This article examines some current problems of EU and Foreign Direct Investment (FDI). Also this article generalize and illustrate in new way long waves hypothesis. The author suggests a non-customary approach to the study and forecasting of the economic life within the framework of Kondratieff approaches. Cyclical patterns were successfully used by the author in the business and in the banking sphere. Taking into account long waves, in 2009 the author warned about the possible economic crises in Russia in 2014–2015, 2020 and such crises actually happened. The aim of this article is the systematization and the adaptation of long waves approaches to the study of many acute economic problems. The hypothesis of long waves was used by the author but only as a general empirical reference point. It touches on many actual problems of world development, including the decrease of global FDI and the growth of centrifugal forces in the EU. The question is raised about the large-scale spread of coronavirus. The rapid spread of COVID-19 could have been connected with high global instability in addition to other well-known factors. Taking into account Kondratieff’s waves and many years of the author’s experience in the Russian business and in the Russian banking sphere, the author touches on a long unfavorable period of economic instability in Russian economy. Some economic advices to regulators and business in Russia are provided. Also the author concludes that it is necessary to continue studying the Kondratieff long wave hypothesis with the aim of its further successful use in forecasting.

The article examines the development of Soviet economists’ views on the scientifictechnological progress consequences, the advantages of socialism associated with it, as well as the prospects for building the material-technical basis of communism. The author identifies four stages in the evolution of approaches to these problems. At the first stage, prior to the XXII CPSU Congress in 1961, as the scientific-technical revolution took shape, the emerging ideas had not yet been formalized into a single theoretical system. At the second stage, which took place in the first years after the XXII Congress, the key points were established and developed into widely recognized conceptions. Special attention was paid to automation, chemicalization, development of new types of energy. In the late 1960s — early 1980s maintaining the previous theoretical foundations, more attention was paid to local aspects. At the final stage, with the beginning of perestroika, a number of key provisions were revised. These included recognition of a greater importance of the second industrial revolution, highlighting the leap in the development of microelectronics in the 1970s (later called the information revolution), etc. Changes in research approaches at different stages are associated with economic practice, successes and difficulties in introducing elements of the scientific-technological revolution into production.

The article investigates Russian economic thought, the existence of which in modern domestic literature remains debatable. The author presents arguments of both sides in this dispute and argues that it is possible to view Russian economic thought of the late XIX — early XX century as an independent thought school in broad sense unified not so much by common creative principles as by specific scientific methods. Drawing on interdisciplinary approach, the article presents a comparative analysis of methodological and worldview characteristics of Russian school and Germany historical school. Of the determinants of Russian economic thought the author identifies two systemic elements — syncretism and philosophical orientation that embed it in the overall cultural context of the Silver Age.

Structural or behavioral measures can be implemented in antitrust policy to protect competition and social welfare protection. The effectiveness of such measures depends on how market concentration affects the intensity of competition. In economic theory, two basic approaches were proposed: the first considers high market concentration as a negative factor for competition and social welfare (for example, Harvard School representatives offered such a concept), the second approach assumed that high concentration can be evidence of a high level of competition, in this situation, government interventions are not recommended. In the article the cement market was selected for empirical test of these approaches. The growth of concentration problem (in the Siberian Federal District and the Far Eastern Federal District of Russia) was analyzed, it was shown that for such markets, taking into account actual characteristics, the Harvard approach turned out to be more correct in Russia. The increase in the level of concentration led to a decrease in the intensity of competition. At the same time, in the antitrust policy of the FAS behavioral measures were actively used, which could be rather difficult to implement, but did not prevent the growth of concentration. For such markets, the use of structural rather than behavioral measures to improve the effectiveness of antitrust policy can be recommended.

