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No 9 (2025)
THEORETICAL ECONOMICS
Luxury consumption in the 21st century: growth drivers, risk factors, and sustainable development strategies
Abstract
This research is devoted to the analysis of key determinants affecting the dynamics of the global luxury goods market. The article examines the correlation between the sales of luxury goods in 20 countries and a number of socio-economic factors. The results of the analysis indicate that economic growth, although it contributes to an increase in demand for luxury, is not its main driver; political instability, in general, has a negative impact on luxury consumption, with the exception of countries with developed shadow economies. Contrary to expectations, the luxury market demonstrates resistance to inflation and a relatively weak reaction to the devaluation of national currencies. Based on the results obtained, practical recommendations for businesses aimed at marketing personalization, the development of e-commerce and beauty blogs are formulated. Some measures are proposed to regulators, including progressive taxation of “demonstrative” luxury, support for local craft industries, and restrictions against offshoring and “pseudo-luxury”.
Society and Economics. 2025;(9):5-18
5-18
MANAGEMENT
Contractual relations and the development of the institution of a qualified customer
Abstract
In the current socio-economic context and in the long term, the development of the Russian economy and the transformation of the institutions of state governance are impossible without building a new model of relations between government, business and society based on contractual partnerships. In turn, improving the quality of economic management requires, on the one hand, a reorientation of public administration to more flexible contractual regulatory mechanisms, and, on the other, an increase in the effectiveness of the state as a contractual entity. The article examines a range of issues related to the theory of contractualization and the conceptual framework related to contractual relations and the contract system from an institutional perspective. The process of forming the institution of a qualified customer as an integral part of the modern contract system is also being investigated.
Society and Economics. 2025;(9):19-29
19-29
Methodological approach to implementing visual knowledge management models in a consulting company
Abstract
In order to remain competitive in the market and have the ability to form offers to clients, modern consulting companies need to reduce the costs of all types of resources for making management decisions and for storing and transmitting information. However, in the process of implementing new digital solutions, increasing intellectual capital and developing knowledge management tools, consulting companies face numerous problems. The diagrams presented in this work illustrate the knowledge system of a consulting company. The developed methodological approach can be adapted and scaled to a specific department, a particular managerial task, or the entire organization — regardless of the level of generalization. The study’s results provide consolidated insights into the knowledge management system of a consulting company, while adhering to confidentiality requirements.
Society and Economics. 2025;(9):30-46
30-46
FINANCIAL POLICY
Current Trends in the Management of Cash Holdings in Russian Public Companies in the Context of the Precautionary Motive
Abstract
The author examines the specifics of asset management by Russian public companies in the context of financial constraints. Financial flexibility and liquidity of shares (their attractiveness) allow adjusting the capital structure. When access to debt capital markets is limited, financial flexibility is an indicator reflecting corporate policy in the field of financing business activities. Deviation from the target debt level requires subsequent adjustment of the capital structure to bring it closer to the optimal value. Liquidity of shares is a signal for investors and is determined by the value of the organization’s assets. High liquidity of shares makes it possible to create a monetary reserve for maintaining financial stability (solvency). Net capital (net worth) characterizes the state of internal reserves of the organization for maintaining its stable position; it is a factor determining the choice of financing option. Guided by a precautionary motive, Russian public companies save part of the monetary resources for their subsequent use as an investment component. The tight monetary policy of the Bank of Russia forces organizations to reduce their activity, abandoning investment projects. In the article, regression model is implemented based on the application of the Generalized Method of Moments (the Arellano-Bond dynamic panel-data estimation procedure) to assess the management of monetary assets. The presented specification allows us to solve the problem of endogeneity (correlation of explanatory variables with an error in the model).
Society and Economics. 2025;(9):48-57
48-57
REGIONAL DEVELOPMENT
Investment Climate in the Region: A Comprehensive Approach to Analysis and Assessment
Abstract
The article proposes a methodology for an analysis and comprehensive assessment of the investment climate in the region based on the identification and study of indirect and direct characteristics of this complex and multifaceted economic phenomenon. A comprehensive approach to assessment is ensured by both the use of a wide range of data sources and the consideration of a whole range of factors that determine the investment potential and investment risk in the economy of a particular region. The analysis of an expanded range of influencing factors enhances the objectivity of the investment climate assessment. Based on the results of the analysis, recommendations are given to improve the investment climate in the Tver region. The practical significance of the proposed methodology lies in increasing the objectivity of the investment climate assessment as a precondition for making effective decisions in the field of investment policy in the region.
Society and Economics. 2025;(9):58-72
58-72
WORLD ECONOMY
Private higher education in China: evolution, role, and prospects
Abstract
The article presents the author’s analysis of key trends, prospects, and problems in the development of private higher education (PHE) in China, in the context of the state strategy of turning the country into a world leader in the field of education. Having revived in the 1980s after a long break and having received legislative formalization, the PHE sector has been rapidly developing thanks to consistent state support (subsidies, benefits, reduction of administrative barriers). By 2024, private universities accounted for more than a quarter of all higher education institutions, enrolling about 9.94 million people and significantly expanding the availability of higher education. Their competitive advantages - management flexibility, the ability to quickly respond to labor market demands, and a focus on practical specialties - contribute to improving the quality of personnel training. PHE is financed mainly through tuition fees and private investment, including the active participation of large corporations creating research universities to support technological sovereignty. The latest trend is internationalization, attracting foreign students and partnerships. Despite impressive growth and optimistic forecasts, the sector faces challenges such as shortages and high turnover of skilled personnel, limited research funding, competition, and the need to adapt to demographic shifts. The successful future of private higher education and its contribution to achieving government goals depends on addressing these challenges through revenue diversification, cooperating with businesses, and further adjustment of regulatory policies.
Society and Economics. 2025;(9):73-87
73-87