Russian Journal of Economics and Law最新文献

{"title":"Ripple effect: the SEC’s major questions doctrine problem","authors":"M. Donovan","doi":"10.21202/2782-2923.2023.3.837-872","DOIUrl":"https://doi.org/10.21202/2782-2923.2023.3.837-872","url":null,"abstract":"Objective: to elaborate a new standard for assessing the level of decentralization of cryptoassets in the USA.Methods: dialectical approach to cognition of social phenomena, allowing to analyze them in historical development and functioning in the context of the totality of objective and subjective factors, which predetermined the following research methods: formal-logical and sociological.Results: Crypto assets and blockchain technology have the potential to create unprecedented equitable access to financial institutions. Despite this potential, there is a robust debate regarding federal agencies' jurisdiction over the novel asset class. Without clear statutory guidelines, federal agencies have been forced to resolve this debate through the rulemaking process. However, agency rules regarding jurisdiction over crypto assets could be scrutinized by a reviewing court under the major questions doctrine. Once highly deferential to agency rules, the U.S. Supreme Court in recent terms has repeatedly struck down agency rules when an agency claims an unheralded power to regulate an issue of deep economic and political significance. The U.S. Securities and Exchange Commission (SEC) arguably claims such a power by interpreting most crypto assets to be \"investment contracts\" and thus under SEC jurisdiction. But although a decision on major questions doctrine grounds in the high-profile case SEC v. Ripple Labs, Inc. could help clarify how we classify crypto assets, it leaves many jurisdictional questions unanswered and could complicate the application of the SEC's disclosure regime to risky crypto asset offerings.Scientific novelty: This Note argues that Congress should pass the Lummis-Gillibrand Responsible Financial Innovation Act to create joint jurisdiction between the SEC and the Commodities Futures Trading Commission over most crypto asset offerings. This may help to balance consumer protection and innovation at the frontier of financial innovation. The author also endorses a new standard to evaluate whether a crypto asset is sufficiently decentralized to further clarify the SEC's role in regulating crypto asset offerings.Practical significance: the main provisions and conclusions of the article can be used in scientific, pedagogical and law enforcement activities when considering the issues related to the activity of the U.S. Securities and Exchange Commission.","PeriodicalId":284471,"journal":{"name":"Russian Journal of Economics and Law","volume":"36 6","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138972793","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Legalization of criminal income using DeFi: typical schemes and risk indicators","authors":"E. L. Sidorenko","doi":"10.21202/2782-2923.2023.4.822-836","DOIUrl":"https://doi.org/10.21202/2782-2923.2023.4.822-836","url":null,"abstract":"Objective: to increase the effectiveness of countering the use of typical criminal money laundering schemes by identifying the technological and legal vulnerabilities of the DeFi infrastructure: decentralized exchanges, blockchain bridges, decentralized wallets, and privacy-enhanced currencies.Methods: general scientific (analysis and synthesis, induction and deduction, theoretical modeling, legal interpretation) and special methods of scientific cognition (structural-functional, constructive, situational, innovative, target-oriented, program-target, and risk-oriented).Results: the main trends in the development of money laundering using decentralized finance were outlined; the determinative significance of DeFi technological characteristics in the genesis of money laundering was revealed; the main types of money laundering using decentralized finance were identified; the schemes of committing crimes were studied and the criminogenic potential of DeFi infrastructure (decentralized exchanges, blockchain bridges, mixers, privacy-enhanced tokens, etc.) was assessed.Scientific novelty: it is proposed to consider money laundering using DeFi as a special type of digital financial crime. The article proposes the author’s typology of money laundering, substantiates the idea that the matrix of traditional financial regulation and AML standards cannot be applied to decentralized finance. It is argued that prevention of money laundering using decentralized finance should be carried out in close connection with the identification of risk indicators and the development of effective control measures at the points of entry of criminal incomes to centralized exchanges.Practical significance: the analysis of typical mechanisms of money laundering using DeFi allows a systematic approach to the organization of early crime prevention and can potentially become the basis to develop recommendations for financial intelligence and monitoring services.","PeriodicalId":284471,"journal":{"name":"Russian Journal of Economics and Law","volume":"78 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139001271","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Draft of an ethical code of subjects implementing activity of creating, applying and utilizing medical products based on artificial