The first part of the chapter analyses the overall picture of MNEs activities in the world. The second part deals with the types of MNEs, their strategy and structure.

On February 17th, 2022, the journal "Mir Rossii" organized a round table discussion based on Yakovlev's article "Where is Global Capitalism Heading?". It was motivated by two circumstances. The first, an exclusively formal one, was the extraordinary amount of attention it attracted among the readership (as judged by the download statistics). The second was a more legitimate one and had to do with the thought-provoking ideas and questions the article raised which could not but spark a heated discussion. The round table took place one week before the start of the special military operation in Ukraine. The discussion, however, revealed explicitly that the research community anticipated the coming global crisis, its scale, and its manifestations in the economic, social, and political dimensions. The timing of this round table meant that the emotional assessment of the situation did not prevail over the analytical one. Still, the heat of the discussion, the straightforwardness and, at times, the rigidity of many arguments related to the foreseeable development of capitalism made it clear that a crisis scenario with global consequences was highly likely. The round table has become a part of the intellectual record of our age and an intellectual provocation, involving new scientists into the discussion of where capitalism is heading and whether "the end of history" is indeed possible.

The economic role and prospects of Central Asia are still not fully appreciated by the world. Over the last 20 years, the countries of the region have made significant progress in their development, and have far-reaching growth prospects. The region’s GDP has been increasing at an average rate of 6.2% per year in real terms, reaching $347 billion. The population of Central Asia is almost 77 million, and it keeps growing at the rate of 2% per year. Inward FDI stock is estimated at $211 billion, with foreign trade turnover having increased sixfold since 2000. However, because of inertia, the international community still fails to perceive the region as a major player on the economic map of the world. The purpose of this report is to offer a fresh perspective on Central Asia as a large and dynamic region. The report provides an analysis of economic development outcomes for the countries of the region, an assessment of their successes and challenges, and defines points of further economic growth. The strategic role of Central Asia in the vast Eurasian space will be increasing: the region will become more important for its immediate neighbours, and for its key economic partners — Russia and China. The countries of the region received an historic chance to take advantage of their transit position, and of the opportunity to expand into external markets through emerging international transport corridors. A significant potential is offered by coordinated development of the water and energy complex, including “green” power engineering. To unlock the region’s potential, it is important to overcome certain other challenges, such as the lack of access to the sea, resource dependence, low level of financial development, and impact of climate change.

The article is devoted to the review of current scientific research on foreign direct investment (FDI), which is not related to “classical” TNCs. It is shown that a separate study of “born global” firms from TNCs is required mainly because of the need to adjust the theoretical concepts that explain the phenomenon of TNCs. The separate study of FDI of sovereign investment funds and investors in foreign real estate is useful mainly due to the applied tasks of state regulation of such investments. Non-standard FDI can also include investments by pseudo-TNCs, with round-tripping FDI through offshore and similar jurisdictions, as well as FDI by private equity funds. At the same time, pseudo-TNCs and private equity funds can be studied within the framework of the established paradigm of TNCs analysis. Therefore, relatively small amount of publications are devoted to such topics. The majority of publications on non-typical FDI appeared only in the 2000s, which illustrates the blurring of the usual boundaries of FDI. Russian scientists are still focused on studying TNCs. This is partly due to the fact that a new direction has also emerged in such analysis – the study of TNCs from developing and post-socialist countries, which are often difficult to attribute to “classic” Western multinational investors. In this aspect, Russian and generally post-Soviet TNCs turned out to be interesting material for analysis at least in the first 10–15 years of the 21st century. However, the analysis of new FDI players is important for Russia for a number of reasons: 1) creating comfortable conditions for the import of capital to Russia while respecting national interests (FDI of sovereign funds, especially Chinese and Arab); 2) encouraging forms of capital export that contribute to improving the position of Russia in the international division of labor (primarily FDI in modern industries of small “born global” firms); 3) limiting excessive capital exports (FDI of pseudo-TNCs and individuals).

