ჟურნალი ეკონომისტი

THE WORLD CURRENCY ORDER: FROM CURRENCY GLOBALIZATION TO CURRENCY GEOPOLITICS

10.36172/EKONOMISTI.2024.XX.04.PAPAVA Expanded Summary The paper examines issues related to the transformation of the world currency order, with the US dollar commanding leadership in world trade as the primary reserve currency. Before the COVID-19 pandemic, the US-led unipolar world order was fueling the process of hyper-globalization. Hyper-globalization, in turn, strengthened the position of the US dollar in the global economy. In this context, the clear dominance of the US dollar in both international trade and global foreign-exchange reserves can be characterized as currency globalization. The economic sanctions imposed by the West on Russia have affected the global dominance of the US dollar. With the start of Russia’s war in Ukraine, the process of globalization entered the stage of confrontational globalization. As a result, the unipolar world order began to transform into a multipolar world order. This could not help but influence the world currency order that
2024-12-02

Journal number 4 ∘ Anna Chechel ∘ Natalya RUDYK ∘

SUSTAINABLE LOCAL DEVELOPMENT IN UKRAINE: COMMUNITY PARTICIPATION IN POST-WAR RECOVERY

10.36172/EKONOMISTI.2024.XX.04.CHECHEL.RUDIK Summary Negative global trends currently affect every individual and the community in which they live. These problems need to be solved together within local communities. The globalisation of the world economy creates new patterns and changes the levels of responsibility for development at the local level. Due to the increase in population and individual consumption growth, the demand for the planet's resources has greatly increased. Society's modern way of life does not correspond to the principles of sustainable development, leading to the deterioration of human activity's social, economic, and ecological spheres. The concept of sustainable development, which ensures harmony between economic, social, and ecological aspects of development without disturbing the balance of interests of future generations, should be of central importance in the development programs of modern communities. Developing effective economic mechanisms to
2024-12-02

Journal number 4 ∘ Murman Kvaratskhelia ∘

ON THE PROBLEM OF ECONOMIC SECURITY AND ECONOMIC POLICY

10.36172/EKONOMISTI.2024.XX.04.KVARATSKHELIA Expanded Summary The main thing for the development of the modern world economy is to ensure its stability, so that an unforeseen and unpredictable crisis does not arise, which will have a painful impact on the the well-being of the population of the countries. Achieving of the stability is absolutely necessary and essential, but difficult, because unexpected fluctuations are expected time and time again and namely this becomes an important factor of economic stagnation. Because of this, the global economy is constantly looking for solutions and does not easily face new challenges. Sometimes such news appears as a sign of progress, and completely different methods appear to overcome and defeat it. The phase of growth and stability of the world economy is practically opposed by the intense and sometimes, especially from the powerful states competition "without rules", having place between
2024-12-02

Journal number 4 ∘ Tea Lazarashvili ∘

"Blue economy" and challenges of sustainable development

10.36172/EKONOMISTI.2024.XX.04.LAZARASHVILI Summary The "blue economy", or the ocean economy, is gaining more and more popularity around the world. Some economists consider the "blue economy" to be the next step in the development of "green" approaches. In 2009, Belgian economist Gunther Pauli presented a report "The Blue Economy: 10 Years, 100 Innovations, 100 Million Jobs" at the meeting of the Club of Rome (an international public organization). This day can be considered as the turning point when the concept of "blue economy" began to spread around the world. Gunter Paul's speech, the concept of "blue economy" underwent an evolution. Today, it is all types of economic activities related to oceans, seas and coasts, regardless of whether they are carried out in the marine area (sailing, fishing, energy production) or on land (ports, aquaculture in artificial reservoirs, coastal tourism). "Blue economy" refers to the sustainable use of the world's ocean resources, based on
2024-12-02

Journal number 4 ∘ Eter Kharaishvili ∘ Nino Lobzhanidze ∘

Transformation of World Order and Evaluation of State Enterprise Reform in Georgia: A Pillar Analysis

10.36172/EKONOMISTI.2024.XX.04.KHARAISHVILI.LOBZHANIDZE Expanded Summary The article analyzes the factors influencing the formation of the world order, emphasizing the importance of state enterprises in transforming the global agenda. It substantiates the critical role of state-owned enterprises (SOEs) in providing effective services, fostering economic growth, and enhancing the well-being of populations in developed countries. In Georgia, however, state enterprises often burden the national budget and contribute modestly to economic development. This underscores the necessity for comprehensive reforms in these enterprises. Building on the justification of the research's relevance and aiming to conduct a comprehensive correlation analysis of the identified problem, the following research questions have been formulated: RQ1: What are the key drivers necessitating the transformation of the world order? RQ2: How do state-owned enterprises (SOEs) influence the development and
2024-12-02

