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This study identifies measures to recover economic growth and build sustainable societies and markets in post-COVID-19 scenarios – with a perspective of resilience and adaptability to climate change and massive biodiversity loss. Additionally, this study uncovers the interventions implemented to address economic, environmental and social consequences of past crises based on a systematic literature review. Specifically, this chapter provides answers to the following six questions:

1. What has been done in the past to rebuild social, economic and environmental balance after global crises?

2. Where (geographical region) did the analysis on measures taken concentrate?

3. When have scholars analysed past measures to rebuild business and society after a global crisis?

4. How did the past measures to rebuild business and society after the global crisis take place?

5. Who promotes the measures to rebuild business and society after a global crisis takes place?

6. Why is it important to study the previous literature on past measures to rebuild business and society after a global crisis takes place?

What has been done in the past to rebuild social, economic and environmental balance after global crises?

Where (geographical region) did the analysis on measures taken concentrate?

When have scholars analysed past measures to rebuild business and society after a global crisis?

How did the past measures to rebuild business and society after the global crisis take place?

Who promotes the measures to rebuild business and society after a global crisis takes place?

Why is it important to study the previous literature on past measures to rebuild business and society after a global crisis takes place?

Finally, this chapter identifies future research opportunities to rebuild business and society after the past global crises.

The purpose of the chapter is to study regional (in the global scale) peculiarities of the 2008 global economic crisis and to determine socio-economic systems that are in the phase of crisis (long recession).

The research objects are regional associations of countries according to the classification of the participants of the global economic system of the International Monetary Fund. The research is conducted by aggregation (the method of finding direct average) of the annual growth rate of GDP in constant prices by the selected categories of regional socio-economic systems. Timeframe of the research covers 2006–2018 and the forecast period of 2019–2022. The methodological tools of the research include the methods of horizontal and trend analysis.

It is determined that most developing countries – Commonwealth of Independent States, emerging and developing Asia and Latin America, and the Caribbean – are in a long recession and will overcome the consequences of the crisis only in the mid-term. Developing countries from the categories the Middle East, North Africa, Afghanistan, Pakistan, and sub-Saharan Africa faced a deep and long second wave of the crisis and will have a long recession until 2022. They will overcome it only in the long-term. The only category of developing countries – emerging and developing Europe – despite the general downward trend of GDP in constant prices – shows sustainable development and has already overcome the crisis.

The influence of the global economic crisis on the global economic system through the prism of the regional aspect is specified. It is shown that at present (2018) most regions of the global economic system are covered with crisis and will have long recession until 2022. Developing countries have faced the highest damage from the 2008 crisis, and most of them have the second or even the third wave of crisis.

The purpose of this paper is to examine the earnings quality of companies listed on Mexico’s primary stock market, the Bolsa Mexicana de Valores (Bolsa) before and during the global economic crisis of 2008. Previous research has shown that these economic events can have potentially conflicting effects on the quality of earnings of listed companies in capital markets around the world.

This paper operationalizes earnings quality based on earnings management. Therefore, four constructs to proxy for earnings quality are developed from previous literature, and multiple regression analysis along with tests of differences across two time periods, 2005–2007 and 2008–2010, are used to determine if there is a significant change in the accounting quality of companies listed on the Bolsa before and after the start of the global economic crisis.

Results indicate a statistically significant decrease of earnings quality on three out of the four constructs used to proxy for earnings management. There is only one construct in this category that shows a significant increase of earnings quality.

There are different number of constructs and methodologies used to test for earnings quality. This study draws on four different constructs on two dimensions of earnings quality from previous literature, but other methodologies and constructs can potentially be used as well, such as discretionary accruals. Furthermore, there is a chance that there can be confounding factors affecting the results of this study besides the effects of the global economic crisis. Finally, the sample used in this study comprises non-financial public companies listed on the Bolsa, which can affect the generalization of the results to countries other than Mexico.

The results of this study can be of interest to Mexican and foreign investors, standard setters and regulators of the Bolsa, as the results show a strong incentive to manage companies’ earnings using income smoothing in an emerging economy during an economic crisis even after converging to a higher-quality set of accounting standards. Results can also be of interests to investors and regulators in other Latin-American countries with economies similar to that of Mexico.

