Three Seas Economic Journal最新文献

{"title":"GREEN ECONOMY AS A GUARANTEE OF SUSTAINABLE DEVELOPMENT","authors":"I. Tomashuk","doi":"10.30525/2661-5150/2022-2-15","DOIUrl":"https://doi.org/10.30525/2661-5150/2022-2-15","url":null,"abstract":"The purpose of the article is to analyze current trends in the concept of sustainable development in the world economy, taking into account new trends in the \"green\" economy and \"greening\" of the international financial system, which is the basis of \"green\" investment. Methodology. The work uses general and special methods and techniques of cognition: methods of theoretical generalization, analysis, synthesis and grouping, logical-historical method, deduction and induction. The strategic priorities of formation of new \"green\" directions of economy and ecological transformation of economy of existing branches are analyzed. It is proposed to find ways of further development based on the preservation of natural potential, which is associated with numerous benefits for the international community and all nations in terms of food, energy and water security and climate change. The priority formations of the state policy on the basis of introduction of innovative ecologically safe technologies which will be able to provide sustainable development of a society in strategic perspective are defined. The current trends in the implementation of the concept of sustainable development in the world economy are analyzed, with special attention to new trends in the \"green\" economy and \"greening\" of the international financial system, which is the basis of \"green\" investment. Results indicate that the transformation of the economy in the direction of ecology has laid the foundations for the concept of sustainable development. The “green” economy is the basis for the implementation of the concept of sustainable development on the basis of more efficient resource and energy consumption, reduction of CO2 emissions, reduction of harmful effects on the environment and development of a socially integrated society. Practical implications. \"Greening\" the economy requires \"reformatting\" current and future investments, additional costs beyond the usual approach. The UN Conference on Sustainable Development Rio + 20 in 2012 became a platform for the development of a \"green\" economy at the international level: the \"green\" economy has been officially recognized as an appropriate tool for promoting sustainable development. An obvious barrier to the development of \"green\" investment at the state level is the lack of quality of basic strategic documents on sustainable development and their practical effectiveness. In line with its commitments under the Paris Agreement and the Global Sustainable Development Goals (CSDs), international financial organizations, banking unions and institutions, as well as governments in most parts of the world, have begun to work actively for green finance. Value/originality. Green funding is seen today as funding for the “future”: the need to combine funding and meeting the CSDs. The contribution of business to environmental issues involves the commitment to compensate for environmental damage due to economic activities.","PeriodicalId":34091,"journal":{"name":"Three Seas Economic Journal","volume":"1977 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90264605","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":"FEATURES OF ACCOUNTING FOR CURRENT ASSETS OF THE ENTERPRISE","authors":"T. Demchenko","doi":"10.30525/2661-5150/2022-2-9","DOIUrl":"https://doi.org/10.30525/2661-5150/2022-2-9","url":null,"abstract":"The purpose of the paper is to study the problem aspects and methods of current assets presentation in the accounting in order to make informed managerial decisions in the enterprise management. Methodology. In the process of writing this article various general scientific and specific research methods were used, in particular the dialectic method (in the study of eco-nomic phenomena and categories), the induction and deduction method (in the study of the current assets place in the accounting system), the historical, logical and comparison methods (at the stage of accounts specification of the current assets accounting), the systemic method (by the disclosure of the accounting organization processes of current assets), the observation method (in the process of study the state of current assets at the enterprise), the generalization and comparison method (at the stage of theoretical positions generalization and conclusions formation of this study). Results. It was established that current assets are a necessary component of the company property and require the development of an appropriate accounting system in order to provide timely information on the presence, movement and use of current assets of the enterprise. The organization of current assets accounting of an enterprise is complicated by the uncertainty and constant changes in the legal acts. In order to accurately present the inventory accounting of the enterprise, the accountants should timely show the economic operations on the receipt and movement of current assets in the primary accounting documents. Taking into account the direction and documentary registration of operations on the receipt and retirement of stocks, we have developed the chart of inventory behaviour at the enterprise, which clearly shows the formation of information of the accounts. The computer accounting program \"BAS Accounting\" is offered for use, which will allow to optimize the accounting of current assets at the enterprise in the best way. Practical implications. The practical use of the proposed offers will ensure the correct presentation of operations on the organization of current assets accounting and the prompt receipt of the necessary information by the company management. Value/originality. The results