TERRA ECONOMICUS, Vol. 23, No 4

p. 6-20
DOI: 10.18522/2073-6606-2025-23-4-6-20

Citation: Kirdina-Chandler S.G. (2025). Socialization of investments as a driver of economic development: The case of the People’s Republic of China. Terra Economicus 23(4), 6–20 (in Russian). DOI: 10.18522/2073-6606-2025-23-4-6-20

“Economic development” is increasingly gaining priority over “economic growth” in both theory and practice. Economic development assumes a broader and more qualitative improvement in economic and social conditions, while economic growth is primarily focused on quantitative increases in GDP and income. Therefore, economic development is becoming a more comprehensive and sustainable goal. This paper summarizes the results of a comparison of the theoretical concept of “economic growth”, which is considered part of the orthodox school of neoclassical economic theory, and “development economics”, which is part of the heterodox school of economic research. I analyze the phenomenon of socialization of investment in China and show the practical application of “development economics” approaches. In China, the socialization of investment is essentially linked with the leading role of the state in organizing the external and internal flows of funds used for investments aimed at improving economic performance and increasing the well-being of the population. The paper presents the main institutions of socialization of investment, demonstrating that they are constantly evolving and becoming more complex in response to internal and external challenges. It is concluded that the socialization of investment provides a practical illustration of how modern China, where X-matrix institutions historically dominate, has achieved a balance between dominant redistributive economic X-institutions and complementary market economic Y-institutions that ensures sustainable economic development. The paper also substantiates the feasibility of applying the Chinese experience to Russia, where X-matrix institutions also historically dominate.

TERRA ECONOMICUS, Vol. 23, No 4

p. 21-36
DOI: 10.18522/2073-6606-2025-23-4-21-36

Citation: Borovskaya M.A., Tarasenko L.V., Dikaya L.A., Kirik V.A. (2025). Future skills: What competencies shape the specialists of a new generation. Terra Economicus 23(4), 21–36 (in Russian). DOI: 10.18522/2073-6606-2025-23-4-21-36

Acknowledgment: The work was carried out with the financial support of the Development Program of the Academy of Psychology and Pedagogy of the Southern Federal University (VnGr/24-02-PP).

In a rapidly changing world where knowledge economy and digital transformation dictate new rules, human capital is coming to the fore as a strategic resource for development. This article is not just an academic study. It is an intelligent navigator in the space of the future, where outdated work models are replaced by flexible, interdisciplinary competencies, and professional success is linked with the ability to think critically, act under uncertainty and continuously develop. The goal of our research is to create a scientifically based, systematic taxonomy of future skills — key competencies that will help professionals not only adapt to the challenges of new reality but also become active architects. Based on a systematic review of 75 domestic and international scientific sources from 2015 to 2025, we identified 19 skill clusters grouped into three interconnected dimensions: cognitive, non-cognitive (social-emotional), and metacognitive. The focus is not just on knowledge and skills, but on the ability to self-organize, communicate, lead, be creative, and think ethically. The novelty of the work lies in the development of an interdisciplinary analysis methodology that integrates economic, sociological, and psychological approaches. The results obtained have broad practical significance, ranging from the design of new-generation educational programs to the creation of tools for assessing and developing human capital in the context of continuous transformations. The proposed taxonomy not only responds to the challenges of the time but also serves as a foundation for new educational and managerial culture – a culture of the future where every person can unlock his / her potential and become a driver of innovation and sustainable development.

TERRA ECONOMICUS, Vol. 23, No 4

p. 37-49
DOI: 10.18522/2073-6606-2025-23-4-37-49

Citation: Rozhdestvenskaia E.M., Malanina V.A., Krakovetskaya I.V., Pаntiouk I.V. (2025). Motivational and behavioral factors in the sustainable consumption practices among students. Terra Economicus 23(4), 37–49 (in Russian). DOI: 10.18522/2073-6606-2025-23-4-37-49

Acknowledgment: The study was carried out with the support of the Development Program of the National Research Tomsk State University (Priority-2030).

