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Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

In 1974, the UN General Assembly adopted a landmark resolution proclaiming the establishment of a New International Economic Order. One of the basic aims of this declaration was to enhance the voice and participation of developing countries in the international economic decision-making process based on norms of equitable governance. More than four decades have passed since its adoption. This paper aims to reflect on the past 43 years of the global financial regulatory system in light of the notion of equitable governance as envisioned by the “New International Economic Order”.

This paper surveys the global financial regulatory system from the vantage point of equitable economic governance. This discussion covers the period that comes after the 1974 UN landmark resolutions that declare the establishment of a “New International Economic Order”. The authors use qualitative and quantitative approach in this study. They use descriptive statistics and intuitive discussions of certain cases to carry the objective of the paper forward.

First, part of the development in global financial regulation manifests the establishment of informal networks that embark on global regulatory issues, while being very exclusive in their membership policies. Second, the lack of full and effective participation of developing countries in the decision-making and norm setting remains unsolved in the global financial regulatory system. Third, the shadow role of the World Bank and International Monetary Fund was of great significance in assisting the implementation of non-binding regulatory rules of international finance in developing countries despite the concerns of legitimacy and equity in the making of international standards. In sum, the global financial regulatory system that emerged in the past four decades is quite different from that aspired by the NIEO.

The declaration of NIEO coincides with the collapse of the Bretton Wood’s fixed exchange rate which in turn leads to the emergence of a new financial system and regulatory development. This period marked the proliferation of informal networks that make policy recommendations or non-binding rules with global implications. As far as the literature review goes far, this paper is the first to survey the post Bretton Wood’s period of the global financial regulatory architecture based on the tenets of the “New International Economic Order”.

The large number of publications about sustainability and sustainable development that have been published during the past decade has dealt largely with the science of sustainability, the content of sustainability initiatives, and increasingly with the need to more closely link the economic, environmental, and social purposes and operating logic of the firm. Recent literature stresses the inherent social nature of the challenges to aggressively moving to more sustainable ways of operating for the well-being of our planet, society, economy, organizations, and humans. Despite rich case examples, guidance on how to organize to achieve the triple bottom line is limited. We take stock of the current state of knowledge, using an adaptive complex system perspective to articulate the challenges of organizing for sustainable effectiveness. Most of the global economy and the knowledge upon which it is predicated carry a logic of resource abundance even in the face of increasing competition for scarce resources, and a singular focus on economic outcomes. We argue that the development of new capabilities to address triple bottom line sustainability requires a change in that logic and requires new rules of interaction, new organizational and interorganizational designs, and new ways of learning. The premise is that systems can build on their inherent capabilities to learn and to act collectively in order to adapt. We argue that by working together to collaboratively explore how to organize for sustainability, academics and practitioners can accelerate knowledge generation and progress. This chapter provides the theoretical framing context for the chapters to come.

New non-equilibrium systems theory is a very important theoretical and methodological base of survey and understanding of contemporary economic systems and processes. Equilibrium is considered one of the basic conditions of existence and evolution of natural and social systems, according to scientific literature. Generally speaking, it can be presented as true. But the problem is that classical imagination perceives equilibrium as something real and stable – something more stable than basic condition of evolution of systems. Non-equilibrium state was usually understood as something negative, something destructive and something which has to be eliminated. Non-equilibrium state was understood as an anomaly, as an expression of weakening of system security and as a road to extinction. Thermodynamics comes with an idea that equilibrium is a “short” state of the system, equilibrium is very relative and all systems try to meet it, but they will never reach it. Equilibrium is usually connected with classical science and non-equilibrium state is connected with thermodynamics paradigm, with a new methodology of science. Non-equilibrium state is often seen as a basic condition – as an internal source of system evolution and its activities. Non-equilibrium state is a base of new arrangement of systems. Misunderstanding of contemporary non-equilibrium state theory and new expressions or aspects of dynamic processes can bring about negative impacts on the survey and establishment of new global economic system, e.g. new national and local economic systems. Therefore, the non-equilibrium state theory is a methodological base of new perception and survey of contemporary economic systems.

A study of non-equilibrium thermodynamics.

Irreversibility and non-equilibrium, occurring in each process and evolutionary phase of economic systems, are connected with accidents and openness. Openness of systems enables (and causes) diversification toward wider system or environment and penetration of external elements and processes to internal structure of the system. A system like this is more sensitive to external and internal changes. Considering this, it is very important to be aware of the fact that entropy has different behavior in “closed” systems – different from behavior in open systems. Open economic systems communicate with external environment, interact with external systems and they exchange the energy. They consume energy of external environment and penetrate it. Elements, nodes and joints in open systems can communicate, connect and integrate with elements, nodes and joints from external systems. The growth of entropy is “smoother” and equilibrium of the system, its sub-systems and elements proceeds despite the non-equilibrium state of elements of the own system. They have to communicate and exchange the energy with external environment. This is because of the non-equilibrium state.

This is an original thermodynamic approach to the importance of non-equilibrium in the development of economic systems.

The purpose of this review is to summarize existing literature on the causes and impacts of the magnitude of the COVID-19 pandemic on people and businesses, and to propose a conceptual framework for the global economic recovery. The study used existing most recent empirical literature from available for exploring of the magnitude causes and effects of the COVID-19 pandemic on the people and business and summarized the way of the world economic system. The review study uncovered that people and businesses are suffering from vulnerability scenarios that have causes and effects on current macroeconomic and microeconomic indicators. In addition, microeconomic indicators have affected in the categories of unemployed who are soaring, lowering incomes, increasing health spending, household spending, low productivity, mental stress, decreased consumption, social imbalance, collapsing commodity prices and so on. Nevertheless, macroeconomic indicators have affected in the categories of the global financial crisis, supply and demand, capital market volatility, disruption of fiscal policy, monetary policy, aviation industry, international tourism and hospitality, world trade, and high unemployment. The present study concluded that all government and non-government agencies have to play a major and mature role not only in developing of right policies and laws but also in ensuring practices and coordination as well as increase public and business awareness accordingly. The study summarized strategic and policy guideline for the recovery of the global economy by strengthening the health care system, commodity market volatility fix-up, financial market restructuring, resumption of manufacturing and economic activity, special care for micro-, small- and medium-scale enterprises, mitigate the unemployment problem, recovery package for tourism, hospitality and aviation sector, strengthening the global supply chain network, impacts on global immigration and remittance issues and develop sustainable development framework accordingly for recovery of the world economy.

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.