of the study are aimed at improving the quality, reliability and efficiency of current assets accounting and can be used in the work of Ukrainian enterprises. Evaluation of current methods of accounting for current assets, development and implementation of recommendations for their practical improvement will improve both accounting and, accordingly, management decisions on their effective use in the enterprise.","PeriodicalId":34091,"journal":{"name":"Three Seas Economic Journal","volume":"114 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84896856","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":"COOPERATION OF UKRAINE WITH INTERNATIONAL FINANCIAL AND CREDIT ORGANIZATIONS: CURRENT STATUS AND EXPANSION PROSPECTS","authors":"Nataliia Gvozdej","doi":"10.30525/2661-5150/2022-2-7","DOIUrl":"https://doi.org/10.30525/2661-5150/2022-2-7","url":null,"abstract":"The article analyzes the state of Ukraine's cooperation with leading international financial organizations, paying special attention to such organizations as the International Monetary Fund, the European Bank for Reconstruction and Development, the World Bank, the International Bank for Reconstruction and Development and the International Development Association. The article identifies the advantages and disadvantages of cooperation with the IMF. The investment and credit activity of IFRS in Ukraine is analyzed. The influence of IFRS on the economic development of the country has been studied. The features of Ukraine's cooperation with the European Bank for Reconstruction and Development are revealed. The most relevant joint projects of the World Bank and the Government of Ukraine are given. The subject of the study is theoretical and practical issues related to the role of international financial organizations in financing the state development of the country. The purpose of the article is to open to identify the impact of international financial and credit institutions on financing the social development of Ukraine. research methods. The work uses a combination of general scientific and specific methods and approaches, such as dialectics, consistency, the method of scientific abstraction, comparative and factor analysis, and the logical approach. Work results. The role and significance of the IFC as an important source of external financial resources are disclosed. Scientific approaches to the use of international financial assistance and ensuring economic development in conditions of financial imbalances are summarized. It is shown that the experience of international financial organizations and their recommendations make it possible to take into account global and regional trends and processes, risks and problems in the financial environment. This is important for shaping the financial policy of sovereign states and improving the formats of their cooperation in the international arena. Findings. Financial cooperation with international institutions is a powerful source and an effective tool for the development of the national economy. The resources of international financial institutions are used to implement programs aimed at market reform, ensuring the stability of the national currency, solving socio-economic problems, economic growth, financing the state budget deficit and balancing the balance of payments. But financial debt to these institutions makes the country's economy vulnerable and dependent on foreign creditors. Now, when Ukraine is in a state of crisis, the issue of finding resources in the external market needs an urgent solution. Of particular relevance is the search for ways to expand international financial cooperation of Ukraine, which is associated with the need to provide the national economy with the necessary amount of financial resources due to a lack of funds in the Ukrainian market. A sovereign country has advantages","PeriodicalId":34091,"journal":{"name":"Three Seas Economic Journal","volume":"90 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80069238","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":"THE INTERVENING EFFECT OF EMPLOYEE ENGAGEMENT ON THE RELATIONSHIP BETWEEN HIGH PERFORMANCE WORK PRACTICES AND EMPLOYEE JOB PERFORMANCE","authors":"Anuradha Iddagoda, H. Dissanayake","doi":"10.30525/2661-5150/2022-2-2","DOIUrl":"https://doi.org/10.30525/2661-5150/2022-2-2","url":null,"abstract":"It is evident that high performance work practices are bringing competitive advantage to the organizations. On the other hand, employee engagement is all about employee’s cognitive, emotional and behavioral involvement of his/her job as well as with the organization. The purpose of this study was to investigate the intervening role or the mediating role of employee engagement on the relationship between high performance work practices and employee job performance. Methodology. Data gathered from 135 managerial level employees in the Sri Lankan public listed banks. Hypothesis was developed based on the theoretical assertions and empirical evidence. Three hypotheses were tested in a non-contrive study setting as a cross sectional study. After the reliability is ensured the correlation, regression and sobel test used to examine the hypothesized relationships. Results The findings of this study reveals that significant mediating effect of employee engagement on the relationship between High Performance Work practices and employee job performance. Practical Implications This study is beneficial for the banks to improve their job performance by adopting high performance work practices including realistic job preview, pay for performance, staff attitude surveys, self-directed teams, regular appraisals, extensive training and symbolic egalitarianism. Originality. This study makes two theoretical contributions. A novel theoretical framework built on the foundation of system theory is presented first, laying the groundwork for further