The contemporary global community is increasingly interdependent and confronted with systemic risks posed by the actions and interactions of actors existing beneath the level of formal institutions, often operating outside effective governance structures. Frequently, these actors are human agents, such as rogue traders or aggressive financial innovators, terrorists, groups of dissidents, or unauthorized sources of sensitive or secret information about government or private sector activities. In other instances, influential "actors" take the form of climate change, communications technologies, or socioeconomic globalization. Although these individual forces may be small relative to state governments or international institutions, or may operate on long time scales, the changes they catalyze can pose significant challenges to the analysis and practice of international relations through the operation of complex feedbacks and interactions of individual agents and interconnected systems. We call these challenges "femtorisks," and emphasize their importance for two reasons. First, in isolation, they may be inconsequential and semiautonomous; but when embedded in complex adaptive systems, characterized by individual agents able to change, learn from experience, and pursue their own agendas, the strategic interaction between actors can propel systems down paths of increasing, even global, instability. Second, because their influence stems from complex interactions at interfaces of multiple systems (e.g., social, financial, political, technological, ecological, etc.), femtorisks challenge standard approaches to risk assessment, as higher-order consequences cascade across the boundaries of socially constructed complex systems. We argue that new approaches to assessing and managing systemic risk in international relations are required, inspired by principles of evolutionary theory and development of resilient ecological systems.
The contemporary global community is increasingly interdependent and confronted with systemic risks posed by the actions and interactions of actors existing beneath the level of formal institutions, often operating outside effective governance structures. Frequently, these actors are human agents, such as rogue traders or aggressive financial innovators, terrorists, groups of dissidents, or unauthorized sources of sensitive or secret information about government or private sector activities. In other instances, influential .actors. take the form of climate change, communications technologies, or socioeconomic globalization. Although these individual forces may be small relative to state governments or international institutions, or may operate on long time scales, the changes they catalyze can pose significant challenges to the analysis and practice of international relations through the operation of complex feedbacks and interactions of individual agents and interconnected systems. We call these challenges "femtorisks," and emphasize their importance for two reasons. First, in isolation, they may be inconsequential and semiautonomous; but when embedded in complex adaptive systems, characterized by individual agents able to change, learn from experience, and pursue their own agendas, the strategic interaction between actors can propel systems down paths of increasing, even global, instability. Second, because their influence stems from complex interactions at interfaces of multiple systems (e.g., social, financial, political, technological, ecological, etc.), femtorisks challenge standard approaches to risk assessment, as higher-order consequences cascade across the boundaries of socially constructed complex systems. We argue that new approaches to assessing and managing systemic risk in international relations are required, inspired by principles of evolutionary theory and development of resilient ecological systems.
The contemporary global community is increasingly interdependent and confronted with systemic risks posed by the actions and interactions of actors existing beneath the level of formal institutions, often operating outside effective governance structures. Frequently, these actors are human agents, such as rogue traders or aggressive financial innovators, terrorists, groups of dissidents, or unauthorized sources of sensitive or secret information about government or private sector activities. In other instances, influential "actors" take the form of climate change, communications technologies, or socioeconomic globalization. Although these individual forces may be small relative to state governments or international institutions, or may operate on long time scales, the changes they catalyze can pose significant challenges to the analysis and practice of international relations through the operation of complex feedbacks and interactions of individual agents and interconnected systems. We call these challenges "femtorisks," and emphasize their importance for two reasons. First, in isolation, they may be inconsequential and semiautonomous; but when embedded in complex adaptive systems, characterized by individual agents able to change, learn from experience, and pursue their own agendas, the strategic interaction between actors can propel systems down paths of increasing, even global, instability. Second, because their influence stems from complex interactions at interfaces of multiple systems (e.g., social, financial, political, technological, ecological, etc.), femtorisks challenge standard approaches to risk assessment, as higher-order consequences cascade across the boundaries of socially constructed complex systems. We argue that new approaches to assessing and managing systemic risk in international relations are required, inspired by principles of evolutionary theory and development of resilient ecological systems.