Journal number 4 ∘ Mikheil Tokmazishvili ∘ Shota Lominashvili ∘

Geopolitics of Georgias Economic Security

10.36172/EKONOMISTI.2024.XX.04.TOKMAZISHVILI.LOMINASHVILI Expanded Symmary The article examines the challenges to Georgias economic security, addressing political, economic, and regional issues. It highlights the unstable trajectories and complex geopolitical developments in the South Caucasus, emphasizing the influence of regional economic actors on Georgia's economy. The article also outlines potential directions for economic development, noting that, for the first time in Georgia's history, domestic political decisions have significantly shaped its economic trajectory. Anticipated economic shifts in Georgia are expected to unfold amid escalating tensions between nations and regional organizations. The so-called "Cold War" with the West, coupled with a pivot in trade and investment policy toward Northeastern nations, threatens Georgia's European aspirations. Following the August 2008 war between Russia and Georgia and the occupation of Georgian territories, the
2024-12-02

Journal number 4 ∘ Lia Totladze ∘ Mamuka Khuskivadze ∘

The Assessment of the Impact of Climate Change in the Context of Eco-innovation: the Example of Georgia

10.36172/EKONOMISTI.2024.XX.04.TOTLADZE.KHUSKIVADZE Summary Climate change has major impacts on the present and future of the Earth, on the global economy, the macroeconomic environment, businesses, societies, and individuals. For more than a decade, climate change has been named among the top five global threats. Given that the direct impact of climate change on humans and ecosystems affects economic growth, employment, working conditions, safety standards, health, and livelihoods, and therefore requires appropriate approach and attention, it is extremely important to implement climate change mitigation and adaptation measures. The paper presents the theoretical and empirical aspects of climate change. We discuss the current situation regarding the ecological value chain and the spread of environmental innovations in enterprises in Georgia. For this purpose, the survey results of enterprises operating in Georgia are analyzed. Based on the analysis of the available data,
2024-12-02

Journal number 4 ∘ Shota Veshapidze ∘

Some economic aspects of security in the context of economic theories

10.36172/EKONOMISTI.2024.XX.04.VESHAPIDZE Expanded Summary The text emphasizes that the problem of economic security of a person is directly related to the formation of the state and the economic involvement of society. This can be reflected in the following historical contexts: a) Ancient societies: economic security mainly depended on clan or community support. The issue of individual security was not considered in isolation. b) Feudalism and mercantilism: the idea of economic security expanded and the state actively intervened in economic processes, for example, regulating coinage systems or protecting national markets. c) The era of industrialization: the economic security of the individual was linked to social guarantees such as wages, working conditions and pensions. d) Contemporary context: Today, economic security includes not only physical needs, but also digital security, challenges of globalization and the impact of environmental problems. Field of interest
2024-12-02

Journal number 4 ∘ Nata Davlasheridze ∘

Using the experience of economic security of the European Union countries in the economic policy of Georgia

10.36172/EKONOMISTI.2024.XX.04.DAVLASHERIDZE Expanded Summary The article systematizes the experience of developing and implementing EU measures in the field of economic security and analyzes the possibility of its application in Georgia. The experience of the member States of the European Union has shown that the economic security of a nation has a decisive impact on ensuring a clear place in the global world, which takes into account the national strategic value and potential of the nation. The most common ways of ensuring economic security in the countries of the European Union (Germany, France, Italy, Spain, former socialist countries, small countries of Western Europe, etc.) are considered. It is emphasized that the world order is undergoing significant changes characterized by economic instability, inflation and disruptions in supply chains (for example, Western sanctions against Russia – and the disruption of Ukrainian grain exports across the Black Sea led
2024-12-02

Journal number 4 ∘ Nikoloz Chikhladze ∘

CONTEMPORARY CHALLENGES OF INVESTMENT POLICY IN GEORGIAN MUNICIPALITIES

10.36172/EKONOMISTI.2024.XX.04.CHIKHLADZE Annotation Global developments in recent years have shown us that the biggest determinant of sustainable development is the development of the real sector. This is impossible without activation of investment processes. Foreign experience and domestic practice of creating a favorable investment climate show that a significant part of the issues should be resolved at the municipal level. The efforts of local governments can make a positive contribution to investors' decisions about where to invest. International experience shows that the active participation of the population in the investment process contributes to the development of the city's economy. Therefore, it is necessary to form and use those effective tools. They will contribute to increasing their involvement in the development of the economy of the municipality by attracting the savings of the population. The paper presents a regression analysis conducted by us according
2024-12-02

Journal number 4 ∘ Malkhaz Chikobava ∘

Will the us dollar retain its status as a world currency?

