Theoretical Approaches to Rating Assessment of the Economic Component of Security of Sustainable Development of Old Industrial Regions

Abstract

The old industrial regions, for the most part, are classified as the main “losers” in the context of globa­lization and the development of the Fourth Industrial Revolution. However, the examples of some of them clearly demonstrate that such a status is not an insurmountable obstacle to future progress. Adaptability and the formation of “new combinations” based on the interconnection of local and global trends can generate specific advantages that can give a powerful impetus to development. This requires an adequate assessment of the existing potential of the regions and a reliable analysis of all their advantages and disadvantages. In this context, the purpose of the article is to substantiate the approach to the rating assessment of the economic component of the security of sustainable development of the old industrial region. In the course of the study, it was substantiated that the main threats to the economic security of the regions are outdated infrastructure, insufficient development of human capital, industry imbalance, weak business culture, remoteness from major markets, and weak capacity of the public sector to implement regional development solutions. The following criteria for selecting indicators for forming a rating for asses­sing the economic security of an old industrial region have been identified: relevance, reliability, validity, reliability, feasibility. The author’s approach to formalizing the areas of assessment of the economic component of the security of sustainable development of an old industrial region, as well as corresponding indicators, has been developed.