This is the first study to test the quality of earnings of Mexican companies before and during the global economic crisis of 2008. Thus, this study contributes to the accounting quality literature by offering evidence showing a significant increase of income smoothing during the global economic crisis for companies listed in a developing economy with a relevant history of economic crises, even when these companies were using recently converged, higher-quality accounting standards.

The popular uprising in Sri Lanka on July 9th, 2022, led to President Gotabaya Rajapaksa fleeing the country. It represented a stunning culmination of a wave of protests during the recent past. The proximate cause of the uprising was the worst economic crisis that Sri Lanka had experienced since the Great Depression of the 1930s. The breakdown was long in the making since the island nation became the first country in South Asia to take the neoliberal turn in the late 1970s. The dramatic collapse was catalyzed by a sovereign debt crisis with the onset of the COVID-19 pandemic and the war in Ukraine. Nevertheless, like all great revolts, it has led to a counter revolution by the ruling class, including the reconfiguration of the old regime.

We examine the tremendous consequences of recent events, both in terms of Sri Lanka's long history of struggles involving working people and the global unravelling underway. We explore whether Sri Lanka is a harbinger of more global political economic changes to come. The process includes the possibility of systemic resistance to financialization in the scores of countries in the Global South experiencing tremendous debt distress. In this regard, we ask whether Sri Lanka's revolt could yet become a revolution. To frame the potential implications, we turn to a deeper interrogation of classic Marxist theories and concepts.

The purpose of the chapter is to determine common regularities and peculiarities of the influence of the 2008 crisis on development of socio-economic systems in view of developed and developing countries.

The methodology of this research includes the developed author’s conceptual model of conflict of socio-economic system as an analog of the model of economic cycle. As crisis is a manifestation/example of economic conflict, this model could be used for studying it. Also, the method of comparative analysis is used for comparing the influence of the 2008 crisis on development of socio-economic systems from various categories. The objects of the research are selections of countries according to classification of the International Monetary Fund – leading developed countries (advanced economies) and emerging market and developing economies. The studied indicator is annual growth rate of GDP in constant prices.

Modeling and analysis of the influence of the 2008 crisis on development of socio-economic systems of developed and developing countries are performed, with crisis considered as a wave of economic cycle. Apart from common regularities of the 2008 crisis in socio-economic systems – vivid and short negative reaction and double wave of crisis – we determined peculiarities of influence of this crisis on economies of developed and developing countries. These peculiarities are connected to the fact that the 2008 crisis was deeper in developed countries than in developing countries, but the crisis was developing according to the optimistic scenario (long waves) and was overcome in 2012. In developed countries, the crisis was developing according to the pessimistic scenario (short waves), and negative reaction renewed in 2012, with another one expected in 2021.

It is substantiated that insufficiently intensive and successful management of crisis in developing countries will probably become a cause of increase of differentiation of countries in the global economic system, which is expressed in growth of underrun of developing countries from developed countries.

The purpose of this study is to show how socially responsible investment (SRI) could represent a powerful tool (trust recovering in political and economic institutions) in the case of failure or stagnation of economic and financial growth. The purpose of this chapter is to evaluate the current status of SRI in the context of the recent financial and economic crises. The main objective of this analysis is to consider the different benefits and challenges that this type of investment transactions bring into the international economy, and how SRI entrance could represent a major benefit not only for investors a different approach to corporate sustainability but as an important possibility in times of global economic and political crisis.

By analysing the literature about SRI, it has been developed a discussion regarding its benefits and obstacles in today’s financial scenario. By evaluating the performance of SRI in the context of the global financial crisis and the important opportunities regarding development, we would like to present the SRI as an important tool in today’s Post 2015 development agenda.

After revising the existent literature, it has been found that there are two important discussions in the field of SRI. The first one is related with the financial performance of SRI in contrast with the conventional investment funds while the second one is related with important considerations about the SRI in the context of the global financial crisis. After considering the arguments from the different authors, we address some conclusions regarding the importance of SRI in nowadays sustainable development discussion.

Due to failure in the traditional modus operandi of financial institutions and the recent global crises, investors, corporate executives and governments are increasingly paying more attention on the social, environmental and ethical behaviour of individual managers, shareholders and institutional investors. Therefore, it is being observed a shift and maturing process in SRI from an exclusive practice of few and specialised niche investment funds with minor financial implications and limited economic importance, to mainstream adopted by a growing number of institutional investors at the international level. This shift may influence companies and managers to adopt universal values and to assume a committed and strategic CSR agenda to respond to markets and societal expectations, in order to have guilt-free and sustainable investment and sustainable financial markets.

