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Economic problems of the system of education were the object of interest of classics of economic science – A. Smith and A. Marshall – who viewed education as a source of public capital, and acquired skills and competences – as a part of national wealth. These ideas were further developed in the theory of human capital by T. Schultz, G.S. Becker, G. Psacharopoulos, P. Teixeira, and R. Solow. At that, specifics of modernization economic processes in the sphere of education, peculiarities of modern functional and financial state require conceptual consideration and provision of development of working mechanism of effectiveness of spending assets of endowment funds. The purpose of this paper is to determine the mechanism of effectiveness of spending assets of endowment funds on the basis of mathematical models.

The paper offers a mechanism of determination of effectiveness of spending of endowment funds.

Effectiveness of an endowment fund’s effectiveness depends on the results of fund-raising activities, supporting relations with donators, and financing of targeted programs and directions of activities. This information is key information during the determination of results of endowment fund’s activities for current and potential donators. That is why it should provide reports in the order of formation of endowment, received revenue from trust management, and direction of usage of revenues from endowment, for which a donator has given his assets, on a regular basis.

In the modern system of higher education, the issue of search for new sources of financing for the purpose of improvement of quality of education and educational process, growth of wages of academic staff, attraction of foreign lecturers and specialists with practical experience of work from various spheres of production, and increase of stipends of the best students remains actual. The paper offers a mechanism of determination of effectiveness of spending of endowment funds.

This study aims to investigate the recent changes in the strategies of international hotel chains in the Russian market, as well as their role in the sustainable development of small and medium towns as prospective local tourism destinations.

General observation of the local environment, statistical analysis and a qualitative approach were used to reveal current developments in international hotel chains’ strategy in Russia, and new opportunities for a number of small towns to be embedded in the development of the Russian tourism market. The current scenarios were examined using the available secondary data, including federal statistics and relevant empirical studies, as well as case studies and personal interviews with industry experts that allowed access to respondents’ opinions and market knowledge.

In recent years, investment in the Russian regions has become more attractive for international hotel chains. Findings of the study add to the literature on emerging markets by presenting an overview of the main challenges facing international hotel chains in the Russian market and by stressing the facilitating effect of foreign hotel chains’ upon tourism infrastructure development in small and medium towns in Russian regions. The statistics presented, as well as key opinions of hoteliers and local authorities, contribute to an understanding of the strategies used by international hotel operators in emerging economies with reference to new evidence from Russia.

The main output of this study is that it yields a better understanding of the strategic movement of international hotel chains into the Russian regions and new opportunities to develop tourism infrastructure in small and medium cities situated in Russian regions as prospective tourism destinations.

This paper aims to analyze developments in the Russian hospitality sector and present the results of qualitative research conducted at the Faculty of Economics, Lomonosov Moscow State University, in 2014-2015.

This paper offers a general observation of the local environment and comparative analysis, and statistical analysis and content analysis are used to shed light on current developments in the Russian hospitality market. The issues are examined using the available secondary data, including relevant empirical studies and feedback from hoteliers and hotel guests. A case study method is applied to reveal the challenges facing hotel chains in Russia and to propose the most effective directions for hotels to provide services that meet world standards and customer expectations.

In recent years, there has been a major growth in the hospitality sector in Russia. This paper confirms and explains the long-term attractiveness of the Russian market. Hotel chain development is one of the most promising directions for both international and Russian hotel brands. The growing role of the internet as a distribution channel is underlined, as well as long-term relationships, positive experience and positive emotions, as a way to gain loyal clients.

The current study adds to the literature on emerging markets by presenting an overview of the main trends, challenges and factors for success in the Russian hospitality market.

This study aims to profile the Worldwide Hospitality and Tourism Themes (WHATT) issue “What are the main trends, challenges and success factors in the Russian hospitality and tourism market in the experience economy era?” with reference to the experiences of the theme editors, contributors from industry and academia and the theme issue outcomes.

This study uses structured questions to enable the theme editors to reflect on the rationale for their theme issue question, the starting point, the selection of the writing team and material and the editorial process.

