The spread of digital innovation in the world began in the 1960s. and the first stage came down to the automation of technologies and processes. The next stage came in the mid-90s. and is associated with the global spread of the Internet and mobile communications, the extensive penetration of innovation into society. The current stage of innovatiоndriven development is characterized by the expansion of Internet access of millions of consumers, the integration of wide range of digital services, products, systems into the digital socio-ecological and economic system. The ongoing revolutionary changes deserve additional understanding and analysis, since they give to many countries such impetus for rapid growth that they change the very paradigm of development, and force them to measure and evaluate the life quality in a new way. In the context of problems covered in this article, it is especially relevant to conduct a causal analysis of digital transformation against the background of global transformations of the world economy.In the process of analyzing innovation as a tool for the development of public production, the authors identified the drivers of digital economy, determined their role at the present stage, and showed their distinctive aspects and features.
It is becoming more difficult for the economy to enter the predicted development trends under conditions of the global systemic crisis, which has become a source of serious problems for countries that are deeply integrated into the world economy. The use of wellknown decision-making mechanisms for a wide range of problems, such as unsustainable consumption and production patterns, poverty and hunger, gender inequality, inequalities between countries and within countries, ecosystem disruption and a number of other equally important problems deserve additional reflection and analysis. In the context of the issues covered in the article, it is especially relevant to analyse the simultaneous impact on the economy of sustainable development mechanisms, based primarily on the objectives of declarative character and practice-oriented economic sanctions. The interrelation of diametrically opposed instruments of global influence that regulate the "scale" of the modern world economy in an attempt to improve its stability is described in the article. Economic sanctions and instruments of sustainable development, methods of corporate management, direct the modern international institutional mechanism to ensure the stability of economic development and sustainable economic growth. In this regard, the application of both sanctions and mechanisms for sustainable development is getting more and more justified. The authors conducted a systematic analysis of corporate economics and principles of sustainable development against the impact of sanctions; identified the problems of sustainable development caused by the introduction of sanctions that make it difficult to achieve the sustainable development goals in the longer term. Possible ways to solve the identified problems are suggested. We studied the "sanctionsliving standard, life quality" relation for the BRICS countries in the period of sanctions against Russia and China. We proposed possible solutions for the problems identified.
Future of the global economy depends more and more on possibilities and restrictions of innovative development. In the classical interpretation economic development is limited by non-renewable nature of a significant part of the natural resource potential and assimilation abilities of the environment. In opposition, it’s safe to say that the impact of innovative-technological factors, based on scientific, educational and information revolutions, powered by the synergic effect of the partnership of civilizations, is rising. The aggravation of this global contradiction forces countries, regions and enterprises around the world to look for additional ways to increase competitiveness and efficiency. One of the possible ways to solve this problem is the development of cluster policy – both on the part of the state and on the part of business, large multinational companies. The article analyzes the possibility of formation of technology of innovative development of the region through the competent implementation of cluster policy. The authors conducted a systematic analysis of the effects of clustering (localization), concentrated in the field of high-tech industries, identified problems of their development, including those in the context of globalization.
Research background: The basis of the long-term sustainable movement of society forward is the paradigm of economic development as a set of scientific achievements, which for a certain period of time are recognized as the basis for the development of scientific and practical activities of the society. The paradigm of market relations is increasingly unable to solve vital problems for society and the economy, such as growing social stratification of the population, an increase in anthropogenic pollution of the biosphere, disruption of the normal functioning of ecosystems and a number of other equally important problems on a global scale. Purpose of the article: The goal set by the authors is to conduct a study of the sustainability of the modern paradigm of economic development in the face of global challenges. Methods: The authors carried out a systematic analysis of economic development in the face of global challenges. A new look at the relationship “global challenges - global actions” is proposed. Findings & Value added: The article presents the author’s view on the manifestations of the crisis of the modern development paradigm, based on the correlation of global challenges and global actions.
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