investigation. Secondly, this study adds new knowledge to signaling theory by ensuring the high-performance work practices such as symbolic egalitarianism signals the employee that the organization recognize their worth and enhance and their job performance.","PeriodicalId":34091,"journal":{"name":"Three Seas Economic Journal","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79935023","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":"ADVANTAGES AND RISKS OF ACCOUNTING OUTSOURCING","authors":"Kateryna Burko","doi":"10.30525/2661-5150/2022-2-6","DOIUrl":"https://doi.org/10.30525/2661-5150/2022-2-6","url":null,"abstract":"The purpose of the article is to study the advantages and risks of accounting outsourcing and justify the feasibility of its use as a method of modern accounting at enterprises of Ukraine. Methodology. The theoretical and methodological basis of the study is a systematic approach to the study of practical tools for the implementation and institutional support of the development of accounting outsourcing. In the process of research and systematization of the obtained results, general scientific and special methods wereused: abstract-theoretical; historical; dialectical; induction and deduction, analysis and synthesis; formalization and comparison. Results. One of the ways to solve this complex problem is the transfer of accounting of the enterprise to specialized firms on the terms of application of accounting outsourcing. This form of accounting allows enterprises to focus on the most profitable activities and reduce the cost of maintaining their own accounting structure. According to the results of the study of the legislative framework of Ukraine, literary sources and practical application, a generalized characteristic of the essence of outsourcing has been formed. The analysis of advantages and risks of alternative accounting options is carried out and factors that encourage enterprises to switch to accounting outsourcing are identified. It is established that accounting services on the terms of outsourcing in Ukraine are provided both directly for accounting and financial reporting, and for the performance of works that are not related to the current accounting. The main factors that prompt enterprises to the need to switch to accounting outsourcing are: a high level of loading from the processing of accounting information, a significant amount of overhead costs; frequent changes in legislation; lack of highly qualified accounting staff. Customers of protein outsourcing services are: large companies and banks that are able to ensure transparency of information; foreign companies, banks and their branches accustomed to transparency of information; state organizations with legal information; young enterprises for which outsourcing is necessary at the stage of outsourcing; private entrepreneurs and small businesses. It is confirmed that outsourcing, as a form in the organization of accounting at the enterprise, is an object of increased risk. To minimize their risks, the customer may fix in the contract the level of liability of the parties and the conditions for compensation of possible losses. Practical implications. The development of the outsourcing services market in Ukraine requires a modern accountant not only to know accounting and tax legislation, but also the ability to navigate business processes and own software. Modern achievements of automation of accounting processes and information processing affect the form of record keeping and the organization of accounting, allowing you to choose external accounting entities in order to reduc","PeriodicalId":34091,"journal":{"name":"Three Seas Economic Journal","volume":"16 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85157894","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-CRISIS MARKETING AT THE ENTERPRISES OF THE TOURIST BUSINESS IN THE CONDITIONS OF EUROPEAN INTEGRATION","authors":"T. Zakharova","doi":"10.30525/2661-5150/2022-2-10","DOIUrl":"https://doi.org/10.30525/2661-5150/2022-2-10","url":null,"abstract":"The purpose of the paper is to set of organizational and economic relations that arise during the development and implementation of the mechanism of anti-crisis marketing, under the influence of external factors such as pandemic and war. Methodology. The survey is based on the use of methods and principles of system, logical management, statistical, program and target methods. The statement and proof of working hypotheses were carried out on the basis of methods of classification, balloon-index estimations, expert methods. Results. Analytical work on the analysis of trends in the development of tourism business in the context of European integration is completed. The most probable changes in the trends of 2022, awaiting the tourism industry, are given. Emphasis is placed on the development of domestic tourism for countries with favorable natural conditions and appropriate infrastructure. To assess the situation of the tourism business, a survey was conducted using the developed questionnaire in Google forms. It has been revealed that the system of anti-crisis marketing has properties that determine the features of the management mechanism: flexibility and adaptability, ability to diversification and timely situation response, the ability to effectively use the innovative potential of the enterprise; its identification and development of appropriate anti-crisis measures. It is proved that the tourism sector should change its priority, be flexible and adaptable. Today, the emphasis of tour operators in 2022 should be on domestic tourism: recreational tourism; relaxation tours that help restore health; tourist trips with the direction of art, pottery, etc. The analysis of the market and the influence of factors on the activity of the enterprises of tourism business have been conducted. Tourism companies can apply