10.36172/EKONOMISTI.2024.XX.04.CHIKOBAVA Expanded Summary The passage of the Glass-Steagall Act played an important role in stabilizing the US financial and banking system. Until the end of the 20th century, America lived without banking crises (although individual banks went bankrupt regularly). The Glass-Steagall Act became an insurmountable barrier to greedy bankers who wanted to combine the privileged status of their depository institutions with speculative operations in the stock markets. They were eager to use depositors' money to gamble on the stock exchange. The first attempt by bankers to weaken the Glass-Steagall Act was made as early as 1956 with the passage of the Bank Holding Company Act. It was then proposed to repeal the ban on combining lending and investment activities for subsidiaries of bank holding companies in all states. However, the attempt failed. Deposit and credit institutions were forbidden in advance to carry out investment activities, as well as to
2024-12-02

Journal number 4 ∘ Medea Melashvili ∘ Ketevan Kveladze ∘ Nunu Kistauri ∘

THEORETICAL ASPECTS AND WAYS OF WINE TOURISM DEVELOPMENT IN GEORGIA

10.36172/EKONOMISTI.2024.XX.04.MELASHVILI.KVELADZE.KISTAURI Summary Today it is already known that Georgian wine is historically one of the oldest in the world. Viticulture and winemaking here date back to the 7th-6th millennium BC. To date, the earliest signs of viticulture and winemaking found in the world indicate the existence of wine culture in Georgia as early as 8,000 years ago, which gives Georgia the status of the homeland of wine. The authors of the Atlas, “The Art of Wine,” New York, (1992), Hugh Johnson and James Holliday, as well as wine expert and author of the world's best wine guide Oz Clark, agree that humanity was still in the Stone Age when vines were first cultivated in Georgia and wine was obtained. Of the 2,000 grape varieties known in the world, 500 are Georgian, of which 430 are preserved in various state or private collection vineyards. In the 1980s, the Georgian forest vine was included in the Red Book and is protected by the state. In 2013,
2024-12-02

Journal number 4 ∘ Tsitsino Tetrauli ∘

END OF UNIPOLAR WORLD AND SUSTAINABLE DEVELOPMENT IN TERMS OF LAND RELATED PROBLEMS

10.36172/EKONOMISTI.2024.XX.04.TETRAULI Expanded Summary The work discusses issues related to the transformation of the world order. The spheres of influence are being redistributed in the world. Such challenges as global warming, desertification, etc., to which were added dangerous events: pandemic, war. The existence of a unipolar world is over, the world is at a standstill, there is a desacralization of values. The essence, importance and threats of land as a unique natural resource are analyzed against the background of this new geopolitical situation. Due to permanent anthropogenic impact, millions of hectares of fertile land are lost every year in the world. The world is on the path to ecological disaster. Preventive measures to avoid earth-related hazards are covered. The potential of Georgia's agrarian field has been studied. Georgia has naturally fertile lands, which allows us to become a country producing bioproducts. Our country is almost completely dependent
2024-12-02

Journal number 4 ∘ Shota Veshapidze ∘ Levan Kereselidze ∘ Nino Tsirdava ∘

Decarbonization of energy and challenges of sustainable development of Georgia

10.36172/EKONOMISTI.2024.XX.04.VESHAPIDZE.KERESELIDZE.TSIRDAVA Sumary Abstract. Relevance of the topic. Over time, climate change mitigation and decarbonization in the energy sector has become one of the top priorities of the modern world. Achieving climate neutrality involves not only reducing existing carbon emissions as much as possible, but also transforming all sectors of the economy in such a way that it becomes environmentally sustainable. The aim of the paper is to analyze Georgia's opportunities and challenges in the process of energy decarbonization, especially in the conditions when the globalization of the economy is actively underway and climate change is the primary topic of international cooperation. In order to achieve climate neutrality, Georgia, like other countries, is obliged to apply relevant political, economic and technological innovations in order to reduce harmful effects on the environment and ensure sustainable energy development. For this purpose, the
2024-12-02

Journal number 4 ∘ Nana Shonia ∘ Lia Kiladze ∘

The Interconnections between Globalization, Migration, Workforce Diversity, and Sustainable Development

