industrial policies, form cluster programs, and justify investment and state support priorities aimed at optimizing cross-sectoral linkages and reducing regional economies’ vulnerability to external shocks.

This study focuses on the challenges of Russian economic development in the current context of a complex geopolitical situation and numerous sanctions aimed at slowing economic growth and declining living standards. In examining this issue, the author shifts focus to the development of tourism and hospitality as the most significant economic sector, highlighting valuable tourism resources, a significant domestic tourism market, thriving small businesses, growing entrepreneurial initiatives, and significant government support. The study analyzes an important macroeconomic indicator, real incomes, which drive demand for tourism and hotel services. Using statistical measurement methods, macroeconomic indicator assessments, and a comparative analysis of the market share of key online booking aggregators for the period 2022–2024, the author concludes that the departure of foreign booking platforms from the market has created a unique situation in the tourism and hotel booking market, which domestic services have quickly taken advantage of, offering consumers not only high-quality services but also a wide range of additional options. The demonopolization of the online booking market, coupled with increased purchasing power, has led to a qualitative change in the tourism and hotel services market and created new opportunities for the widespread adoption of technological innovation. This situation has enabled the creation of a sovereign, independent offering of booking services focused on the development of domestic tourism and has also created conditions for intense competition among online platforms for consumers.This study focuses on the challenges of Russian economic development in the current context of a complex geopolitical situation and numerous sanctions aimed at slowing economic growth and declining living standards. In examining this issue, the author shifts focus to the development of tourism and hospitality as the most significant economic sector, highlighting valuable tourism resources, a significant domestic tourism market, thriving small businesses, growing entrepreneurial initiatives, and significant government support. The study analyzes an important macroeconomic indicator, real incomes, which drive demand for tourism and hotel services. Using statistical measurement methods, macroeconomic indicator assessments, and a comparative analysis of the market share of key online booking aggregators for the period 2022–2024, the author concludes that the departure of foreign booking platforms from the market has created a unique situation in the tourism and hotel booking market, which domestic services have quickly taken advantage of, offering consumers not only high-quality services but also a wide range of additional options. The demonopolization of the online booking market, coupled with increased purchasing power, has led to a qualitative change in the tourism and hotel services market and created new opportunities for the widespread adoption of technological innovation. This situation has enabled the creation of a sovereign, independent offering of booking services focused on the development of domestic tourism and has also created conditions for intense competition among online platforms for consumers.

The global economy has long demonstrated an increase in the scale of trade, leading to the openness of economic systems. National economies benefi ted from participation in the international division of labor due to the effects associated with the exploitation of comparative advantage, as discovered by the 18th-century political economist David Ricardo. Recent events indicate that this benefi cial process of global economic integration has come to an end. Here are the key facts: the widespread use of sanctions is turning them into a weapon of war; tariff blackmail, which the US uses to force the world to accept its terms of trade, is disrupting global value chains; the active formation of political and economic unions creates a protective barrier for the global South from the dictate of the global North, but at the same time weakens ties to sources of capital and technology – all of this is evidence of the disintegration of global economic ties, the emergence of a trend toward the localization of trade processes and the closure of economic interactions within local unions. This process has received the not yet widely used term ‘introversion’ in the literature. This study assesses trade introversion within BRICS since its inception. There are many theories regarding the founding of BRICS, ranging from Yevgeny Primakov’s proposal of a multipolar world in 1994 to the fi rst BRICS summit held in Yekaterinburg in 2009. The author favors the latter interpretation. BRICS is characterized by its amorphous nature, informal procedures, and relaxed governance practices. Nevertheless, BRICS has demonstrated a high degree of coordination in the trade policies of its member countries, as demonstrated by the study’s results.

For the purposes of this study, a simple statistical indicator, called the Trade Extroversion Index, was developed due to the fact that an introversion index already exists in the literature. The extroversion index addresses the same objectives as the introversion index, but has signifi cant advantages. UN databases serve as the statistical basis for the calculations.

This article examines the concept of ‘financial culture,’ which is particularly relevant in today’s dynamically developing world. The author draws on various theoretical concepts used to defi ne and measure financial culture and offers a classification of approaches to studying this phenomenon. Particular attention is given to empirical studies aimed at identifying the relationship between financial culture and the socioeconomic characteristics of individuals and society as a whole. The article describes the main areas of research devoted to determining levels of financial culture in various population groups, identifying the factors influencing its development, and evaluating the effectiveness of existing educational initiatives in this area. The author also examines international practices in developing financial culture, analyzing the experience of international authors such as Boyd R., Richardson P., Weber M., Parsons T. O., Rickert G., Scheler M., Stern A., Csorba L., and Hofstede G.

In preparing this article, classical theoretical research methods were applied, such as analysis, synthesis, generalization, classification, and a historical approach, allowing for a thorough examination of the subject and the formation of objective conclusions.

As a result of this study, the author concludes that the development of the concept of financial culture has undergone significant changes. In the 19th century, authors examined financial culture, focusing on the influence of institutional factors (savings, use of classical instruments), but modern research emphasizes the level of financial education, responsibility, and behavioral aspects of individuals in the financial sphere.

The author of the article proposes a framework for financial culture, consisting of the following components: financial literacy, financial skills, attitudes, and human behavior. This framework transforms the abstract idea of financial culture into a concrete object of study that can be measured, analyzed, and used to propose scientifically sound development strategies.

The conclusion highlights prospects for further research in studying the factors influencing the formation and development of financial culture in Russian society.

In the new geopolitical environment, the mineral fertilizer (MF) industry and market have undergone signifi cant changes. This has also affected Russian fertilizer producers, who are forced to diversify their foreign trade relations and reorient themselves toward countries in the Global South–Asia, Africa, and Latin America. This research focuses on the economic relations surrounding the export activities of Russian MF organizations and their strategies for entering foreign markets. This article was prepared using qualitative and quantitative methods, including comparative analysis, statistical analysis and market analytics, economic analysis of MF producers, and text visualization techniques. The extensive information base encompassed publications by Russian and international scholars; analytical materials from agencies, foundations, and associations; data from the Russian Government, Rosstat, and documents from UN and OECD departments. Conclusions were drawn regarding the dynamics of production volumes, exports, and foreign and domestic prices for key mineral fertilizers from 2011 to 2024, as well as the concentration level in three mineral fertilizer markets. Based on the developed classifi cation of types of strategies for foreign trade activities of organizations, the strategies of two leading Russian organizations producing nitrogen and phosphorus fertilizers are characterized. The institutional conditions for implementing export activities were examined. The conclusion presents prospects for the development of the mineral fertilizer industry, taking into account environmental and technological changes. The results of the study may be useful in the planning and analytical work of organizations producing mineral fertilizers, government agencies, and in the educational process in the areas of global economics and international business.