The article highlights three stages of the formation of multinationals from developing countries. Although first Argentine TNCs appeared at the turn of the 19th — 20th centuries, in the majority of the Global South countries TNCs appeared in the 1960s — 1980s. With the collapse of the bipolar world order, which in many developing countries was accompanied by significant internal political and economic transformations, the second stage of foreign expansion of TNCs from the Global South began. Indeed, in 1990 they accounted for 6 % of global outward foreign direct investment stock, while the figure was 10 % by the end of 2005. We date the beginning of the third stage to the financial and economic crisis of 2007—2009, since multinationals from developing countries as a whole are more successfully overcoming the period of turbulence in the global economy. By the end of 2020, they accounted for 22 % of global outward foreign direct investment stock, and during the COVID-19 pandemic crisis they generally exported more than 50% of the capital. The modern foreign expansion of such TNCs has many reasons, differs greatly from country to country, and often differs slightly from the specifics of Western multinationals. At the same time, initially, “late internationalization” in developing countries had two main vectors — the use of new opportunities for South — South cooperation and overcoming, through the creation of subsidiaries in highly developed countries, the shortcomings of the business environment of “catching up” countries.

In this study Southern Africa refers to 10 countries: South Africa, Namibia, Botswana, Eswatini, Lesotho, Zimbabwe, Zambia, Malawi, Angola and Mozambique. The author states that this region can take an important place in the general policy of the economic turn of the Russian Federation to the Global South. The Soviet Union developed close ties with some countries, supporting them in their struggle for independence, but after the collapse of the USSR, our country “left the region”. Analysis of main features of modern Russian foreign trade in goods and services, as well as foreign direct investment, has shown that only South Africa and Angola are characterized by a diversified structure of bilateral economic relations, and quite favorable in terms of Russian exports of goods. However, even in South Africa and Angola, the dynamics of trade with Russia is unstable, Russian investment was made by a limited number of leading TNCs (mainly in raw materials). Imports from Angola are associated only with diamonds, which does not distinguish this country from Mozambique, Zimbabwe and Malawi, which mainly specialize in the supply of tobacco raw materials to Russia. Russian high-tech exports are primarily related to arms supplies, while a significant proportion of other high value-added goods are usually associated with small volumes of supplies (as in the case of Russia’s pharmaceutical exports to Angola). So far, Russian grain and mineral fertilizers are most in demand in Southern Africa. At the same time, almost all countries in the region have the potential to deepen cooperation with Russia. Russian companies that come to the region as investors will be able to significantly increase trade turnover and diversify its structure. The most significant investments have been made by Russian oil and gas TNCs and diamond mining giant ALROSA. However, Russian investors from other industries, as well as service companies, are also showing interest in Southern Africa. Acknowledgements. The article was prepared at IMEMO under the support of the Russian Science Foundation (project no. 17-78-20216).

This report assesses the potential effects of integration of the Republic of Uzbekistan with the Eurasian Economic Union (EAEU), and lists the most promising areas of cooperation between the current Union member countries and Uzbekistan. The authors have examined the key indicators of social and economic development of Uzbekistan and the main areas of trade and investment cooperation between the republic and the EAEU, and have presented an in-depth review of two sectors that are critical for Uzbekistan and for Central Asia as a whole: transport and the water and energy complex. The authors have concluded that, inasmuch as Uzbekistan is a large and strategically positioned Central Asia player, resolution of regional development issues without its participation will not make much progress. Deeper economic integration between Uzbekistan and the EAEU may become a major driver of investment and trade cooperation.

Russian abstract: Доклад дает оценку потенциальных эффектов от интеграции Республики Узбекистан с Евразийским экономическим союзом (ЕАЭС), а также выявляет перспективные направления сотрудничества действующих стран – членов Союза с Узбекистаном. Авторы проанализировали основные индикаторы социально-экономического развития Узбекистана, торговое и инвестиционное сотрудничество республики и ЕАЭС, а также представили подробный обзор двух важных для Узбекистана и для Центральной Азии в целом секторов: транспорта и водно-энергетического комплекса. Сделан вывод, что без участия Узбекистана как крупного и стратегически расположенного игрока на пространстве Центральной Азии решение вопросов развития региона не будет иметь сильной динамики. Более глубокая экономическая интеграция Узбекистана с ЕАЭС может стать значимым драйвером инвестиционного и торгового сотрудничества. English abstract: This report assesses the potential effects of integration of the Republic of Uzbekistan with the Eurasian Economic Union (EAEU), and lists the most promising areas of cooperation between the current Union member countries and Uzbekistan. The authors have examined the key indicators of social and economic development of Uzbekistan and the main areas of trade and investment cooperation between the republic and the EAEU, and have presented an in-depth review of two sectors that are critical for Uzbekistan and for Central Asia as a whole: transport and the water and energy complex. The authors have concluded that, inasmuch as Uzbekistan is a large and strategically positioned Central Asia player, resolution of regional development issues without its participation will not make much progress. Deeper economic integration between Uzbekistan and the EAEU may become a major driver of investment and trade cooperation.