Monopolization and the high concentration of capital in the hands of digital giants are of concern to antitrust authorities around the world. The purpose of the article is to identify possible sources of market power of the digital platform on the example of companies that own mobile app stores (Apple App Store and Google Play) and their relationships with application software developers and users. The paper also analyzes the possible positive and negative effects of the behavior of such companies for different groups of stakeholders. The study results suggests that the main complaints against digital platforms in terms of antitrust violations are quite similar and are described by a set of typical models of platform behavior. The negative impact of such behavior on competition in related markets is not necessarily due to the large size of such platforms or their lack of alternatives. Using the example of Apple, whose mobile phones occupy only about a quarter of the market, other sources of market power of the platform that are not related to smartphone market share are identified. The results obtained can be used both for the development of theoretical and methodological approaches to the economic analysis of platform activities, and for solving practical problems in antitrust.

The article addresses the problem of identifying strategic groups on business education market. The authors provide a systematic review of publications on the topic. The object of the research is the developed markets of business education in the USA and Western Europe, the subject of the research is the groups of relatively homogeneous educational institutions that demonstrate similar strategic behaviour (strategic groups). For researchers, dividing market participants into strategic groups is the basis for identifying efficiency factors in the respective groups, and for heads of educational institutions and market regulators, it is a prerequisite for constructing meaningfully interpreted rankings and business school ratings. The purpose of the work is to identify the trends in changes of business-schools grouping approaches and the factors underlying such groupings. The findings reveal a shift in the emphasis from the characteristics of educational programs offered by schools to the positioning of schools in a wide social and educational environment. With the growing level of strategic analysis, the topic discussed remains fragmented and only partly covers business education markets.

This article examines the changes that have occurred in the franchise market in Russia in connection with the coronavirus pandemic and the economic crisis caused by it. The methodological basis of the work include scientific publications about COVID-19 impact on Russian business and the author's research based on a survey of Russian franchisors on changes in the franchise model in the context of the crisis, conducted at the end of 2020. The deterioration of macroeconomic indicators and a sharp decline in real incomes of the population affected the behavior of consumers, radically changing their consumer habits and consumption model. The article identifies four types of consumer behavior, the formation of which began before the pandemic and strengthened during it. In addition, the trends of the following changes are identified, which will further determine the strategies of franchising companies. The main indicators that characterize the transformation of demand for franchises during the pandemic are analyzed: the dynamics of the number of partners in franchise networks, changes in investment preferences and opportunities of potential franchisees; as well as anti-crisis measures of franchisors to support their partners. Due to the impact of the crisis, franchised business was mixed. The author proposed a classification of the franchises in the new economic reality with the aim of systematizing the participants franchising market trends and its future development. The results of the work can be used for further research on the transformation of the franchise model, the development of new franchise proposals and the decision to invest in the franchise.

The article is devoted to studying approaches to determining a value proposition and creating an ecosystem value proposition in the retail sector. The aim of this paper is to identify the components of a value proposition based on selling solutions in the ecosystem of retailers. The object of the research is the value proposition based on selling solutions in the ecosystem of retailers, and the subject of the research is its components. A meta-analysis of academic and consulting works devoted to the creation of a value proposition was used as a research method. The paper considers approaches to defining the value proposition, defines the components of the value proposition, classifies them based on the degree of universality and the approach used (organizational, relationship and client). The study classifies existing value proposition models on the basis of the share of universal components in the model. The paper identifies the components of the value proposition based on selling solutions in the ecosystem of retailers. The components are combined into groups: features of using the solution, focus on achieving the goal, interaction with customers, coverage of the solution and its personalization. The proposed classification and considered components form the basis for creating value proposition models based on selling solutions in the ecosystem of retailers.