The theoretical foundations of sustainable consumption are a subject of ongoing debate. The aim of this study was to identify the factors influencing the development of sustainable consumption practices. Using correlation and regression analysis, we sought to gain a scientific understanding of the variables that influence the development of cultural practices of sustainable consumption among students of different universities. The study is based on the results of a survey of 183 young respondents aged 18-23 and 66 participants aged over 24. The survey participants were students from St. Petersburg, Minsk, Kaliningrad, Krasnoyarsk, Tomsk, Novosibirsk, and Yekaterinburg. The questionnaire consisted of three domains, which formed subindices of sustainable consumption practices (1) consumption of environmentally friendly products (2) motives for environmentally friendly behavior (3 the engagement in sustainable consumption. The average score for each of the sustainable consumption subindices was 11 out of a maximum of 20, and the average value of the integrated sustainable consumption index was 30 out of 60 points. The results showed that 24.6% of respondents’ engagement in sustainable practices can be explained by the consumption of environmentally friendly products and motives for green behavior. The hypothesis that age and gender influence pro-environmental consumer behavior was not confirmed. Awareness of the importance of pro-environmental behavior does not always translate into actions: the subindex for engagement in sustainable practices averaged 7 out of 20 points, while the subindex for motives for green consumption averaged 12 out of 20 points. High levels of motivation are not accompanied by concrete actions in resource conservation, waste sorting and recycling, and other sustainable practices.

TERRA ECONOMICUS, Vol. 23, No 4

p. 50-67
DOI: 10.18522/2073-6606-2025-23-4-50-67

Citation: Bagirova A.P., Klyuev A.K., Kozitsyna T.S. (2025). Real and imaginary strategies for overcoming poverty: Approaches to measurement and evaluation. Terra Economicus 23(4), 50–67 (in Russian). DOI: 10.18522/2073-6606-2025-23-4-50-67

Acknowledgment: This work is supported by the Russian Science Foundation, grant № 25-28-01542, https://rscf.ru/project/25-28-01542/.

The article presents an approach to analyzing opportunities for reducing poverty in Russian regions. We rely on the theoretical framework of behavioral economics, which implies behavioral factors, as well as the influence of the social environment, emotions, and cognitive abilities in overcoming poverty. The research aims at developing an approach to assessing the reality of intentions to overcome poverty and clustering the poor based on this behavioral indicator. The empirical data were collected through: (1) a survey conducted in June 2023 among working-age population with incomes below the subsistence minimum in the Sverdlovsk Region of Russia (N=1700 respondents), and (2) an expert survey carried out in 2025 involving specialists whose duties include work with the population living below the poverty line (N=25 experts). The design of the study involved calculating indices of intentionality regarding various strategies for exiting material hardship using two types of data, followed by further clustering respondents according to these index values. Three clusters of respondents were identified, differing in combinations of strategies they intend to use to improve their financial situation (specific active or passive strategy types) and a set of behavioral indicators reflecting levels of agency, inclination towards risks, hyperbolic discounting, and trust in institutions. The resulting clusters formed according to the criterion of the reality of intentions to overcome poverty using certain sets of strategies represent a new typology of an important group within Russian society characterized by a behavioral indicator that reflects motivation, perceived accessibility of mechanisms for escaping poverty, and subjective readiness of the impoverished to utilize them.