different directions in the anti-crisis programs that will help the enterprise to overcome the crisis: borrowing from the experience of countries of the world; diversity and quality of services; staff motivation: to create a common system of remuneration of personnel depending on the result of activity of the hospitality industry; support of the country. Practical implications. A program of anti-crisis actions has been proposed, which will become an important component of future development and not a decline. Value/originality. Introduction of the mechanism of crisis management at the enterprise of tourism business, using marketing tools.","PeriodicalId":34091,"journal":{"name":"Three Seas Economic Journal","volume":"23 1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78278403","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":"PREREQUISITES FOR THE FORMATION OF A REGIONAL SECURITY SYSTEM IN THE BALTIC-BLACK SEA UNION","authors":"Kikste Kaspars","doi":"10.30525/2661-5150/2022-2-4","DOIUrl":"https://doi.org/10.30525/2661-5150/2022-2-4","url":null,"abstract":"The purpose of the paper is to summarise and present various aspects of forming a security group within BBS. The method allows to reveal features of evolutionary process of formation of security group. Methodology. The study is based on an evolutionary study of the formation of a security group within the Baltic-Black Sea Union. The content of this study, scientific findings, conclusion and recommendations are based on the broad application of the systematic approach to the study of the phenomena. The proposed work is based on a synthesis of existing approaches to understanding the essence of security group BBS. Results research has shown that the idea of forming a regional grouping to form a security system has a long historical retrospective. The idea of forming a regional group that implements the concept of protection of democratic freedoms and rights became relevant in the early 90's and is especially actively implemented with the intensification of hostilities in Ukraine. All this raises the issue of forming the Baltic-Black Sea Union, which could become an outpost of Europe's defense. Practical implications. The formation of a security group is an important task in modern conditions, given the presence of external threats, there is a need for its quality justification and identification of key players and their capabilities. Value/originality. Analysis of the historical retrospective of the formation of regional security education provides a better understanding of the prospects for its operation.","PeriodicalId":34091,"journal":{"name":"Three Seas Economic Journal","volume":"9 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82805362","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":"USE OF NEUROMARKETING TOOLS DURING THE PANDEMIC","authors":"T. Yanchuk, Olga Fedchenko","doi":"10.30525/2661-5150/2022-2-16","DOIUrl":"https://doi.org/10.30525/2661-5150/2022-2-16","url":null,"abstract":"This work determines the current state of research and its results in the field of neuromarketing and artificial intelligence, the attitude and awareness of society to the concepts, results, advantages and disadvantages. It also proposes to form a system of principles for the security of society and opportunities to anticipate and prevent various catastrophic situations. The subject of research is the theoretical, methodological, and practical features of the use of neuromarketing tools during a pandemic. Methodology. Methods such as observation (to collect primary data), questionnaires (to determine the impact of various neuromarketing tools during a pandemic), analysis and synthesis (to substantiate practical recommendations), and graphics (for visual display) were used to solve the tasks set in the paper. Results. The article describes the basic concepts that formed the basis of neuromarketing research. In the paper the main stages of neuromarketing time-tracking are highlighted and described. The article is about the issues related to the special neuromarketing tools that marketers use to obtain relevant results in the course of research. Also, the main reasons for the use of specialized tools were revealed and the indicators, which the researchers will analyze in the formation of conclusions and recommendations for the customers, were determined. An example of the practical application of neuromarketing for the business is proposed. It is established that a well-developed brand, which is effectively used in the activities of a enterprise, can become its special intangible asset. Moreover, it can be the basis for expanding a loyal target audience and a tool to help the company survive the crisis. People want to experience emotions together with the company, to feel unity with its idea. Practical implications. Neuromarketing technologies in the pandemic are gaining popularity and are increasingly being used as a powerful tool to influence the behavior of the target audience. The result neuromarketing reflects the highest stage of development of research and development, the right choice, which makes invisible and gives a sense of interrelation of all parts of the investigated system. Value/originality. It has been proved that neuromarketing is an effective tool for carrying out activities during the pandemic. Practical aspects of the introduction of neuromarketing techniques into the work of enterprises during the pandemic have been proposed.","PeriodicalId":34091,"journal":{"name":"Three Seas Economic Journal","volume":"16 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82598462","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":"EMPLOYEE ENGAGEMENT FRAMEWORK: EMPERICAL EVIDANCE FROM BANKING SECTOR SRI LANKA","authors":"Anuradha Iddagoda, H. Dissanayake, Lakshani Ranasinghe","doi":"10.30525/2661-5150/2022-2-1","DOIUrl":"https://doi.org/10.30525/2661-5150/2022-2-1","url":null,"abstract":"Employee