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This paper aims to solve the problem of reduction of disproportions of the global economy and overcoming the underrun of Asian countries from Europe. The author offers a hypothesis that the reason of such underrun is the existence of “underdevelopment whirlpools” in Asian countries. The purpose of this paper is to verify this hypothesis and to determine problems and perspectives of economic growth in Asian countries.

As tools for verification of this hypothesis, the author uses the methodology of analysis of “underdevelopment whirlpools”, aimed at the determination of problems and perspectives of economic growth in countries of Asia; methodology of strengths, weaknesses, opportunities, threats (SWOT) analysis for determination of key factors of economic growth in countries of Asia; instrumentarium of theory of games for the evaluation of effectiveness of the use of various strategies of economic development of Asian countries.

As a result of the research, the author proves the offered hypothesis and offers – as a solution to the problem of the existence of “underdevelopment whirlpools” in Asian countries – the use of new models of economic development in view of specifics of Asian countries, aimed at transition to new quality of economic growth.

A certain limitation of the conducted research is primarily theoretical substantiation of the necessity for overcoming the “underdevelopment whirlpools” in Asian countries and framework character of the offered recommendations. Therefore, during further research in this sphere, it is expedient to focus the efforts on the development of the system of practical measures for achievement of this purpose.

Practical significance of the author’s conclusions and recommendations consists in the possibility for their use during the development of state economic policy in Asian countries in the interests of overcoming the “underdevelopment whirlpools” and transition to the new quality of economic growth.

At the time of preparation of this paper, the concept “underdevelopment whirlpool” is rather new, and application of methodology of their calculation by the example of Asian countries in the context of analysis of problems and perspectives of economic grows constitutes the basis for originality, scientific value and novelty of the performed research.

The purpose of this paper is to determine the role of innovations in provision of competitiveness and innovational development of economy and overcoming of “underdevelopment whirlpools” in Russia and countries of Eastern Europe with the help of a special proprietary methodology.

The authors substantiate the concept and methodology of calculation of “underdevelopment whirlpools”, perform the analysis of development of “underdevelopment whirlpools” in Russia and countries of Eastern Europe and evaluate the influence of “underdevelopment whirlpools” on competitiveness of these countries’ economy.

The authors determine the perspectives of overcoming the “underdevelopment whirlpools” in Russia and countries of Eastern Europe and increasing their competitiveness with the help of innovation and develops practical recommendations for creation of innovational economy for the purpose of provision of high competitiveness and overcoming of “underdevelopment whirlpools” in Russia and countries of Eastern Europe and overcoming of strong and growing differentiation of the level of socio-economic development of their sub-systems.

Creation of innovational economy in Russia and countries of Eastern Europe is hindered by multiple obstacles (socio-economic and institutional), the success of overcoming of which determines the realization of a certain scenario of development of events.

The main conclusion is that creation of innovational economy can and should become a new vector of economic growth in Russia and countries of Eastern Europe and overcoming of strong and growing differentiation of the level of socio-economic development of their sub-systems.

The purpose of this paper is to determine the perspectives and to adapt the analysis of “underdevelopment whirlpools” to the current needs of state management of digital modernization of the regional market of educational services in the aspect of determination and assessment of its disproportions as a tool of managing the regional market of education and managing the process of reorganization of regional universities in the conditions of transition to Industry 4.0.

Analysis of “underdevelopment whirlpools”, adapted by the authors to the specifics of the regional market of educational services, is used. The statistical basis for this paper includes the information and analytical materials as a result of monitoring the effectiveness of activities of educational organizations of higher education and the materials of the Federal State Statistics Service of the Russian Federation.

“Underdevelopment whirlpools” of the Kirov branch of St. Petersburg University of the Humanities and Social Sciences are analyzed, and reorganization of this university is recommended. “Underdevelopment whirlpools” in Kirov Oblast are analyzed, and an increase of regulation of this market is recommended.

It is substantiated that the method of analysis of “underdevelopment whirlpools” could be a tool of managing the regional educational market and managing the process of reorganization of regional universities in the conditions of transition to Industry 4.0. The advantage of analysis of “underdevelopment whirlpools”, as compared to the existing similar methods of assessment of disproportions in the development of the regional market of educational services (e.g. comparative analysis and plan-fact analysis), is the possibility not only to evaluate the static underrun from the model/plan but also to study its dynamics (depth and speed of sucking into “underdevelopment whirlpool”), which allows achieving high precision of the results of assessment.