TERRA ECONOMICUS, Vol. 23, No 4

p. 68-85
DOI: 10.18522/2073-6606-2025-23-4-68-85

Citation: Bakaykina A.V. (2025). Loan vs subsidy: Comparing the effects of SMEs’ regional support during macroeconomic shocks. Terra Economicus 23(4), 68–85 (in Russian). DOI: 10.18522/20736606-2025-23-4-68-85

Drawing on the causal inference framework, this paper examines the comparative effectiveness of repayable (concessional loans, loan guarantees) versus non-repayable (grants, subsidies) government support instruments for industrial small and medium-sized enterprises (SMEs) in Russia over 2020–2023. The empirical analysis relies on administrative records on regional financial assistance provided through development institutions and executive authorities. The paper’s contribution is twofold. First, the control group is constructed from recipients of alternative support instruments (e.g., for loans/guarantees – the counterparts are subsidies/grants), which allows different measures of support to be treated as functionally equivalent policy levers from the government’s perspective. Second, a two-stage procedure – combining Coarsened Exact Matching with Propensity Score Matching – is employed to form a high-quality quasi-experimental sample. Regression results indicate that, on average, repayable instruments are associated with higher SME revenue growth than the provision of subsidies and grants. This implies that the activities of development institutions contributed more to SME growth than support delivered by executive authorities. However, this advantage largely disappears when employment dynamics are used as the outcome. Limited access to credit remains a significant barrier to SME development: firms in financially constrained regions exhibit slower revenue growth regardless of the instrument used, while concessional lending and guarantee programs can mitigate regional disparities by fostering additional growth in both business activity and headcount.

TERRA ECONOMICUS, Vol. 23, No 4

p. 86-102
DOI: 10.18522/2073-6606-2025-23-4-86-102

Citation: Badykova I.R. (2025). Divergence of price determinants in the Russian housing market: A SHAP analysis of primary and secondary segments. Terra Economicus 23(4), 86–102 (in Russian). DOI: 10.18522/2073-6606-2025-23-4-86-102

The relevance of this study stems from the heightened volatility of Russia’s housing market, exacerbated by the Central Bank’s benchmark interest rate hikes, pronounced regional heterogeneity, and insufficient examination of non-linear interactions among price determinants under institutional constraints. The research aims to identify and analyze key factors shaping price dynamics across primary and secondary housing market segments in Russian regions, accounting for their interrelationships and temporal and spatial specificities. I test hypotheses concerning fundamental divergences in the structure of factors, the asymmetric impact of crisis shocks, and the significance of latent institutional and regional effects. Empirically, the study employs panel data from 79 Russian federal subjects (2013–2023, 869 observations), analysed through an integrated methodology combining machine learning techniques with SHAP (SHapley Additive exPlanations) analysis to interpret complex non-linear dependencies. Results confirm the hypotheses: primary markets are dominated by minimum subsistence levels, oil prices, and household debt burdens, whereas secondary markets respond to population size and household incomes. The 2014 and 2022 crises induced extreme price surges in the primary segment. Negligible contributions from standard variables in Moscow and St. Petersburg indicate an ‘institutional premium’ for transactional opacity. The scientific novelty lies in pioneering the quantification of factor interactions for Russia and evidencing systemic pricing distortions (‘capital cities paradox’). Conclusions advocate for differentiated regulatory approaches that account for the identified market segment divergence. The market’s core specificity is price formation under dual pressures from economic fundamentals and institutional frictions.

TERRA ECONOMICUS, Vol. 23, No 4

p. 103-118
DOI: 10.18522/2073-6606-2025-23-4-103-118

Citation: Kurbatova M.V. (2025). How companies in the timber industry are entering a «new era» of social responsibility. Terra Economicus 23(4), 103–118 (in Russian). DOI: 10.18522/2073-66062025-23-4-103-118

Acknowledgment: The research was supported by the grant of the Russian Science Foundation, project № 25-18-20080, https://rscf.ru/en/project/25-18-20080/, grant of the Krasnoyarsk Regional Science Foundation.