Expanded Sunnary A better understanding of the issue of migration at the political level and the production of targeted national and international policies are directly proportional to the fulfillment of the countrys sustainable development goals. For example, migration for employment directly contributes to the achievement of the eighth sustainable development goal (decent work and economic growth) and its sub-goals, while indirectly affecting the other goals (no poverty, no hunger, health and well-being, quality education, gender equality, reduced inequality, the sustainable development of cities and towns). As a result of globalization, the number of immigrants increases daily, and in parallel, the amount of remittances rises, which improves the socio-economic situation and security of the country's population. However, this leads to the breakup of families, psychological tension, and alienation between children and parents. For many Georgian families, remittances are
2024-12-02

Journal number 4 ∘ Ivlia Oniani ∘ Nona Akhvlediani ∘

The role and importance of studying the National Accounts System (NAS) for students of economic profile

Summary Introduction and purpose: The article discusses the importance of NAS teaching in higher education. The purpose of this article is to explain the content of economic processes at the macro level, knowledge about their evaluation methods, their interpretation. Moreover, the aim is to draw students attention, masters, doctoral students and schools of economic profile to the importance of studying NAS as a tool for raising qualifications in the field of economic thinking and economics. Research methodology: methods of comparison and correlation between events are used. The article focuses on the discussion of provisions of NAS that provide a broad view of macroeconomics and the role of the main participants in macroeconomic processes. Results and applications: The main tenets of the NAS theory, its basic concepts and definitions affect the improvement of economic knowledge of students of all economic profiles, acquire the necessary methods for the
2024-12-02

Journal number 4 ∘ George Gavtadze ∘ Aza Iphshiradze ∘

Social State, Moral Economy and Human Rights: Contemporary Realities and Prospects

Expanded Summary The idea of a moral economy is a dynamic concept that has been under constant pressure due to changing environmental conditions. The same is happening at the modern stage, when the issue of “morality” has faced new challenges due to developments over the past three decades. This issue is especially relevant for newly formed, developing countries, where the old relationship between the state, society and economy is breaking down, and new ones are still in the process of formation. The problem is further exacerbated by the fact that there are frequent cases when the existing situation in such countries changes spontaneously without any prior preparation of either theoretical or political foundations for future development prospects. In fact, this happened in Georgia, for which, in the process of searching for opportunities to integrate socio-economic, political, moral and ethical issues in the choice of a state governance model, the European
2024-12-02

Journal number 4 ∘ Merab Khokhobaia ∘

Organizational and Conceptual Aspects of Sustainable Tourism Destination Development

Expanded Summary The scientific literature presents a range of conceptual approaches to the sustainable development of tourist destinations. Recognizing that a tourist destination operates as a multidimensional and complex system, it is essential to consider its particular characteristics during the planning process. Additionally, one must account for the contradictions arising from various influencing factors. Various stakeholders play a crucial role in the development of a tourist destination. Their participation in the planning process is essential for achieving effective outcomes. Existing practices indicate that the establishment of a cooperative platform presents significant challenges. This issue is particularly pertinent in the context of developing countries, which often possess limited experience in this area. The article examines the conceptual aspects of tourism destination planning, providing a thorough analysis of integrated approaches that facilitate the
2024-12-02

Journal number 4 ∘ Levan Khvedelidze ∘

Modern aspects of tax policy in Georgia

Expanded Summary Today, the governments of different countries have different views on tax policy. There are different opinions among the specialists in the field. Despite the efforts of economists, there is no universally recognized perfect, ideal tax system in the world today, but everyone agrees that economic development of this or that country is impossible at the modern stage without the most perfect tax policy. In the conditions of the transition economy, the greatest importance is attached to the perfection of the tax policy. The implementation of the most comprehensive tax policy is one of the main prerequisites for sustainable economic development of the country. The paper analyzes the main directions, trends, situation, existing problems of modern Georgian tax policy, aspects of improving the country's economic situation and stable economic development, the importance of
2024-12-02

Journal number 4 ∘ Medea Shapatava ∘

Social Aspects of the Phenomenon of Retroeconomics. Causes and Contemporary Problems of the Economics of Poverty

Expanded Summary The phenomenon of Retroeconomics has not been overcome in most post-Soviet countries for decades. The study of the factors of its emergence and socio-economic cause-and-effect is still ongoing. It is important to admit that Retroeconomics is a characteristic not only of developing, but also of highly developed countries. Along with economic aspects, it is important to study the impact and effects of Retroeconomics that affect the social conditions of the population. The present paper itself is a part of an integral research for the dissertation, which discusses main directions of overcoming Retroeconomics in the conditions of globalization using the example of Georgia. Transformation process of post-Soviet countries covers many topics, though problematic of overcoming Retroeconomics for further economic development offers wide array of unsolved social-economic tasks for research and analyses. Transformation period for post-Soviet countries has been prolonged due to
2024-12-02