В брошюре предпринят сравнительный анализ денежно-кредитной политики ЕЦБ и Центрального банка РФ с целью выявить недостатки, устранение которых могло бы способствовать совершенствованию системы регулирования денежного оборота в нашей стране. Авторы работы считают, что одним из главных таких недостатков служит однобокая ориентация российской монетарной политики исключительно на борьбу с инфляцией, что определяет низкий уровень монетизации национальной экономики и тормозит экономический рост. Показано, что в отличие от России, в еврозоне и во многих других странах эта политика направлена на сочетание усилий по стимулированию экономического развития и ограничению инфляционных тенденций. Значительное место в работе отведено исследованию участия центральных банков РФ и ЕС в цифровизации сферы денежного оборота. Несмотря на некоторые различия в позициях, авторы приходят к единому выводу, что осторожное отношение обоих регуляторов к использованию криптовалют основано на правильном понимании природы последних и их роли в современной экономике.

ABSTRACT The article provides a typology and a comparative analysis of academic studies on EU-Russian economic cooperation since its formal inception in the early 1990s. The authors strive to present a contextual analysis, explaining how the bilateral trends have been perceived in the respective academic environments. On this basis, the paper accentuates problems of academic dialogue between EU and Russian researchers, like constraints of mutual internalization, language-determination, and different research agendas. Four European discourses on the role of economic relations in EU-Russian relations are identified: Normative one (economic and non-economic interlinkages are inseparable and structurally determined), ‘Business case’ discourse (economic relations constitute an inherent system), ‘Neo-Ostpolitik’ discourse (establish reliable and trustful relations between the EU and Russia) and ‘Economic statecraft’ discourse (maximizing EU power and disciplining Russia). Russian publications are usually more policy-oriented compared to Western studies. We trace four periods: Illusions of Euro optimism during Russian market transformation (1992–1999); Adaptation to the EU enlargement and Putin’s attempts to establish a partnership with leading EU member states (1999–2008); Crisis in EU-Russian relations (2008–2015) and New Cold War (since 2015).

2018 saw the highest economic growth rate since 2014. GDP increased by 7.3% after 7.1% in 2017. As a result, the economy continued along its steady growth acceleration path, somewhat above the potential level. Investment and consumer activity was the key factor behind the growth acceleration in 2018. The State infrastructural development programs continue to support investment demand and lay the basis of economic growth. The revival of domestic demand in 2018 was partially the effect of households’ deferred demand as inflation reached a record low. In the 2nd half of 2018, inflation reached the target range of 7% (±2 pp); it was 5.4% at the end of the year. The inflation trends were shaped by the world food market, the base effect in the fruit and vegetables sector, and transport and electricity tariff policy. The current account deficit expanded as the negative goods and services balance widened, partially due to growing imports of machines and equipment for the implementation of large-scale infrastructural projects. The expansion of the State budget deficit in 2018 also resulted from growing public investment. The State budget’s expenditures on the development of energy sector infrastructure grew 2.2 fold compared to 2017. Public debt stabilized in 2018, largely because most of the external funding was raised in the form of grants. In early 2018, the NBT reduced its refinancing rate from 16.0% to 14.0%. However, due to unforeseen external shocks that increased the volatility of EDB member countries’ currencies, inflationary risks increased again, and the monetary authorities suspended their rate reduction round. The banking system is moving in the direction of recovery, but the indicators remain weak. In 2018 the credit portfolio stopped shrinking and increased by 2.0%. In the projection period, the economic growth rate is expected to stabilize near 7%. The investment drive will continue to support the economy. Consumer demand expansion will slow down somewhat as remittance inflow decelerates and the low inflation background’s favorable effect on household income peters out. Inflation will depend on the situation prevailing in the world food markets. World food prices are expected to start recovering in the 1st half of 2019, and by the beginning of 2020 their trend will stabilize, which in turn will impact the trajectory of consumer price growth in the RT.