This study provides a framework to facilitate discussion between all stakeholders in Russia’s tourism and hospitality industry; it identifies ways of improving competitiveness as a tourist destination and contributes to thinking about sustainable development.

Reports on dialogue between Russian academics and industry practitioners related to the challenges, opportunities and success factors that are important for the development of the tourism and hospitality industry in Russia.

This is the first detailed assessment of the opportunities and mechanisms for creating memorable tourist experiences in Russia. The theme issue also identifies the main problems relating to the development of tourism and hospitality, the implications for industry and the solutions needed to address them.

This paper aims to profile the WHATT theme issue “Why is the Russian tourism and hospitality market becoming more diverse with new destinations?” with reference to the experiences of the theme editor and writing team.

This paper uses structured questions to enable the theme editor to reflect on the rationale for the theme issue question, the starting-point, the selection of the writing team and material and the editorial process.

This paper provides a framework to facilitate discussion between all stakeholders in Russia’s tourism and hospitality industry, identifies ways of improving competitiveness as a tourist destination and contributes to thinking about sustainable development. The outcomes of a broad-ranging collaboration yield fresh insights, a deeper understanding of the issues and an array of possible responses to the theme issue question.

The theme issue outcomes provide lines of enquiry for others to explore and reinforce the value of WHATT’s approach to collaborative working and writing.

The collaborative work reported in this theme issue offers a unified but contrarian response to the theme’s strategic question. Taken together, the collection of articles provides a detailed picture of the changes occurring in the Russian tourism and hospitality market.

Purpose: The purpose of the chapter is to study the process of evolution of modern business systems, to distinguish its main stages, and to determine the peculiarities of the modern stage of this process. For compiling a fuller dynamic model of evolution of modern business systems, this research is performed by the example of modern Russia – which is one of the most vivid representatives of countries with transitional (forming) economy and which is thus peculiar for very intensive transformation processes in business as compared to the countries that implement the concept of market economy.

Methodology: The methodology of the research is based on the method of logical analysis (analysis of causal connections) and the method of comparative historical analysis, with the help of which regularities of development of modern business systems are distinguished and stages of their evolution are determined. The method of formalization is used for graphic presentation of genesis of modern business systems.

Conclusions: As a result, four stages of evolution of modern business systems are distinguished: paternalism (1991–1997), commercialization (1998–2007), balancing (2008–2017), and technologization (since 2018). Each of the distinguished stages has its peculiarities, and the following regularities and tendencies of development of modern business systems are observed in the process of their evolution: increase of competition in business environment, increase of regulation of business from the state and society, and growth of size of business systems, which leads to complication of their structure, with increase of flexibility of business culture. Sufficiency of adaptation means with modern business systems is substantiated.

Originality/value: The determined outlines of the current stage of evolution of modern business systems allow compiling two following forecast scenarios of their further development, oriented at the period until 2025: scenario of well-balanced development of modern business systems and scenario of increase of disproportions in development of modern business systems. Implementation of these scenarios is possible in any socioeconomic system. Depending on strategic goals and priorities, each system may select the most optimal scenario and conduct the corresponding management of development of modern business systems.

Purpose: The purpose of the work is to determine the basic principles of functioning and development of modern business systems.

Methodology: The author uses the method of logical analysis (analysis of causal connections), the method of systematization, and the method of formalization.

Conclusions: The basic principles of functioning of a modern business system are determined: uniqueness, marketing activity, effectiveness, openness, and flexibility. They form under the influence of such factors of the business environment as competition, marketing relations, deficit of resources, globalization, and innovational economy. Only under the condition of observation of all these principles, a business system can achieve and preserve competitiveness and function and development in the business environment. A system of basic principles of functioning and development of a modern business system, which form under the influence of the above factors of the business systems, and results of observation of these principles are shown.

Originality/value: Peculiarities of making of managerial decisions in modern business systems, predetermined by observation of the basic principles, are shown: constant monitoring of external environment for determining new possibilities and actual problems and determining the need for managerial decisions; founding on materials of marketing research, conduct of marketing communications for informing and supporting loyalty of interested parties in the process of implementation of decisions; and striving for increasing or at least preserving the uniqueness and effectiveness of business system during decision making (criterion of optimality of decisions).