intelligence technologies","authors":"A. A. Shutova, I. R. Begishev","doi":"10.21202/2782-2923.2023.3.873-881","DOIUrl":"https://doi.org/10.21202/2782-2923.2023.3.873-881","url":null,"abstract":"Objective: to develop a draft Ethical Code aimed at establishing ethical norms and rules of official behavior of subjects implementing activity of creating, applying and utilizing medical products based on artificial intelligence technologies.Methods: the methodological basis of the draft Ethical Code aimed at establishing ethical norms and rules of official behavior of subjects implementing activity of creating, applying and utilizing medical products based on artificial intelligence technologies consists of general and specific methods of scientific cognition, including analysis, synthesis, deduction, induction, classification, analogy, and comparison.Results: To the attention of lawyers – legal scientists and practitioners, medical professionals, members of clinical ethics committees, medical ethics specialists, representatives of law-making bodies, government agencies, business community and public organizations, patients, and a wide range of readers interested in the digital transformation of the healthcare system, we present the first in the Russian Federation draft of an Ethical Code of subjects implementing activity of creating, applying and utilizing medical products based on artificial intelligence technologies.Scientific novelty: the draft Ethical Code comprises general principles of professional service ethics and basic rules of official behavior, which should guide the subjects implementing activity of creating, applying and utilizing medical products based on artificial intelligence technologies. It is aimed at strengthening the authority of medical personnel, increasing patient confidence in artificial intelligence technologies, and preventing potential negative consequences as a result of their use.Practical significance: the draft Ethical Code is based on a systematic and comprehensive approach to the study of ethical norms and rules of official behavior, which should be followed by the subjects implementing activity of creating, applying and utilizing medical products based on artificial intelligence technologies. The principles specified in the Ethical Code are a basis for the development of the legal regulation system for artificial intelligence technologies in healthcare.","PeriodicalId":284471,"journal":{"name":"Russian Journal of Economics and Law","volume":"30 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139002408","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Economic mechanism of ensuring regional energy safety of the Republic of Belarus","authors":"T. G. Zoryna, V. Panasiuk","doi":"10.21202/2782-2923.2023.3.800-821","DOIUrl":"https://doi.org/10.21202/2782-2923.2023.3.800-821","url":null,"abstract":"Objective: to shape a theoretical model of the economic mechanism ensuring regional energy security.Methods: general scientific, statistical, systemic, logical, process approaches.Results: solving the problem of energy security of the state is one of the most important directions of economic policy under the increasing threats to the energy infrastructure of the Republic of Belarus. To achieve the study objective, the authors clarified the concept and identified the main threats to regional energy security. It was found that the indicators used to assess the energy security system today are largely outdated, therefore the authors proposed a system of indicators consisting of 30 indicators and an integral indicator. The authors also proposed a theoretical model of the economic mechanism for ensuring regional energy security, which implies a sequence of actions, indicates deadlines and performers at each stage of implementation. The stages include: monitoring (assessment) of the current state of regional energy security; analysis of risks and threats to regional energy security; determination of the minimum and maximum level of regional energy security; justification of directions for improving regional energy security; formation of action plans to improve regional energy security; implementation of measures to strengthen regional energy security. The risks and threats to regional energy security were analyzed by interviewing representatives of regional energy systems, based on which the main directions for improving the level of regional energy security were determined.Scientific novelty: based on the existing methodological approaches to the assessment of energy security in the state, the authors developed a new theoretical model of the economic mechanism ensuring regional energy security of the Republic of Belarus. The system of energy security indicators was developed, which differs from the generally accepted one in terms of introducing an additional block of socio-ecological indicators and combining groups of production, financial and informational indicators.Practical significance: the model application will strengthen the regional energy security of the Republic of Belarus. The measures developed on the basis of the authors’ mechanism to improve energy security should be included in regional sets of measures to implement state five-year programs, financed by local budgets at the level of Belarus regions and Minsk. The methodological provisions for calculating the integral