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\"A progressive takedown of the uber-capitalist status quo that has enriched millionaires and billionaires at the expense of the working class, and a blueprint for what transformational change would actually look like. It's OK to be angry about capitalism. Reflecting on our turbulent times, Senator Bernie Sanders takes on the billionaire class and speaks blunt truths about our country's failure to address the destructive nature of a system that is fueled by uncontrolled greed and rigidly committed to prioritizing corporate profits over the needs of ordinary Americans. Sanders argues that unfettered capitalism is to blame for an unprecedented level of income and wealth inequality, is undermining our democracy, and is destroying our planet. How can we accept an economic order that allows three billionaires to control more wealth than the bottom half of our society? How can we accept a political system that allows the super rich to buy elections and politicians? How can we accept an energy system that rewards the fossil fuel corporations causing the climate crisis? Sanders believes that, in the face of these overwhelming challenges, the American people must ask tough questions about the systems that have failed us and demand fundamental economic and political change. This is where the path forward begins. It's OK to Be Angry About Capitalism presents a vision that extends beyond the promises of past campaigns to reveal what would be possible if the political revolution took place, if we would finally recognize that economic rights are human rights, and if we would work to create a society that provides a decent standard of living for all. This isn't some utopian fantasy; this is democracy as we should know it\"-- Provided by publisher.

China's long-term economic dynamics pose a formidable challenge to economic historians. The Qing Empire (1644–1911), the world's largest national economy before 1800, experienced a tripling of population during the seventeenth and eighteenth centuries with no signs of diminishing per capita income. While the timing remains in dispute, a vast gap emerged between newly rich industrial nations and China's lagging economy in the wake of the Industrial Revolution. Only with an unprecedented growth spurt beginning in the late 1970s did this great divergence separating China from the global leaders substantially diminish, allowing China to regain its former standing among the world's largest economies. This essay develops an integrated framework for understanding that entire history, including both the divergence and the recent convergent trend. We explain how deeply embedded political and economic institutions that contributed to a long process of extensive growth before 1800 subsequently prevented China from capturing the benefits associated with the Industrial Revolution. During the twentieth century, the gradual erosion of these historic constraints and of new obstacles erected by socialist planning eventually opened the door to China's current boom. Our analysis links China's recent development to important elements of its past, while using recent success to provide fresh perspectives on the critical obstacles undermining earlier modernization efforts, and their eventual removal.

Research background: China's economic growth, however remarkable, is due to the Harrod-Domar nature of economic growth and, therefore, limited. The main limitation lies in the extension of the neoclassical growth model and the government need to decrease regional disparities using new migration, urbanization and social policy. Purpose of the article: It is the rising regional disparity in the total factor productivity to cause the income inequality increase (measured by GINI index) in China from 1952?2017. Our paper brings new insight into the main inequality determinants and causes in China, using a fractional integration modeling framework. Methods: Using fractional integration, we find total factor productivity (TFP), real gross domestic product per capita and growth and expenditures for the social safety net and employment effort to have a statistically significant impact on GINI. Income inequality in China is of a persistent nature with the effects of the shocks affecting the GINI index enduring over time. Findings & value added: The results of this study highlight the importance for model/policy changes by the policy makers and practitioners in China to deal with the inequality issue. This involves improving the growth model through innovation and technological advancement, relaxing TFP dependence on the physical inputs (labor and capital) to reduce income inequality.

The article considers the role of fiscal policy in ensuring the competitiveness of the national economy. In particular, the essence of fiscal policy is defined and the basic scientific approaches to scientists’ understanding of the content of economic competitiveness are analyzed. It is substantiated that such competitiveness is directly related to the competitiveness of the fiscal system. Considering the structure of the fiscal system and the main directions of fiscal policy, the article determines that the tax system plays an important role in shaping such a policy. It is substantiated that the overall level of competitiveness of the country’s economy depends partly on the efficiency of tax competition in the country. To this end, the article deepens the theoretical provisions of understanding the essence of this type of competition, which is implemented on the basis of an analysis of approaches to its consideration available in the scientific literature. In general, the authors determine that tax competition, in the current realities, is an important and integral component of the entire process of forming an appropriate level of competitiveness of the country in the global markets of goods, services, raw materials and, especially, markets of capital. As the experience of many countries shows, a transparent and efficiently functioning tax system in the country helps to attract foreign investment in the real sector of the economy, in particular in high-tech spheres. So, the specific features of this type of competition are specified and it is found that the competitiveness of the tax system is determined through a comparative analysis of its parameters from the indicator of functioning of tax systems in other countries. Analyzing the essence of fiscal policy, peculiarities of its development and implementation, the article expands the theoretical foundations of the ontological relationship between such a policy and the overall level of competitiveness of the national economy. It is determined that, on the one hand, such a policy is a component of the economic policy of the State and, accordingly, an integral part of economic relations, and on the other hand, it can actively influence the functioning of other subsystems and objects that have the ability to exert external influence on the development of the national economy.

Since 1980, China and India have achieved remarkable rates of economic growth and poverty reduction. The emergence of China and India as major forces in the global economy has been one of the most significant economic developments of the past quarter century. This paper examines sources of economic growth in the two countries, comparing and contrasting their experiences over the past 25 years. In this paper, we investigate patterns of economic growth for China and India by constructing growth accounts that uncover the supply-side sources of output change for each economy. Some of the results confirm themes that have emerged from the prior literature on the economic development of the two countries, however, some new findings emerge as well. In addition to decompositions of aggregate growth, we construct separate accounts for the three major economic sectors: agriculture; industry; and services. This level of detail enables us to highlight key differences in the development paths taken by China and India. In conclusion, we assess the prospects for future growth in each country.