The contemporary global community is increasingly interdependent and confronted with systemic risks posed by the actions and interactions of actors existing beneath the level of formal institutions, often operating outside effective governance structures. Frequently, these actors are human agents, such as rogue traders or aggressive financial innovators, terrorists, groups of dissidents, or unauthorized sources of sensitive or secret information about government or private sector activities. In other instances, influential .actors. take the form of climate change, communications technologies, or socioeconomic globalization. Although these individual forces may be small relative to state governments or international institutions, or may operate on long time scales, the changes they catalyze can pose significant challenges to the analysis and practice of international relations through the operation of complex feedbacks and interactions of individual agents and interconnected systems. We call these challenges "femtorisks," and emphasize their importance for two reasons. First, in isolation, they may be inconsequential and semiautonomous; but when embedded in complex adaptive systems, characterized by individual agents able to change, learn from experience, and pursue their own agendas, the strategic interaction between actors can propel systems down paths of increasing, even global, instability. Second, because their influence stems from complex interactions at interfaces of multiple systems (e.g., social, financial, political, technological, ecological, etc.), femtorisks challenge standard approaches to risk assessment, as higher-order consequences cascade across the boundaries of socially constructed complex systems. We argue that new approaches to assessing and managing systemic risk in international relations are required, inspired by principles of evolutionary theory and development of resilient ecological systems.
Which kind of mathematical work makes sense today? This question is broader than, "Which math skills will graduates need to be successful in today's economy?" Rather it deals with mathematical ideas and problems a student ought to be able to navigate to be a full, functioning, and active global citizen. Undoubtedly, students today ought to have an understanding of energy sources and costs, infrastructure, wealth distribution, financial markets, and environmental issues such as global warming, over-fishing, and deforestation. They should be able to use mathematics to make thoughtful, informed decisions involving these problems. As well, at a time when we are inundated with vast amounts of information, students today ought to be able to understand and make judgments about statistical data. They should be able to ask questions about these data and to discern which are important. They should be able to make the connection between their personal finances and financial decisions, and those of their governments and other significant institutions. Furthermore, as members of a democracy, they should be able to use mathematics to push for more just and inclusive societies. Our current system emphasizes computational skill almost exclusively. Yet computational skill alone is not enough. Students must be able to define and solve problems, identify and represent mathematical relationships, reason logically, justify their solutions, and persist even in the face of complexity. Likewise, the work of mathematics teachers must center on the development of instructional practices that lead students to these kinds of understandings. Test preparation is not mathematics instruction for the twenty-first century.
В статье приведены результаты анализа экономических проблем России в утилизации своих запасов химического оружия и возможных путей их решения. Рассматриваются особенности сотрудничества Российской Федерации с иностранными государствами на современном этапе, роль и место нашей страны в глобальном процессе утилизации химического оружия. Авторы приводят данные, характеризующие объёмы военно-технической и финансовой помощи, оказываемой России иностранными государствами для выполнения международных обязательств по утилизации запасов химического оружия. ; In the work the co Russia with foreign states for the recycling of chemical weapons, and discusses the characteristics of cooperation at the present In the work the co Russia with foreign states for the recycling of chemical weapons, and discusses the characteristics of cooperation at the present stage and the role and place of Russia in the global utilization of chemical weapons. The aim of this work is to analyze the economic problems of Russia in the disposal of its stockpile of chemical weapons and to find ways to address them. In this article, the authors are volumes of military-technical and financial assistance, provided to Russia by foreign countries to meet Russia"s international obligations for disposal of chemical weapons stockpiles. The stage and the role and place of Russia in the global utilization of chemical weapons. The aim of this work is to analyze the economic problems of Russia in the disposal of its stockpile of chemical weapons and to find ways to address them. In this article, the authors are volumes of military-technical and financial assistance, provided to Russia by foreign countries to meet Russia"s international obligations for disposal of chemical weapons stockpiles.