The Arctic is facing a combination of changes in environmental, socio-economic, institutional and legal frameworks which define the futures of sustainable development of the northern regions. Impact of climate change is among the key variables in selection of societal responses to emerging challenges and to design of adaptive governance options under ongoing transformations. Innovative system of climate services in the Arctic is one of its core elements; it is at the initial stages of formation, and active international discussion is underway today about the emerging global, regional and national markets for climate services. The authors present methods and results of joint research conducted by IMEMO RAS as a partner of 44 members of international scientific consortia Blue Action under the EU Horizon-2020 Research and Innovation Programme. The article discusses major approaches to climate services for sustainable development in the Arctic, including the requirements of the end-users from various sectors and activities. It describes the participatory co-design of their future structure and challenges identified by various stakeholders from the North, as well as their vision incorporated into three foresight scenarios for Yamal 2040 that had been developed by the project partners. Among them are the so-called "Reinventing Itself", "Gas Boom" and "Snow Queen". They are based on a set of environmental, socio-economic, technological and political factors and drivers of the Arctic change that might affect the pathways for Yamalo-Nenets Autonomous Okrug (YNAO) sustainable development. The outcomes from these scenarios allow various stakeholders to identify possible opportunities and risks, and to undertake beforehand the effective response actions to adapt to future transformations.

This article analyses how the role of border regions has changed in the regional policies of Russia and European countries since the early 1990s. The study aims to estimate the efficiency of Russia's regional policy with regard to border regions (its completeness, a focus on actual problems, etc.) and to compare it with that of European counterparts. The article relies on publications on the experience of EU countries, earlier contributions from Russian researchers, federal regulations, and statistics on the regional distribution of federal investment in fixed assets. It is shown that the federal border region policy is largely a reflection of the features and problems of Russia's regional policy as a whole. Currently, the development of cross-border cooperation is affected more strongly by national security concerns than by economic growth considerations. Cross-border cooperation is no longer part of the regional policy. Border regions, however, have received an increasing proportion of federal investments in recent years, particularly, amid the reunification with the Crimea. The study calls for better coordination between different areas of the federal socio-economic policy on border regions and closer attention to border regions' foreign economic ties, particularly, within the implementation of the Strategy for the Spatial Development of the Russian Federation.

The paper presents the results of modern studies on economic, social and political problems of Spain in the leading research centers of Moscow. The stress is made on the Primakov Institute of World Economy and International Relations (IMEMO) where the conference "Modern Spain: Problems and Solutions" was held on the 20th October 2017. A significant part of the article is devoted to research results presented at this conference. The place of Spain in the world economy and specifics of Spanish participation in the innovation processes under globalization were explained by Prof Petr Yakovlev, PhD Violetta Tayar, Prof Alexey Kuznetsov, PhD Tatiana Sidorenko and PhD Agnessa Avilova. On the one hand, the success of Spain in trans-Atlantic economic cooperation and outward FDI expansion was shown. On the other hand, it was stressed that low quality of human capital in Spain as well as insufficient R&D activity of national large business remained main barriers for future economic progress of the country. Social issues were placed in the center of reports held by Prof Tatiana Koval, PhD Eleonora Ermolieva, Rona Gritsenko and PhD Galina Ponedelko. The main attention was paid to religious and educational problems. It was shown that political preferences of leading parties were very important for governmental decisions during the whole period of post-Franco transit of Spain. PhD Ekaterina Cherkasova and Alexander Aleshin presented new considerations on Seuta & Melilla and Gibraltar problems. The most active discussion arose around the Catalonian separatism. Prof. Sergey Khenkin, PhD Ekaterina Grantseva, Ignacio Garcia-Valdecasas Fernandez and some other experts showed that both Madrid and Barcelona made political mistakes during several years. The so named referendum on Catalonia independence on the Is' October 2017 was actually illegal. It could not help the solution of political and identical problems of Catalonia and made real harm for its further economic development. Some roots of the problem could be found in 1980-1990s. Moreover, many myths were developed since then, especially by separatists (e.g., about independent state of Catalonia in the Middle Ages).