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The purpose of the paper is to develop the scientific and methodological provision for measuring and managing the social effectiveness of the market economy and its approbation.

With foundation on the classical idea of effectiveness as a ratio of results to costs, and with acknowledgment of incompatibility and inequality of the elements of social effectiveness and the necessity of their ranking, the authors' formula for its evaluation is presented, and the methodology of its application is offered.

It is substantiated that the economic component of effectiveness of the market economy might have no connection with its social component, moreover, these two components could enter a vivid contradiction. This contradiction is especially vivid in countries with developed market economy. As the example of the USA shows despite the high global economy its market economy shows average statistical social effectiveness. While the experience of Russia shows that even with moderate global competitiveness of the market economy, it is possible to achieve its high social effectiveness. Advantages are achieved due to other social effects – active development of human potential and using the opportunities of the digital economy for social purposes. Social effectiveness of the Russian economy is assessed at 1.602.

The determined differences in the level of social effectiveness of developed and developing market economy predetermined the necessity for applying different measures to manage this effectiveness. A cyclic algorithm for managing the social effectiveness of developed and developing markets has been developed from the examples of the USA and Russia in 2019. It shows that perspectives of increasing the social effectiveness of certain market economies and leveling the disproportions of social effectiveness in the modern global economic system are connected to change of the measures of management with results and costs and for avoiding their mutual neutralization, the authors offer scientific and practical recommendations.

The chapter presents a mechanism of innovational development of cluster of the hospitality industry in the system of region's economic security, which formation takes place in the conditions of complex turbulent state of economy, which leads to crises of various scales and volumes. Cluster is treated as a platform that unifies efforts and partnership interactions between large, medium, and small business and synthesizes expectations of consumers on the basis of territorial concentration of readiness to care about a customer in the form of provision of the need: (1) selection and readiness of consumer to accept a specific complex service of the hospitality industry (with tourist service complexes); (2) movement (with transport complex); (3) accommodation (with hotel complex), (4) readiness for catering (with catering complex); (5) entertainment (with participation of complex of entertainment); (6) security (with security complex). The process of clustering leads to a new treatment of the notion of competition, development of capabilities to be a business partner, and finding advantages in generation of innovations together with intermediaries and neighbors.

The chapter studies the problems of formation of regional mechanisms of modernization and development of infrastructure of regions and the country, which are determined by complexity of attracting private capital in financing of infrastructure, which is limited by a long return period and the level of profitability of projects. The mechanism of public–private partnership is offered, which allows leveling high risks of implementation of infrastructural projects under guidance of the state. Also, the methodology of foresight control is studied, which is the last stage of modernization and development of infrastructure of regions and the country, as innovational tools of forecasting the future, which is aimed at leveling the risks, allows determining and neutralizing the danger of nontarget usage of invested financial resources, and seeing the threats to internal environment and external environment.