International audience ; The listed companies have to prepare and present their financial statements according to the IFRS / IAS standards. These standards are characterized by a certain tendency for the convergence, shown by the acceptance of a small number of options for the same accounting issue. However, the companies have the opportunity to choose among more than on accounting treatments. Our research aims to show that there are correlations between certain characteristics of a group (for instance, type of industry, preparation of the reports) and the adopted accounting policies. For this matter, we wanted to study the accounting policies published in 2007 in the financial statements by the companies included in Fortune Global 500, in order to establish, using statistical methods, the relationships between dependent and independent variables, and to explain the option for a certain accounting treatment. ; Les sociétés cotées doivent préparer et présenter leurs états financiers conformément aux normes IFRS / IAS. Ces normes sont caractérisées par une certaine tendance à la convergence, démontrée par l'acceptation d'un petit nombre de choix pour le même problème de comptabilité. Toutefois, les entreprises ont la possibilité de choisir entre plusieurs traitements comptables. Notre recherche vise à démontrer qu'il existe des corrélations entre certaines particularités du groupe (par exemple, type d'industrie, l'établissement de rapports) et la politique comptable qu'il adopte. À cet égard, nous voulons étudier les politiques comptables publiés en 2007 dans les états financiers, par les sociétés incluses dans le top Fortune Global 500, afin d'établir, par le biais des méthodes statistiques, les corrélations entre les variables dépendantes et indépendantes, et d'expliquer l'option pour un certain traitement comptable.
Lo globalización de la economía a nivel mundial es un fenómeno apasionante por las enormes implicaciones que tiene para las sociedades. Las transnacionales articulan sus procesos de producción y comerciales con una visión global, el mundo se ha convertido para algunas de ellas en una zona sin fronteras. Mientras el capitalismo se desarrolló fundamentalmente al interior de los países, los gobiernos a través de la política monetaria, como un instrumento entre otros tenían la posibilidad de regular, algunas veces sin éxito, la relación entre producción y sistema de financiero, pero en la globalización, actualmente esto, la más de las veces no es posible al no haber un emisor único de moneda o papel moneda. Así los disturbios financieros son una constante hasta el momento. De este modo la globalización es el signo de nuestros tiempos y por el momento abre un amplio campo de análisis. ; The globalization of the world economy is an exciting phenomenon because of the enormous implications for society. Transnational articulate their production processes and business with a global vision, the world has become for some of them in an area without borders. As long as capitalism evolved primarily within countries , governments through monetary policy as a tool among others were able to regulate, sometimes unsuccessfully , the relationship between production and financial system , but globalization currently this, the more often it's not possible in the absence of a single issuer of currency or paper money. Thus financial disturbances are constant so far. Thus globalization is the sign of our times and by the time opens a wide field of analysis.
The article is based on the existing law doctrine of division of law into private and public. The author analyses the influence of the doctrine on the relationships that arise in the financial services markets. The author takes into account the results of researches conducted by domestic and foreign scholars, which were carried out in the field of law and economics. The author uses general scientific and special methods as those that form the basis of the work. The research substantiates that objectively the doctrine dividing law into private and public does not exist. Doctrine is the product of a sociocultural interpretation of the researcher's thinking process. At the same time, the doctrine is naturally refers to the structure of the financial market. The author analyses the internal mechanism of circulation of cash flows and settlements in the global financial market. This analysis is the empirical basis for the research and subsequent theoretical understanding. The author proves that the concept of separation of rights into private and public law is not a universal concept that is inherent in all countries. The doctrine is fundamental only in the countries with Romano-Germanic legal system. The idea of dividing law into private and public was not reflected at the doctrine level in the countries with Anglo-Saxon legal system. The problem of the substitution of concepts was enrooted directly in the very doctrine of law, which existed in Soviet times. It was connected with the absence of the concept of "private law" in the Soviet legal thinking. The idea of social justice changes beyond recognition in the direction of public law. The author focuses on the issue of how to ensure the sustainable development of the financial system and its main institutions (structures) using the theoretical concept of dividing law into private and public. The author emphasizes the need to take into account the diversity of legal understanding of the financial market as a social phenomenon. The research methodology should be as appropriate as possible to the research object. The idea of social justice should act as a regulator of mutual relations between members of society. Practical activity in the financial markets in the modern world tends to converge. Public law assumes the fulfilment of a social function. Therefore, the author comes to the conclusion that law is a means of reaching a compromise between members of society, provided that individual freedom is preserved and there is no need to oppose private law to public law. The author proves that European political and legal standards are built on such postulates, particularly concerning the field of calculations. Keywords: financial system, financial services markets, settlement relations, the doctrine of separation of rights into private and public.