The purpose of this article is to study the Russian practice of state support for innovative entrepreneurship. The methodology consists in the analysis of scientific publications and current data, statistical information. The major findings of the study show that in the Russian Federation there is no legally established and scientifically based system for evaluating the effectiveness of state support for innovative entrepreneurship The results of the research can be used to improve the existing state support measures described in the legal framework of the Russian Federation and the subjects of the Russian Federation, and can be used as proposals for changing the current legislation of the Russian Federation and the RF subjects. It is necessary to develop a system to evaluate the efficiency of the support for innovative entrepreneurship. By this we mean qualitative government activity calculated as a sum of government support policies. Performance evaluation implies the correlation of policies with particular indicators of companies in innovative activities.

New knowledge and technologies created by research organisations and universities enable public goods to be obtained in the form of innovation. However, there is a gap between the requirements of business and the willingness of research organisations to carry out R&D in a specific area and to produce results suitable for the creation of a final product. In current conditions, research organisations are put into a framework where they need to commercialise their R&D works, developing projects up to TRL 6-7 on their own. Researchers need to understand market conditions, develop business plans and investment strategies, combining these tasks with their core research work. For its part, the business community is not generating a demand for research to strengthen its innovation capacity and competitiveness, as the level of R&D results does not meet the requirements. This article deals with the current problem in Russia of low penetration of technology and knowhow derived from the work of research enterprises/universities (R&D) into the activities of domestic enterprises. The aim of the paper is to analyse the model of interaction between science and business and to find out the factors that hinder cooperation between them. The main assumption is that R&D results are not sufficiently competitive in the Russian and global markets. The methodology of the study was based on expert interviews with representatives of scientific organisations, universities and industrial enterprises. Based on the results of the study, the author concludes that effective interaction between science and business requires the adaptation and optimisation of technology transfer processes, as well as the creation of a comfortable environment for both young researchers and the business community.

An initial public offer (IPO) involves new financial opportunities for the issuing company such as: gaining access to capital markets, expanding the investor base, increasing the company's market value. In most primary placements, there is an underestimation of companies entering the market, which may be due to the influence of both external and internal factors. The purpose of the study is to identify factors that affect the initial underestimation of Russian companies during IPOs on internal and external sites. The novelty of the study lies in a comprehensive analysis of the factors influencing the underestimation of high-tech companies' shares in the initial public offering. Along with the previously studied factors (market conditions, the volatility of the price range of shares relative to the average value, the return on assets of the issuer's company for the year preceding the IPO), the study is supplemented by such factors as the choice of whether the share offering market belongs to Russian or foreign platforms, the impact the choice of several sites for placement, the prestige and reputation of the underwriter, the affiliation of companies to high-tech industries. In this study, the prestige of an underwriter will be determined by belonging to the Big Four, which may be an additional factor in the prospects and success of entering the stock market. According to the results of the study, it was determined that the underestimation of Russian companies when placing on the domestic market is influenced by factors such as belonging to a high-tech industry and an indicator characterizing the state of the stock market. At the same time, when conducting an IPO on foreign stock markets, industry affiliation and placement price are significant factors. The underwriter's prestige, placement on several sites, return on assets and the width of the price range were not significant according to the results of the study.

The paper analyses cryptocurrencies and their functions in modern economy. The purpose of the study is to identify the possibilities of cryptocurrency to perform the major functions of money and the conditions under which it can be recognized as a national monetary unit. The author applies historical, logical, comparative and statistical methods of analysis and examines the cryptocurrency in the functions of a measure of value, a means of payment, accumulation. When analyzing the cryptocurrency in the function of world money, its internal contradiction («original sin») is revealed, which prevents its recognition as a national monetary unit and as a means of interstate settlements. The author argues that the most likely possibility of resolving this contradiction is the creation of stablecoins, with two directions on this path. One relates to the Facebook project to create the Libra stablecoin controlled by the community of the largest digital companies but without state involvement. The second one concerns the creation of state-owned cryptocurrencies backed by either fiat money, physical assets, or other digital currencies, the issuance and circulation of which is state controlled. It is this path that demonstrates today high activity of central banks. The findings of the study can be useful in developing the theory of money, and in practical terms — in developing the concept of the digital ruble.