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Copyright: © Mikhail N. Dudin, 2016.
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Despite economic and geopolitical crises, global business environment is steadily developing while the world around us changes, sometimes imperceptibly, sometimes – drastically. And these changes concern all spheres of people’s lives. It is now unquestionable that the basis for growth of modern civilisation is acquiring new knowledge and developing the technologies, which allows creating something new and introducing innovations ensuring quality transformations.
Another inescapable fact is that material production industry, which continues to be of the greatest importance in global economics, is not characterised by such rapid growth rate as compared with services sector. Furthermore, developed financial market, services and trade sector are considered as performance quality criteria of national economies. Many economies of the countries in the world tend to focus on integration processes via building global economic relations. Involvement into global processes allows governments to actively use knowledge-based capital while in a number of economies worldwide knowledge-based capital weighs upon industrial capital.
However, we know that scientific and technical advance, which makes it possible to create innovations and, as a result, knowledge-based capital, requires regular investments into science-driven solutions. Such solutions can be used to improve financial markets, services and trade sector. And this is where we face a certain dilemma:
• On the one hand, owners of temporarily spare assets (capital) are willing to invest into potentially profitable projects which can bring perceptible return;
• On the other hand, investing in innovations is always riskier than investing into common material production development projects.
A special class of owners of temporarily spare assets has even formed in a contemporary market: those who are willing to invest into risky innovation projects are called venture investors. But experience has proven that investors are more willing to invest in economies of those countries where social and political processes are characterised by stability and economic risks are most acceptable.
It is somewhat a pity to state that aggravated conflicts between the East and the West, between adherents of Islamic and Christian values, supporters of radical changes and humanistic reforms have had in large part negative influence on the dynamics of innovation and investment processes. But, at the same time, periods of crisis present not only new challenges but also new opportunities. This is why I am hopeful that scientific research in the field of investments and innovations required for the development of financial industry and services and trade sector in Russia, CIS states and a number of other countries with transitional economy will not only favour the scientific progress in these regions but also create the prerequisites for stabilization of political and social tension, thus shaping new incentives for economic growth.
I also hope that readers will be interested in the articles presented in the topical issue «Finance, Services Sector and Commerce: Innovations and Investments», and that they will be able to put the newly acquired knowledge into practice.