In August 2007 the United Kingdom experienced its first bank run in over 140 years. Although Northern Rock was not a particularly large bank (it was at the time ranked 7th in terms of assets) it was nevertheless a significant retail bank and a substantial mortgage lender. In fact, ten years earlier it had converted from a mutual building society whose activities were limited by regulation largely to retail deposits and mortgages. Graphic television news pictures showed very long queues outside the bank as depositors rushed to withdraw their deposits. There was always a fear that this could spark a systemic run on bank deposits. After failed attempts to secure a buyer in the private sector, the government nationalised the bank and, for the first time, in effect socialised the credit risk of the bank. It is now a fully state-owned bank. Since then, another British bank (Bradford and Bingley - which was also a converted building society) has also been nationalised. Furthermore, the government has since taken substantial equity stakes in several other British banks as part of a general re-capitalisation programme. Of course, since Northern Rock failed the world has experienced what is arguably its most serious financial crisis ever and in the US much larger and more significant banks have failed. On the face of it, therefore, the Northern Rock crisis pales into insignificance within the global context. Nevertheless, the Northern Rock is particularly significant because it represents in a single case study virtually everything that can go wrong with a bank. As we argue in the first essay in this compendium, it was a multi-dimensional problem. For this, and other reasons, it will surely become a much-analysed case study in bank failure. It is also for this reason that the Editorial Board of SUERF decided to invite a selected group of eminent scholars to write short essays on what they judge to be some of the significant issues raised in the Northern Rock case study. We were anxious to ensure that the authors would not be exclusively from the United Kingdom and of the thirteen contributors, six are from outside the country including perspectives from the United States and Italy. All of the authors were given a completely free hand to select their own focus and no attempt has been made to coordinate or edit the contributions. The lessons to be learned are far from being exclusive to the United Kingdom. This is why the Editorial Board of SUERF has devoted this SUERF Study to this important episode in the history of bank failures.
The article deals with the issue of the identity of the place, taken in reference to the concept of places and non-places by Marc Augé. The main purpose of the theoretical analyses and analysis and interpretation of empirical results of the study was to determine the identity of the place (borderland) by referring to the individual memory of members of the minority group, inscribed in multifaceted, individual negotiations of experiencing the identity of the place. An important aspect discussed in the article are issues of social forgetting in Paul Connerton's approach and socio-cultural consequences of this process for the identity of the individual, group and place. Narrative interview was the main form of data collection. The analyses are oriented to the variable of the identity of the borderland. The categories of the analysis refer to: the cultural identity of the borderland; personal memories of respondents related to the events, situations related to the past of their family; social memory of the minority group; social memory of the majority group. Memory of the borderland is a memory strongly embedded in a given area and unequivocally localized – assigned to a place "marked" and "embedded" cul- turally. This, of course, implies a series of difficult group-based negotiations regarding the contents of memory, places, events that, from the perspective of internal diversity of the group, may construct contradictory images of the past of the place. ; jolamusz@uwb.edu.pl ; Faculty of Education, University of Białystok, Poland ; Assmann, J. (2008). Pamięć kulturowa. Pismo, zapamiętywanie i polityczna tożsamość w cywilizacjach starożytnych. Warszawa: Wydawnictwo Uniwersytetu Warszawskiego. ; Augé, M. (1995). Non-Places: Introduction to an Anthropology of Supermodernity. Transl. J. 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In: van Staveren , I 2020 , ' Economic Perspectives from the Global South and Why they Matter for Economics Worldwide ' , International Journal of Pluralism and Economics Education , vol. 11 , no. 1 , 1 , pp. 5-23 . https://doi.org/10.1504/IJPEE.2020.109491
The appointment in 2019 of Gita Gopinath as Chief Economist of the IMF is a milestone. She was born in India, in the state of West-Bengal – the same state where Amartya Sen was born. And she is the first woman in this position. Her appointment means that the chief economists of the world's three most influential international economic institutions – IMF, World Bank, and OECD – are currently all women. Equally striking, but generally less noticed, is that more economists from the global south are appointed at top positions of important international economic policy institutions. One of Gopinath's predecessors was Raghuram Rajan, the first in this position who was born in India . He became well known for his speech at the annual gathering of central bankers in Jackson Hole in the US in 2005. There he warned of the increasing instability of the global financial system. Equally well known is the dismissive response he received from the central bankers. These appointments signal two things about the field of economics today. First, that finally some demographic diversity is beginning to emerge, both in terms of gender and of geographic origin. I use the terms global north and global south recognizing that they overlap in the sense that we find poverty and social exclusion in the global north and elites in the global south. Second, that even though the top in the economics discipline largely remains male and white, it is in the policy world that diversity is now seriously making headway. Of all the Nobel Prizes in economics, only two have been awarded to a woman – Elinor Ostrom and Esther Duflo – and three to economists from the global south – Arthur Lewis, Amartya Sen and Abhijit Bannerjee. But in the policy world, the increasing complexity of the global economy has recently been paralleled by diversity among those responsible for policy research and policy making. Is this diversity limited to gender and geography, or does it also imply epistemic diversity, that is, pluralist economic perspectives? Is the diversity a ...
