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Expanding and developing the theoretical implications of socialist market economy with China’s experience.

In the course of exploring the development of a market economy, China has given full play to the advantages of the socialist system, which has distinguished itself from the Western countries and some of its developing peers. China's market economy is not directly transplanted and copied from the West. China not only insists on growing its market economy but also unswervingly sticks to the socialist orientation of its market economy.

So far, the socialist market economy has proved to be more effective than the conventional one-sided, planned economy and also outperforms the capitalist market economy.

The socialist market economy has surpassed the conventional planned economy and the capitalist market economy – it is a reconstructed and reshaped mechanism and system as well as a successful and new path of market economy explored by China through reform and opening up, rather than a counterpart of Western market economy or the simple combination of socialism and market economy.

In this work, we study the investment processes in the digital economy, which includes determining the specifics of foreign direct investments (FDIs) under the conditions of digital technologies' development and substantiating the key directions and tendencies of investing from the positions of strategies of business integration and digital technologies' development.

This research is based on the multidisciplinary approach, which covers strategic management, investing, the theory of digital economy etc. The chapter combines the theoretical developments of these disciplines and presents them in the context of substantiation of the processes of using foreign direct investments as the tools of the business integration strategy. The proposed methodology allows generalising the view of the studied processes from the position of the digital economy, determining its structure; describing the key directions of development and investing; establishing the specifics of the use of FDI by transnational corporations; substantiating important directions for further processes.

It is revealed that foreign direct investments are not only the important factors in economic systems' development but also the effective tools for the integration of international business through the common use of the potential of parent and subsidiary companies for the reduction of transaction costs, an increase of profit etc. It is substantiated that the character of direct investing in the digital economy is different from the similar processes in the industrial system due to the non-material character of assets and their connection to the Internet. Based on this, implementing the investment strategy in the digital economy, transnational corporations offer access to technologies, ensure technological modernisation and facilitate the achievement of other indirect effects, which are less aimed at the increase in material assets. These processes lead to a change in the balance of revenues compared to the cost of material assets that are invested in the receiving market or subsidiary company. The indicator of such a ratio is the indicator ‘FDI lightness’. A high value of this indicator is a sign of the large perspectives of a company in the sphere of international activities.

The specifics of FDI in the digital economy are determined, the key directions of such activities are described, and the peculiarities and differences of investing in the digital economy are shown.

The purpose of this chapter is to compile the expected scenarios of development of information economy in the global economic system, determine the role of scenario that envisages practical implementation of the new model of a well-balanced information economy among these scenarios according to the criterion of effectiveness and probability, and select and substantiate the optimal scenario.

Due to the absence of initial statistical information that allows characterizing the basic conditions for further development of information economy in the global economic system, the method of stochastic modeling is used for describing forecast scenarios in this chapter. This method is used due to its applicability for forecast analysis in the conditions of uncertainty. With the help of this method, qualitative description of the expected scenarios of development of information economy in the global economic system is accompanied by selected quantitative characteristics, which are conventional, that is, they are given for comparing various scenarios, not for specifying a precise value of estimate indicators. Comparison of the expected scenarios of development of information economy in the global economic system is conducted using comparative analysis method.

It is concluded that the most effective and optimal scenario is the one that supposes implementation of the offered new model of a well-balanced information economy – despite its lower probability as compared to the other scenarios.

The set optimal expected scenario of development of information economy, which envisages application of its new well-balanced model, is recommended for practical implementation in the modern economic systems.

The purpose of this chapter is to study opposition of the treatment of the role and meaning of information in an economic system in the conditions of post-industrial and information economy and develop the conceptual model of information economy through the prism of treatment of information.

The authors use the method of comparative and systemic analysis, as well as synthesis, induction, deduction, formalization, and modeling of economic phenomena and processes.

The authors conducted a comparative analysis of the role and meaning of information in the economic system in a post-industrial information economy. It is concluded that the most important qualitative characteristic of information economy, which distinguished it from another, is the key role of information. The proprietary conceptual model of an information economy through the prism of information treatment is offered – it reflects the top-priority role of sustainable socio-economic and managerial connections and relations of information, which are an essential qualitative peculiarity of an information economy, which separate it and determine its specifics as compared to other types of economic systems.