engagement develops positive attitudes towards the organization among employees. According to the researchers' knowledge, no investigation focused on investigating the mediating relationship of employee engagement between high-performance work practices, religiosity, personal character, leadership and work-family life balance, and job performance in the banking sector. Two hundred managers were randomly selected from banks in Sri Lanka and collected data using an online structured questionnaire. The results showed a mediating relationship of employee engagement between high-performance work practices, religiosity, and Job performance. The findings of this study add new knowledge to system theory and are essential for the policymakers and practionnaires to improve job performance in the banking sector. This study explores the relationship between high-performance work practices, religiosity, personal character, leadership and work-family life balance, and job performance and the mediating impact of employee engagement on the relationship between the variables in the banking sector. This study confirms the questionnaire's reliability and validity and adopts a partial least squares modeling method to examine the relationship. Our findings provided empirical evidence for the hypothesized relationships between employee engagement as a mediator between high-performance work practices, religiosity, and job performance. Our research findings have implications for policymakers and banking sector companies. Initially, it is essential to consider by policymakers such as the central bank Security Exchange Commission to introduce policies to improve high-performance work practices to improve job performance through employee engagement. In addition, Bank authorities should consider adopting religiosity and high-performance practices to improve job performance, which is essential to achieving higher organizational performance. The study's findings should be viewed in light of the study's limitations, which could open up a new research direction. Despite its usefulness in establishing the directional relationships among variables, cross-sectional surveying has limitations in drawing causal judgments. Future research can track the mediating relationship of employee engagement between religiousity and high-performance work practices over time using a longitudinal methodology. In addition, future researchers can establish a relationship with other sectors such as manufacturing, hospitality, plantations, etc, to generalize the results.","PeriodicalId":34091,"journal":{"name":"Three Seas Economic Journal","volume":"38 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77372781","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":"TRANSFORMATION OF ECONOMIC POLICY PRIORITIES UNDER COVID-19","authors":"Gia Zoidze, Shota Veshapidze","doi":"10.30525/2661-5150/2022-2-5","DOIUrl":"https://doi.org/10.30525/2661-5150/2022-2-5","url":null,"abstract":"The aim of this paper is to analyze the main challenges of the new paradigm of economics in the context of Covid 19, the economic role of the state and the scale of state intervention in the economy. Economics teaches us that there is a time for budget expansion and a time for budget constraints. There are times when the government has to intervene in the value chain and there are times when it has to leave the markets alone. Sometimes the tax has to be high and sometimes low. Trade in some areas should be more independent and regulated elsewhere. Globalization is one of the primary variables impacting the state's economic condition in the modern world. The most important function of the state in the context of globalization is not only to protect the national economy from external influences (so-called \"external shocks\"), which is virtually impossible today, but also to effectively participate in international economic ties and increase the country's global competitiveness. In this aspect, the contemporary state plays a critical role. In turn, Georgia must construct a \"Georgian model\" of economy that will serve as the \"core\" of an economic model that would attract investment (in the real economy), generate employment, expand exports, and deliver true prosperity to all Georgians. Today is the day when, at the state's initiative, the country's economic priorities are defined and the country's distinctive economic potential is fulfilled. The modern economic crisis, which was triggered by the Covid-pandemic, has demonstrated that a route out of the current predicament is conceivable when the anti-crisis strategy is based on increased government participation in the economy. To accomplish so, the government and the public sector must play a larger role in crisis management. Despite these examples, the economic regulation of the state has always had strategic and tactical significance. For any country, there are and will always be state problems that are either not addressed through the supply-demand mechanism or are associated with negative side effects. Based on the existence of such cases, a set of free market economic measures is being developed through state programming of the economy and the use of regulatory tools. In view of the above, it is necessary to reconsider and reform the role and rights of the state in modern economic relations. The need to establish the state as a factor of progressive development in the economy should be emphasized during the reform. In addition, it should include legislative activities such as – compliance with labor safety conditions, regulation of the minimum wage, resolution of social conflicts, etc.","PeriodicalId":34091,"journal":{"name":"Three Seas Economic Journal","volume":"86 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88517727","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}