The appointment in 2019 of Gita Gopinath as Chief Economist of the IMF is a milestone. She was born in India, in the state of West-Bengal – the same state where Amartya Sen was born. And she is the first woman in this position. Her appointment means that the chief economists of the world's three most influential international economic institutions – IMF, World Bank, and OECD – are currently all women. Equally striking, but generally less noticed, is that more economists from the global south are appointed at top positions of important international economic policy institutions. One of Gopinath's predecessors was Raghuram Rajan, the first in this position who was born in India . He became well known for his speech at the annual gathering of central bankers in Jackson Hole in the US in 2005. There he warned of the increasing instability of the global financial system. Equally well known is the dismissive response he received from the central bankers. These appointments signal two things about the field of economics today. First, that finally some demographic diversity is beginning to emerge, both in terms of gender and of geographic origin. I use the terms global north and global south recognizing that they overlap in the sense that we find poverty and social exclusion in the global north and elites in the global south. Second, that even though the top in the economics discipline largely remains male and white, it is in the policy world that diversity is now seriously making headway. Of all the Nobel Prizes in economics, only two have been awarded to a woman – Elinor Ostrom and Esther Duflo – and three to economists from the global south – Arthur Lewis, Amartya Sen and Abhijit Bannerjee. But in the policy world, the increasing complexity of the global economy has recently been paralleled by diversity among those responsible for policy research and policy making. Is this diversity limited to gender and geography, or does it also imply epistemic diversity, that is, pluralist economic perspectives? Is the diversity a trend or a coincidence? Or perhaps sheer necessity?
Introduction. Permanent reformation of Ukrainian tax system, which is carried out under crisis conditions of economic and social instability, political confrontation and military conflict, leads to the tax risks increase. The significance of tax risks impact on the financial security of both the state and taxpayers necessitates the modernization of the system for their identification, evaluation and neutralization. It caused the relevance of further investigation of tax risk management issues. Purpose. The research aims at the modernization of the conceptual foundations of tax risks management in the modern system of financial security of Ukraine.Methods. Method of theoretical analyses is used.Results. The theoretical basis of tax risks management and normative and methodical support for the implementation of its separate components in Ukraine are considered. The issues of tax risk and its main elements have been further developed. The classification of tax risks has been modernized. The conceptual foundations of tax risks management have been updated in the aspect of providing financial security at the macro and micro levels. The author's approach to the cost estimation of the consequences of tax risks and author's vision of the modern system of tax risks management are proposed. The most effective methods for neutralization of tax risks in modern conditions are determined.Originality. Conceptual basis of tax risks management have been modernized in terms of financial security of Ukraine at the macro and micro level. There were developed issues of tax risk and its components including subject, object and source. Depending on subjective composition object and source of tax risks have been clarified. Depending on the reasons of tax risks their classification has been updated. The cost estimation of the tax risks consequences for both the state treasury and taxpayers has been proposed. Key elements of the modern system of the tax risks management in Ukraine have been defined.Conclusion. The risky social, economic and legal environment in Ukraine caused by permanent social and economic crises, political instability and military confrontation is the source of a significant number of large-scale tax risks that threaten the normal financial and economic activity of both the entities and individuals, but also threaten the performance of the state functions due to the lack of proper financial support. Therefore, tax risks become the newest paradigm for building Ukrainian tax system and modernization of the taxation process. Research of tax risks must become the scientific basis for modernization of the financial security system in the field of taxation. In this aspect there will be a need for further research of tax risks and their management system in order to improve the methods for identification, estimation and neutralization of tax risks. Positive experience of European tax risk management also must be researched in terms of its possible use in Ukraine.