It is substantiated that an information economy has to be studied not only from the position of economic statistics on the basis of precise values of quantitative indicators but also from the position of the economic theory of behaviorism, which allows taking into account the relational aspects of functioning and development of information economy. Behavior of economic subjects (society and business) as to information, initiated by their own motives, has to be one of the key objects of study by the theory of information economy.

Methodological recommendations are developed, which allow – with high level of effectiveness – studying information economy from the positions of economic statistics and the economic theory of behaviorism.

The purpose of this chapter is to study the conceptual provisions of the theory of information economy and to determine its notion and essence.

The research methodology is based on the application of traditional methods of economic science, including the methods of systemic, problem, and comparative analysis, method of analysis of causal connections, systematization, classification, and formalization of scientific data.

The authors systematize the existing conceptual provisions of the theory of information economy and classify the conceptual approaches to its study as process approach, resulting approach, and combined approach; a comparative analysis of these approaches is also conducted.

The authors conclude that the evolutional development of modern socio-economic systems is dominated by the information economy concept, which should be the basis of the future developmental model of the global economic system. This concept develops within the combined approach, based on the previous concepts of digital economy and internet economy, which is a part of the process approach proclaiming technological capital, the key factor of reproduction, by focusing on the development of socio-economic systems and the concept of knowledge economy, which is a part of the resulting approach that emphasizes human capital and innovations as a target result of the development of economic systems. The information economy concept includes the features of previous concepts, emphasizes the importance of technological and human capital, applies information and communication technologies, and achieves results that are connected to highly effective creation, storage, distribution, and usage of information. It also supplemented them with a new sense of proclaiming information on the most valuable resources as well as provision of free and continuous interaction of economic subjects – the highest priority of socio-economic systems.

The purpose of this chapter is to determine the basic characteristics of information economy, including consideration of the theoretical features and distinguishing the analytical aspects of functioning of this phenomenon under modern conditions. The authors offer a hypothesis that basic characteristics of information economy are transformed under the influence of digitization and the change in telecommunication interaction.

The following methodological tools were used: analytical introspection (determining estimate phenomena of the studied object with the help of practical materials analysis), theoretical cognition (grouping and synthesis of scientific studies of foreign and Russian scholars in the sphere of information economy), and group evaluation of phenomena (studying the modern regularities of information economy development).

The following conclusions are made: the theory of information economy is based on presenting information as a tool of economy management (information is the main economic value that creates national wealth); the modern idea of information economy is connected to the aspects of digital and telecommunication interaction; the information economy of the twenty-first century is aimed at monetization of information on households; and a new basic direction of information economy is information and program economy.

The sphere of application of the received results is rather wide. They will be of interest for practitioners, government employees, and researchers in the sphere of macro-economic development of the country during the period of transformation of the paradigm of economic growth. The main direction of future research is substantiation of approaches to formation of a new economic thought based on information and digital technologies.

The purpose of this chapter is to study the essence and specifics of the process of establishment and development of information economy in Asian countries and to create its conceptual model.

The process of establishment and development of information economy is studied based on the indicators that were systematized according to the basic elements of information economy. The indicators of technosphere (technological support) are the information and communication technologies (ICT) development index according to the International Telecommunication Union and labor efficiency in the ICT spheres according to the OECD. The indicators of sociosphere (social core) are the Internet level of society according to the World Wide Web Foundation and employment of specialists in the ICT spheres according to the OECD. The indicators of economic sphere (economic pinnacle) are added value of the ICT spheres and contribution of investments to the ICT in the growth of GDP according to the OECD, as well as the Index of Digital Economy according to digital single market. The indicators of the target result (efficiency of information economy) are expenditures for innovations in the spheres of the ICT according to the OECD, share of high-tech export according to the World Bank, and the index of innovational development according to the INSEAD, WIPO, and Cornell University. The research is performed by the leading countries (as per the socio-economic development index) of the Asian regions – China, South Korea, and Japan – on global economic system (according to 2017 data).