This article aims to contribute to the re-evaluation of the global market system using a Marxist inspired theory of development, dependency.

This article draws on dependency theory as an alternative means of understanding global relationships. Building on existing literature, it modifies dependency to encapsulate technological developments and trends in the global market.

Re-evaluating the global market and the relationships that underpin it, through an alternative theory, highlights the fragility of markets and associated relationships. Increasingly, nation states are becoming irrelevant. This presents a problem as the main actors in the global market today are “above” inter-state relations, yet the organs that regulate their behaviour still are grounded in inter-state rhetoric. The relationship between development and underdevelopment remains.

The financial crisis has propagated a wealth of interest in the relationships between states, between multi-national corporations (MNCs) and between MNCs and state. Using this broad theory of modified dependency, it can be applied to a range of different relationships. In the wake of financial crisis, there is the opportunity to raise awareness of these ingrained issues and initiate discussions at national, regional and international levels to alleviate some of the conditions of dependence.

Regardless of the work of national governments and NGOs to instigate development in lesser-developed regions through policy and regulations, unless there is a conscientious commitment from MNCs operating in that region to contribute to development, the result will be the development of underdevelopment and the underdevelopment of development. CSR can help alleviate the conditions of the dependence on capital generated by MNCs, but this is not a solution to an ingrained problem, capitalism.

This article introduces a modified theory of dependency for the first time. It applies the theory to the financial crisis and to the continent of Africa. It considers the role that CSR can play in alleviating the conditions of dependence.

This paper aims to investigate the relationship between Islam and economic underdevelopment that characterizes many Muslim societies. It examines the Weberian thesis regarding Islam and development, assessing the role of Islamic law, in addition to the concepts of rationality and fatalism.

The paper reviews the major theses regarding the link between Islam and development and makes an attempt at explaining economic underdevelopment by engaging the most prominent arguments in this regard.

Lack of development in most Muslim societies is a multidimensional problem, and it would not help to rely on explanations that are culturally deterministic or sociologically reductionist.

Development requires improvements at various regulatory, economic, educational, and social levels. It also requires a significant transformation in people’s value systems that guide their actions. This requires a process of self-examination, not only looking at exogenous factors to explain failures, but also to focus on one’s own responsibility to alleviate crisis situations.

This paper challenges many of the for-granted theses regarding the purported link between Islam and development. While not dispelling the need for internal reflection for Muslim societies, it puts some of the popular arguments regarding this link in proper perspective.

Information technology is taking centre stage as the world approaches the twenty‐first century. The enormous advantages it has in easing the delivery of information around the world, as well as the central role of information in the new global economy, means that information technology will shape the dynamics of the new millennium. However, for most Third World countries, faced with the problems of illiteracy and poverty, information technology poses a danger to their fledgling economies. This paper discusses the theories of underdevelopment and applies them to information technology in a Third World context. Issues are raised about the role of information in a globalized economy and how this can become a disadvantage to developing countries. It is suggested that technology should be implemented within a social context.

To understand present problems of the so called “informal economy” in developing countries, it is necessary to look back critically at the last decades of development. Despite officially declared cooperation efforts to eliminate underdevelopment; the actual relations between developed countries as metropolitan centers and developing countries as peripheries had been and continue to be characterized by antagonistic economic and political interests. This is underlined by, among other things, the growing gap with respect to a multitude of social development indicators (that is, GDP per capita, social security, health care, education etc.) between the North and the South. That fact that the goal to overcome underdevelopment could not be realized, should not only be the blame of politicians and diplomats but also the scientific community should be encouraged to reflect on their positions in the past.

This paper aims to examine the prospect of utilising corporate social responsibility and entrepreneurship (CSRE) as antidotes for mitigating the incidences of poverty, insecurity and underdevelopment in Nigeria. The paper derives its theoretical foundation from the stakeholder, instrumental and legitimacy theories, which all justify the use of CSRE for actualisation of Triple Bottom Line (i.e. the social, economic and environmental concerns of business organisations).