The issue of corporate social responsibility has been a significant topic in economic literature for several decades. A new wave of interest is associated with the involvement of businesses in sustainable development goals implementation and integration with the ESG agenda. This study takes an economic approach: social responsibility is viewed as a discrete structural alternative to the internalization of externalities, related to the reimbursement of full social costs by firms. We analyzed the social responsibility practices of leading Russian companies in the timber industry. We considered its most important aspect – businesses’ participation in solving the socio-economic problems of the regions where they operate. Companiesʼ annual reports and sustainability reports provide the empirics for the study. The main research question is whether change in corporate rhetoric and reporting signify a transition to a “new era” that implies a shift in the relationships between business, government and local communities toward territorial development. Otherwise, the new form is hiding the old content. We identify interrelated groups of factors that determine social responsibility of timber companies: (1) industry-specific; (2) territorial; (3) size and structure of ownership; (4) the features of relations with authorities. The paper shows that in the “new era” companies are acting in traditional areas of regional support. The reporting standards being introduced make the submission of relevant information more formalized and standardized. Thus, various activities are misrepresented as a part of social responsibility programs. This misrepresentation includes both company’s investment in its own assets (production infrastructure, human capital) and the positive external effects of its activities on local population. Only some of these activities can be interpreted in terms of internalizing external effects, i.e. compensating not only private costs but also social costs.

TERRA ECONOMICUS, Vol. 23, No 4

p. 119-134
DOI: 10.18522/2073-6606-2025-23-4-119-134

Citation: Epifanova N.S. (2025). Fragmentation of global economy driven by interests in international trade. Terra Economicus 23(4), 119–134 (in Russian). DOI: 10.18522/2073-6606-2025-23-4-119-134

The article deals with trade agreements in the context of modern economic integration and fragmentation. In the 21st century, regional economic integration has reached a fundamentally new level: mega-regional trade blocs are emerging, driven by economic, military and political reasons. The study attempts to chronologically reconstruct the processes of regional economic integration within the framework of mega-regional trade agreements in the 21st century. The article identifies key trends, as well as the reasons for the formation and subsequent reformatting of various trade blocs. It demonstrates that the formation of a mega-regional agreement does not necessarily have an economic basis. The author also identifies the specific features of contemporary integration processes, in which the civilizational vector of development of different states is beginning to gain importance. Even for trade purposes, states are united based on shared values, a common history, and common interests. Thus, a framework for a new multipolar world could emerge. The limitations of neoclassical economics when studying regional economic integration are demonstrated. The results obtained through modeling based on panel data confirm that economic reasons (liberalization of foreign trade, the removal of barriers to the international movement of production factors, etc.) are no longer a sufficient factor for regional integration on their own. In the 21st century, regional integration is taking on significantly more complex forms, which could pose a challenge both for Russian civilization and for humanity as a whole.

TERRA ECONOMICUS, Vol. 23, No 4

p. 135-150
DOI: 10.18522/2073-6606-2025-23-4-135-150

Citation: Tretyakova O.V. (2025). Russian economic journals in the new paradigm of research evaluation. Terra Economicus 23(4), 135–150 (in Russian). DOI: 10.18522/2073-6606-2025-23-4135-150

The paper addresses the formation of new institutional mechanisms for evaluating research performance in Russia, based on models that are independent of global index metrics and designed to encompass a wide range of national academic publications. The study analyzes more than 300 Russian economic journals included in the Unified State List of Scientific Publications. It describes the distribution of journals indexed in international databases and classified under various categories of the Higher Attestation Commission (VAK) List according to the levels of the Unified State List of Scientific Publications. The findings allow for an evaluation of the position of journals whose publications are recognized within the national research certification system in the new “White List” of scientific periodicals. The analysis demonstrates that, within the changed evaluation paradigm, internationally recognized journals maintain a high status while the significance of leading national journals increases. We conclude that the implementation of this model may help restore the balance between contributing to global science and safeguarding national interests. The study also identifies limitations hindering the integration of the new list into the national research performance evaluation system, primarily due to the inclusion of journals that fail to meet academic quality standards and publication ethics. A set of criteria for expert journal assessment is proposed, which could address these shortcomings. The conclusions are relevant to the discussion on selecting optimal evaluation criteria for academic journals and advancing the national system of scholarly periodicals in Russia.