indicator and analyzing the risks and threats to energy security can be used in the development of a new version of the Concept of energy security of the Republic of Belarus.","PeriodicalId":284471,"journal":{"name":"Russian Journal of Economics and Law","volume":"568 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138974083","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"“In the beginning was the Word”: words and deeds of Soviet economists in the book “Cognitive structures and political economy of socialism in the USSR”, ed. by P. A. Orekhovskii","authors":"D. V. Melnik","doi":"10.21202/2782-2923.2023.3.904-912","DOIUrl":"https://doi.org/10.21202/2782-2923.2023.3.904-912","url":null,"abstract":"Objective: to evaluate the work “Cognitive structures and political economy of socialism in the USSR”, ed. by P.A. Orekhovsky (St. Petersburg: Aleteya, 2022).Methods: textual analysis, methodological criticism.Results: the paper reviews a collective monograph by the Institute of Economics of the Russian Academy of Sciences devoted to the history of Soviet economic thought in the 1950s – first half of the 1980s. The novelty of the reviewed work consists in the methodological approach. It involves analyzing the peculiarities of speech practices and assumes that their result was the formation of a special cognitive structure, which development cycle had a decisive influence on political processes. Not being a tutorial, the work can be used as auxiliary educational material on the history of Soviet economy and economic thought. At the same time, the work contains a number of controversial points. In general, it presents an important contribution to a potential discussion of the past and present of the Russian economic science and the nature of late-Soviet and post-Soviet economic and social changes.Scientific novelty: the innovation of the work consists in the consistent application of the approach to the history of Soviet economic science, which implies blurring of a clear boundary between the subject and object of economic research. The originality of the methodological approach consists in the fact that it applies Western “postmodernism” to analyze such a unique object as the Soviet economic science.Practical significance: the work can be recommended to a wide range of specialists interested in the problems under consideration.","PeriodicalId":284471,"journal":{"name":"Russian Journal of Economics and Law","volume":"9 5","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138972627","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Measuring professional preparedness of would-be teachers for pedagogical activity based on criteria-level estimation","authors":"M. A. Golovchin","doi":"10.21202/2782-2923.2023.4.882-903","DOIUrl":"https://doi.org/10.21202/2782-2923.2023.4.882-903","url":null,"abstract":"Objective: to determine the level of future teachers’ professional readiness for pedagogical activity using the statistical method of analysis based on the secondary data of a sociological research; to assess the factors affecting the above level.Methods: the study applied an index method of generalizing the data of sociological measurements to calculate the index of professional readiness for pedagogical activity (Iprpa). As part of the assessment, we used the data of the sociological survey conducted by VolNTs RAS in May-June 2023 among graduate students majoring in pedagogy at vocational schools and universities of Vologda oblast.Results: based on generalization of the study of professional readiness for pedagogical activity (futher – PRPA), a theoretical model of criterion-level assessment of this phenomenon was proposed. Within the model approbation, the readiness of future teachers for professional activity was assessed. Calculations showed that 24.6 % of the surveyed graduates had a high level, 44.6 % had an average level, and 30.8 % had a low level of PRPA. At the same time, university graduates had a lower level of readiness for school work than those who get a profession in colleges. The correlation analysis revealed that future teachers’ PRPA is strongly influenced by the presence of professional vocation as a sense of spiritual connection with the profession, and is influenced weakly by the purchasing power of their income. The spread of negative perceptions of the teaching profession among graduates usually reduces their readiness to work in the profession.Practical significance: the study proposes a step-by-step algorithm for assessing professional readiness for pedagogical activity using a sociological database. It is suggested that the process of the PRPA formation is influenced not only by the educational organization, but also by the future specialist personality. In particular, it concerns the inner desire to see oneself in pedagogical activity as an established professional, which is not always formed in the process of training at vocational schools and universities (especially if admission to the major was associated with “negative selection”). In this regard, we formulate proposals to overcome the effect of “negative selection” in the professional training of future teachers.Scientific novelty: the study clarifies the approach to the category of “professional readiness for pedagogical activity” and proposes a methodology for assessing the PRPA level, which includes a theoretical model of