Objective: The objective of the research is to study the link between drivers of the shadow economy and the demand level on the investment market. Research Design Methods: Based on the Shapiro-Wilk test, the normality of capital investment distribution and the shadow economy level of the European Union countries and Ukraine are evaluated. Spearman and Shapiro-Wilk tests are used to identify the most relevant indicators of impact. Findings: The analysis of the changing dynamics regarding the capital investment volume and the shadow economy level in Ukraine and the EU countries during 2010-2016 shows that there is an inverse link between them – the growth of the shadow economy has a negative impact on the capital investment volume in the country. Implications Recommendations: This research proves significant influence of the shadow economy on the demand level on the investment market and underlines the necessity to review the current state policy to stimulate the demand on the investment market from the viewpoint of the most relevant shadow drivers. Contribution Value Added: The scientific contribution of the article is that existing research on the impact of shadow economy on the economic development of countries remains fragmented, as well as studies assessing its effect on a country’s investment attractiveness. The constructed econometric model may provide some insight into better understanding of the most influential factors affecting a country’s investment attractiveness and the immediate response to it.

Research background: The relationship between financial development and economic growth has been attracting attention in the field of economics since the times of the ?great moderation?. Previous empirical studies still fail to put forward a general conclusion on whether and how financial development affects economic growth. This is particularly true due to the lack of empirical research on the matter in question for countries in transition. Purpose of the article: This study aims to contribute to bridging the gap in the financial development-growth nexus in transitional economies. Understanding the mechanism behind financial development and economic growth should assist policymakers in the design of efficient economic policies or avoiding/alleviating financial cycles. Methods: Using Granger causality test in frequency domain, which shows to have more power over standard time domain Granger causality test, as well as gross domestic product (GDP) and the monetary base (M2 ? intermediate money), we investigated the finance-growth relationship in 19 Central, East, and Southeast European countries (CESEE) from 1991 to 2017. Findings & Value added: Study results show that financial development is important for growth in CESEE countries, thus supporting the ?supply-leading? theories in general for countries in the sample. Our findings indicate that the relationship between financial development and economic growth exists in CESEE countries (with one exception ? the Czech Republic) ranging from unidirectional (Albania, Bosnia and Hercegovina, Belarus, Estonia, Macedonia, Russia, Turkey), to bi-directional spectral Granger causality (Bulgaria, Croatia, Hungary, Kazakhstan, Latvia, Lithuania, Poland, Romania, Slovenia, Slovakia, Ukraine).

Од половине прошлог века, стручне cmyduje и емири1ска истраживапа се баве утица)'ем капиталних расхода у форми инвестици1а на економски раст и разво1 широм света. Инвестици1е или улгапа су основно средство за функционалност пословапа, националне економи1е и стварапе профита. Капитални расходи могу бити различитог типа, као и улагапа, а 1едан од оснонвних облика улагапа за економски раст, нарочито за земле у разво)'у, су улагапа у основна средства. Стога, у овом раду се анализира утица) улагапа у основна средства на економски раст Срби1е, користеЬи регресионо моделирапе за период 2004-2021. године. Резултати показу)'у да 1е утица) улагапа у основна средства на економски раст позтиван, али 1ош увек не и статистички знача)'ан.

The paper augments the standard business cycle model with cash and credit goods following Lucas and Stokey (1983, 1987), together with a modified cash-in-advance (CIA) considerations. In particular, the cash-in-advance constraint was extended to include private investment and government purchases. This specification was then calibrated to Bulgaria during the 1999-2020 period. The presence of cash and credit goods give a role to money in accentuating economic fluctuations. In particular, the two types of goods and the modified CIA constraint produce a more sophisticated propagation mechanism, with novel trade-offs faced by households. The model generates too volatile consumption, and countercyclical investment, which are at serious odds with the data. Overall, the model with cash and credit goods, and physical capital accumulation, did not provide a good framework to study business cycle fluctuations in Bulgaria.

Research Question: The paper examines the impact of specific Hofstede’s dimensions of national culture on entrepreneurial culture, depending on the wealth of the national economy. Motivation: Based on the results of some previous research focused on the relationship between national culture and various indicators associated with entrepreneurship (Hayton, George Zahra, 2002; Pinillos Reyes, 2011; Zhao, Li Rauch, 2012; Hayton Cacciotti, 2013), the paper analyses the impact of national culture on entrepreneurial culture, as a category closely related to entrepreneurship. The identification of the national culture's dimensions contributing to the affirmation of entrepreneurial culture, provides an insight into the entrepreneurial potential of a particular national economy. Idea: The main idea of the paper is to examine whether selected Hofstede’s dimensions of national culture (power distance - PD, uncertainty avoidance – UA, individualism – IDV) affect entrepreneurial culture (EC) in a manner identical to that affecting the other indicators of entrepreneurship. The mentioned relationship is not examined as unmediated, but in the context of the effect that national wealth (measured as Gross National Income per capita - GNI) has on it. Data: The survey covered a total of 108 countries for which the data on the values of three selected dimensions of national culture, the index of entrepreneurial culture and the Gross National Income per capita are available. Tools: In order to examine the effect of three selected Hofstede’s dimensions of national culture on entrepreneurial culture, correlation and standard multiple regression analyses were conducted. For data processing, statistical software SPSS (version 22.0) was used. Findings: The obtained results of the research show that in national economies with higher levels of IDV and lower levels of UA, higher scores of the EC index are manifested, regardless of the national wealth. On the other hand, the impact of PD on EC is determined by the level of a particular economy's wealth. In high-income economies (HIE), the index of EC is higher if PD is lower. In low- and middle-income economies (LIE), higher values of EC index are manifested if PD is higher. Contribution: The paper expands the knowledge and research base on entrepreneurial culture and the influence that national culture has on it.