The authors concluded that the leading countries of Asia made progress in information economy’s formation, and the process in these countries has been unique, but common peculiarities allowed defining the Asian model of information economy.

It is recommended to use the offered conceptual model for studying the process of information economy’s formation in Asian countries and its comparison with the process in other regions of the world.

The purpose of this chapter is to study the American practice of implementing the model of information economy as an example to the leading countries of the American region of the global economic system and to compile a conceptual model of formation and development of information economy in modern America.

For provision of compatibility of data on different regions of the global economic system, the research is performed on the basis of the previously used methodology and information platform. The values of the indicators of technosphere, sociosphere, economic sphere, and target result in information economy’s formation in American countries and are compared to determine their variation from direct average; subsequently, they are compared with the global values for evaluation of percentage deviations. The research concerns countries such as USA, which is a leader in the American region with regard to the global economic system, Canada, which is the country closest to the level of economic development by the region’s leader, and Brazil, which is the foremost leading country among the developing countries of the American region. The data from 2017 is used in the study.

The authors conclude that the US economy is not a deviant economic system but a true leader of the American region with regard to the the global economic system. That is, the USA shows higher level and rate of information economy’s formation, but applied that for the same conceptual model as other countries of the American region. The most vivid uniqueness of the American model of establishment and development of information economy is the stage-by-stage character of the noosphere pyramid, which is manifested by vivid reduction of the area of its structural elements, the most massive of which is technosphere, which corresponds to the indicators that are standard for the leading countries of the world.

The offered conceptual model is recommended for studying the formation of information economy in the America region and compare this process in other regions of the world.

The purpose of this chapter is to determine the level of readiness of the Russian society for information economy’s formation. For the formation of information economy, the authors use the methods of classification and structural analysis, as well as the proprietary method of criterial evaluation of society’s readiness. This method envisages structuring of population according to the main criteria: territory of residence (geographical criterion), age, level of education, level of income, and susceptibility to innovations (adaptation criterion). Based on the statistical data on readiness of various social categories for information economy’s formation and the share of these categories in the structure of population, the index of society’s readiness for information economy’s formation is calculated. The authors perform criterial evaluation of readiness of the modern Russian society for information economy’s formation as of 2017 and compile the model of the modern Russian society, structured according to the criterion of readiness for information economy’s formation. As a result, they conclude that information economy’s formation could face unreadiness of society, which is a serious barrier on the path of implementation of this process. During evaluation of the level of society’s readiness for information economy’s formation, it is expedient to structure it as per the five main criteria: territory of residence (geographical criterion), age, level of education, level of income, and susceptibility to innovations (adaptation criterion). The received structure of society allows compiling general impression on readiness for information economy’s formation of representatives of various social categories. The example of modern Russia could be the basis for similar evaluation of the level of society’s readiness for information economy’s formation in other countries of the world. This will allow developing and conducting more effective state social policy, which is directed at target influence on representatives of various social categories in the interests of increase of their readiness for information economy’s formation.

The purpose of the chapter is to develop and substantiate the principles of implementation of the innovational model of well-balanced information economy.

The methodology of the research consists of the method of analysis of causal connections, which is used for determining the need for proclaiming various principles of implementation of the innovational model of well-balanced information economy, evaluation and comparison of the possible methods of their observation, and studying possible consequences. This allows determining the optimal set of principles that allow – with the highest precision – implementing in practice the offered innovational model of well-balanced information economy.

The author offers eight main principles of implementation of the innovational model of well-balanced information economy: principle of balance, principle of simultaneousness, principle of balance of state and entrepreneurial initiative, principle of innovational activity of personnel, principle of cyclicity, principle of feedback, principle of effectiveness, and principle of protection. They focus on peculiarities and key advantages of the innovational model of well-balanced information economy and guarantee its formation as a result of practical measures that are aimed at informatization of the economic system. These principles must be a guide for action for modern economic systems, and their strict observation will allow implementation of the offered optimal model, not just formation of information economy, thus guaranteeing its balance.

The developed principles are recommended to scientific and practical application.