criterion-level assessment of this phenomenon, as well as an algorithm for calculating the final index of PRPA.","PeriodicalId":284471,"journal":{"name":"Russian Journal of Economics and Law","volume":"64 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139003351","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Effectiveness of the renewable energy support program implementation (by the example of solar energy)","authors":"O. V. Kudryavtseva, S. V. Vasilyev, T. G. Zoryna","doi":"10.21202/2782-2923.2023.3.745-774","DOIUrl":"https://doi.org/10.21202/2782-2923.2023.3.745-774","url":null,"abstract":"Objective: to conduct a comprehensive analysis of the dynamics and prospects of the renewable energy support program implementation and to assess its effectiveness.Methods: comparison, synthesis, system approach, generalization, statistical and economic analysis.Results: the authors conducted a comprehensive analysis of system effects from the implementation of renewable energy support programs. The mechanisms of state support of renewable energy generators (further – RES) were studied. These mechanisms are aimed at reducing emissions and costs, creating new jobs, etc., which provides Russia with a unique opportunity to create a full-fledged RES industry. The authors assessed the economic efficiency of renewable energy development in the Wholesale Electricity and Capacity Market (WECM), taking solar energy for analysis. The benefits were analyzed, which are acquired as a result of renewable energy development, including by implementation of the state program of RES projects support and the RES development program for 2013-2024. Economic and non-economic effects arising in the process of RES industry development were analyzed. These are: substitution of fossil fuel consumed in energy production by conventional generation facilities, due to the replacement of conventional generation facilities by RES facilities; reduction of prices in the wholesale electricity market; reduction of greenhouse gas emissions; reduction of costs of measures to reduce the negative impact on the environment and health protection; reduction of compulsory levied payments; creation of new jobs. In conclusion, the prospects of RES development in the state nearest to Russia – the Republic of Belarus – were analyzed, which is important for energy cooperation.Scientific novelty: a comprehensive analysis of system effects from the implementation of the program to support the RES industry in the Russian Federation was carried out. The efficiency of the support program implementation was proved by the example of solar energy. The prospects of the program implementation in the Russian economy were shown.Practical significance: the obtained results and the revealed regularities can be used to make forecasts of renewable energy development taking into account economic and non-economic consequences. They can be used by the authorities to assess the support policy effectiveness of RES generating facilities, as well as to select the most favorable support mechanisms.","PeriodicalId":284471,"journal":{"name":"Russian Journal of Economics and Law","volume":"75 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139004014","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Anti-sanction and sanction economic policy of Russia in 2022–2025. Part 1: Analysis and forecast of managing sanctions against Russia","authors":"D. V. Manushin","doi":"10.21202/2782-2923.2023.3.775-799","DOIUrl":"https://doi.org/10.21202/2782-2923.2023.3.775-799","url":null,"abstract":"Objective: to study the packages of anti-Russian sanctions, to analyze measures to counteract sanctions, and to formalize the current and future sanctions policy of Great Britain, the USA, and the EU.Methods: the author uses such techniques of abstract-logical method as analysis, synthesis, deduction, induction, analogy, formalization, and forecasting.Results: based on the analysis of scientific literature, as well as opinions of experts and officials, three main approaches to the assessment of Russia’s sanctions policy were identified: macroeconomic, sectoral and regional. The packages of anti-Russian sanctions and counter-sanctions by Russia in chronological order were assessed. The effectiveness of anti-Russian sanctions in terms of their impact on the Russian economy was assessed. Current trends in the sanctions policy of the UK, the US and the EU were revealed. The following questions were answered: who is the main objective of the sanctions (Russia or the EU); whether China will be drawn into the sanctions war; whether the official objectives of anti-Russian sanctions will be achieved; and whether the strengthening of sanctions will lead to a hot geopolitical conflict. The prerequisites and motives for the EU entry into the sanctions war were determined; the influence of the EU economic problems on the duration of the sanctions war was revealed. Scenarios for the development of the EU relations with Russia were constructed and the terms of the sanctions war unleashed by the United States were predicted.Scientific novelty: it was determined that the anti-Russian sanctions after their fifth package became in many respects demonstrative. The situational response of the Russian authorities to the sanctions was large-scale, corresponded to the current situation, was carried out thoughtfully and