Within the context of the Post 2015 development agenda, the role of business and the private sector has become crucial for funding the new sustainable development goals (SDGs). This chapter not only discussed the relationship between SRI as an alternative to overcome financial crises and lack of sustainability in investment, but it does also conceptually demonstrates the potential of SRI to achieve the funding of the SDGs.

The global financial crisis hit the economy of the Kyrgyz Republic by the third wave of its transmission in early 2009. The purpose of this study is to examine the impact of the global financial economic crisis on the transition economy of the Kyrgyz Republic. As there is a low level of the Kyrgyz Republic’s integration into the global financial and economic processes, it is obvious that channels of transmissions are different.

The empirical model is the vector autoregression approach. The quarterly data from 2005 to 2013 of the remittances from abroad, trade volumes, exchange rates, credits, deposits and liquidity of the banking system, gross domestic product (GDP) and foreign direct investment (FDI) were used in the empirical analysis.

The authors found a significant positive relation between transmission channels such as remittances flow, banking sector, international trade and GDP within the first six months. Thus, a decline in the aforementioned variables has a significant affirmative effect on the country’s GDP. Notwithstanding, the exchange-rate channel adversely influences GDP. Thereby, the depreciation of the national currency leads to an increase in GDP.

The study findings allow the Kyrgyz policymakers to foresee the global crisis transmission through the primary channels of transmission mechanism. Nevertheless, a decrease of the deposit level by 1 per cent leads to 2.91 per cent decline in FDI inflows. On the contrary, an increase of the exchange rate by 1 per cent leads to 1.54 per cent decrease in imports.

Tourism, as a leading source of income for many countries, is one of the world's fastest-growing industries. Tourism demand is strongly influenced by the economic situation of the consumer, as well as by the political, environmental, security and health conditions provided by the host country. As tourism is not one of the first steps in Maslow's hierarchy of needs, it is not part of the mandatory spending group. Holiday plans are among the first to be altered or cancelled if there is a threat to the tourist's ‘biological and physiological needs’ or ‘security needs’. Thus, the tourism sector is highly susceptible to crises. Turkey tourism movement has faced several major national and global shocks of different origins recently. This study aims to examine the impact of crucial crises and of the current COVID-19 pandemic on the tourism industry in terms of their characteristics, social conflicts, political situation and responses. To achieve this objective, the development of the tourism sector in Turkey has been analyzed taking into account the conditions of the world economies. Comparisons were made between overall figures for incoming tourists, tourism revenues and hotel occupancy rates in Turkey for the time periods before, during and after these crises, considering certain other effects. The figures are related to significant incidents, economic, political, health, social or environmental crises that have occurred at the national or global level.

The purpose of this paper is to examine the potential impact of the 2008 economic crisis on foreign direct investment (FDI), especially in the new member states of the European Union. Particular attention is paid to the activities of subsidiaries of multinational enterprises (MNE), which can follow different scenarios as a response to the crisis, including a reorganisation of their production systems, and a reduction or closure of activities.

The analysis is grounded on various streams of literature, including international business studies and research on transition. Evidence is derived from UNCTAD data, interviews and desk research. The method of descriptive analysis has been followed, combined with theoretical insights, conceptual discussions and case study evidence.

While the full magnitude and consequences of the crisis are yet to be extensively analysed, the authors' preliminary findings suggest that the response of MNE subsidiaries to the crisis hinges critically upon the type and the industry of such subsidiaries. Export platforms in automotive industries have been hardest hit. However, there are indications of the qualitative development of subsidiaries in other industries, despite the crisis, as well as growing attractiveness of new EU members FDI in services.

This paper is an explorative study on the impact of the crisis on subsidiaries. More academic research should be conducted to understand this phenomenon, especially when the full magnitude of the crisis can be assessed.

The authors' analysis points at important policy implications. The authors challenge the view that rising economic nationalism would be the right answer to the problems created by corporate restructurings. Further, the authors advocate selective host government support to subsidiaries, especially aimed at retaining R&D departments and skilled workforce.

So far, the global economic crisis has been analysed mostly in consultancy reports and in studies focusing on the macroeconomic impact. However, to the authors' knowledge, no academic study has examined the issue of MNE subsidiaries' responses to the crisis.