The study used the quantitative research method relying on the use of secondary data published by institutional bodies. The quantitative method entail a systematic extraction of reliable data on corporate social responsibility (CSR), insecurity, poverty and development from the publications of Office of the Millennium Development Goals in Nigeria, CLEEN Foundation, National Bureau of Statistics and Central Bank of Nigeria, respectively. For missing years, the authors improvised using projections as well as proxies. The extracted data, which spanned a period of 13 years, were subjected to econometric tests using SPSS, on the basis of which informed conclusions were drawn.

The first econometric result indicates a negative relationship between gross domestic product and poverty. The second result indicates that there is a positive significant relationship between gross domestic product and total crime rate. The third result indicates that there exists a positive relationship between gross domestic product and unemployment rate. The fourth result indicates that there is a negative relationship between gross domestic product and industrial growth rate. The last result indicates that there is a significant positive relationship between gross domestic product and CSR.

The results of this research have macro-level application, hence the outcomes cannot be narrowed to any particular sector of the economy. A micro-level analysis across diverse sectors of the economy is recommended in future studies. The implication of this empirical research is that policymakers in the Nigerian private sector need to reinvent their CSR programmes as mechanisms for poverty eradication, entrepreneurship development (CSRE), dousing tension of restive youth, empowerment/support for security agencies for better crime prevention and for impacting on sustainable development.

In the face of dwindling financial resources in the treasury of governments, the reinvention of CSRE by private sector organisations as complementary mechanisms for combating social problems is becoming acceptable in both developed and developing nations. This paper therefore boldly recommends that policymakers reinvent CSRE as development mechanisms through a sound partnership between government, advocacy groups and business corporations in Nigeria.

The paper explicates that CSR can indeed be reinvented by corporations as part of their social concerns to their operating environment instead of leaving all social problems to governments.

The research lends credence to stakeholder, instrumental and legitimacy theories of CSR. It also justifies the plausibility of CSRE, a novel concept being promoted in this research.

The economic growth performance of Sub Saharan Africa (SSA) over the past few decades has confounded economists. The paper examines the nature and causes of the region's marginalisation.

Analyses areas of marginalisation including: technologically, economically, socially, politically, and even intellectually. The aim here is to document all these facets in a comparative manner and to examine prospects for their reversal.

The poverty of SSA has many dimensions and causes, both internal and external. Certainly part of its underdevelopment is attributable to bad luck, initial conditions, and an unfavourable international economic environment. However, the region has to accept much of the responsibility for its plight because its present state is also largely an outcome of poor policy choice and bad governance. Thus, whilst we cannot account for every facet of the question of “why some nations are rich and others poor” we are nonetheless left with some very real certainties.

The most important implication is that the principal therapy for poverty in SSA comes from within by addressing the internal obstacles to growth. However, the international community has an important role to play in addressing the uneven global trading system which is hampering development prospects and this needs to happen in the current trading round.

The paper provides a comprehensive account of the sources of Africa's underdevelopment in a comparative manner. It will be of interest to all social scientists and policymakers interested in development issues.

The purpose of this paper is to present an analysis of the size of the banking sectors in central and Eastern European (CEE) countries. The banking sectors' ability is focused to provide financial intermediation between savers and investors in the economy.

The existing literature on banking in transition economies argues in unison that banking sectors in CEE countries are too small and do not provide sufficient levels of financial intermediation. In this paper, a common drawback of the existing measures used to indicate the size of CEE banking sectors is detected: they all relate the volume of bank intermediation to gross domestic product (GDP). It is argued that since transition economies have a low stock of financial wealth relative to economic activity, a more objective measure of the size of the banking sector is the ratio of bank assets to a proxy of the stock of financial wealth rather than to GDP.

There is evidence that the estimation of the size of the banking sectors relative to GDP produce downward biased measures for the ability of CEE banks to intermediate available financial resources. When the size of the banking sector is measured relative to financial wealth, the gap between the developed European Union banking systems and those of the CEE countries is not as severe as argued in studies based on the traditional approach of measuring the size of the banking system with respect to GDP.

Using the downward biased measure of financial system development to stress the underdevelopment of the financial intermediation in CEE may produce misleading policy recommendations, e.g. recommendations in the direction of rapid financial system expansion by lowering barriers of entry for new banks. The authors' new measure presents an alternative that should be considered by policy makers in the design of measures promoting financial system development.

The paper challenges the existing consensus on severe underdevelopment of the CEE banking sectors. It presents a new approach of accessing financial system development in emerging economies.