effectively. It was revealed that the focus of the UK and the US sanctions shifted to the EU, as well as the prerequisites of the EU-China conflict. It was found that if the sanctions policy intensity is maintained, the EU economy may significantly degrade in the next 10-15 years.Practical significance: the given data and conclusions may help in formalization and correction of sanctions and antisanctions economic policy of Russia.","PeriodicalId":284471,"journal":{"name":"Russian Journal of Economics and Law","volume":"114 19","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139003586","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Economic effect of carbon storage due to forest management intensification: analysis and forecast for the Republic of Karelia","authors":"A. A. Vysokikh-Al-Yasiri","doi":"10.21202/2782-2923.2023.4.716-744","DOIUrl":"https://doi.org/10.21202/2782-2923.2023.4.716-744","url":null,"abstract":"Objective: to assess the economic potential of carbon storage for a group of companies in the Republic of Karelia in the context of intensive forest management.Methods: SWOT analysis; assessment of a forest management project according to the VM10 international methodology, Verified Carbon Standard 2016 and forecast of revenues from selling carbon units.Results: the potential of Russian forest management in the context of the Paris Agreement is not disputed, but the assessment of the economic potential of carbon storage of individual economic entities at the moment remains open for discussion. The study estimates the effect of selling carbon units from forest management intensification projects, taking into account the maximum lease term for the area of 2.25 million hectares. This effect can reach an average of 23 million rubles per year from 2023 to 2034 and an average of 42 million rubles per year from 2023 to 2050, excluding the capital costs of logging and preparation, validation, verification and registration of the climate project, and field observations to ensure monitoring. The study proves that long-term investments in forest management intensification and a longer period of the climate project can lead to higher income per hectare from selling carbon units.Scientific novelty: it consists in the economic evaluation of regulatory restrictions on the price of carbon unit for forest climate projects, taking into account the maximum lease term stipulated by national legislation. The obtained results substantiate the economic challenges associated with the current regulations and provide information on the variability of project efficiency depending on the selected term of its implementation.Practical significance: the main results of the research can be used in the practical activity of economic entities, as well as by the bodies forming the policy of forest management.","PeriodicalId":284471,"journal":{"name":"Russian Journal of Economics and Law","volume":"126 S186","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139006313","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Institutional mosaic of financial institutions in the late Qing China and synthesis of organizational forms: from piaohao and qianzhuang to the central bank","authors":"M. S. Kruglova","doi":"10.21202/2782-2923.2023.4.699-715","DOIUrl":"https://doi.org/10.21202/2782-2923.2023.4.699-715","url":null,"abstract":"Objective: to determine the peculiarities of forming the banking system in late imperial China in terms of the interaction between traditional Chinese banking institutions, imported institutional forms, and state reform strategies. Methods: qualitative methods (comparative analysis, generalization), historical and genetic method.Results: based on a wide array of historical data, the history of the Chinese banking system development during the Qin dynasty decline is demonstrated. By the time of the Chinese economy “forced opening” by Western powers during the Opium Wars, China had its own quasi-banking institutions based on the established clan networks of trade organizations that covered the credit needs of the traditional economy. The local development of modern industries in China required modern approaches to the organization of banking activities. The lacuna was filled by foreign banks, which actually monopolized modern banking in China, and later by state-owned banks. It is shown that by the end of the Qing period all three participants of the banking industry – traditional banks, foreign banks and state banks – covered the needs of the Chinese economy. It is concluded that the banking industry of the late imperial period was a mosaic institutional fabric, combining both traditional and westernized elements and embedding clan ties traditional for China.Scientific novelty: the article is the first attempt in Russia to comprehensively examine the evolution of the banking system of late Qing China.Practical significance: the main conclusions of the article can be used in scientific and pedagogical activities in the study of economic history of traditional China, and may enrich the concepts of institutional economics concerning the limits and possibilities of institutional transformations.","PeriodicalId":284471,"journal":{"name":"Russian Journal of Economics and Law","volume":"102 6","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138981528","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}