ENSURING OF THE INSTITUTIONAL STATUS OF THE STATE UNDER GLOBAL CHALLENGES

• Main Author: Larysa Zhukova
• Format: Article
• Language: English
• Published: Izdevnieciba “Baltija Publishing” 2020-03-01
• Series: Baltic Journal of Economic Studies
• Subjects: state; economic development; institutional status of the state; institutional changes; global challenges
• Online Access: http://baltijapublishing.lv/index.php/issue/article/view/785

The purpose of the article is a study of the theoretical and methodological aspects of ensuring the institutional status of the state under global challenges. Methodology. The scientific search for changes in the institutional status of the state has been carried out on the basis of classical, neoclassical and institutional methodology. On the basis of classical methodology, general theoretical approaches to discovering alternative options for ensuring the institutional status of the state in the economy have been clarified using the tools of dialectical analysis and synthesis. Structural and functional method based on systemic analysis has made it possible to formulate the author's vision about the contradictory impact of global challenges on the institutional status of the state. Institutional and neoclassical approaches have made it possible to analyze the factors of manifestation of the contradictory nature of the state in the economy. The results of the study have shown that, to date, there is still no effective institutional system in place in Ukraine that would ensure optimal use of economic potential and could form the basis of public consensus on strategic goals of socio-economic development. All this negates the effectiveness of measures to identify alternatives to the development of the institutional status of the state and to find ways to preserve national identity under globalization. The practical implication is to identify the priorities and directions of the state's regulatory capacity under growing socio-institutional gaps to maintain macroeconomic stability and an effective system to counteract destructive exogenous influences clearly. When choosing possible alternatives, the desire for economic efficiency and social justice of the society, ensuring sustainable development, which does not worsen the conditions and opportunities for future generations, should remain the leading idea of strengthening the institutional status of the state. Value/originality. During the research, it has been proved that one of the priority tasks of the state should be a radical change of the vector of socio-economic development and carrying out of urgent institutional reforms. In view of this, the fundamental ambiguity of global development paths requires the state to tackle the challenge of preserving and strengthening national subjectivity as a key condition for Ukraine's security and sustainable development. Connecting the tools and resources of innovative development to the problem can contribute to the long-term strengthening of national competitiveness and the strengthening of the institutional status of the state. The reliability of the work of all public institutes, the extension of technological freedom of economic entities and the safety of the functioning of the whole socio-economic system depend on the key position of the economic power of the state.