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Maintaining the Balance of Interests of the State, Business and Society in Emerging Markets

Author: Zhanna S. Belyaeva, Cand. Sc. (Ec.), Assistant-Prof. of International Economics Dprt.

Abstract: Integration of sustainable development principles into corporate and government strategies leads to a different degree of social responsibility institutionalization, in particular, within geopolitically complex systems of Russia, China and Brazil. In this case, maintaining the balance of interests of the subjects and objects of social-economic and political systems seems to be a complex mechanism, which is based on completely different historical, cross-cultural and other peculiarities. On the other hand, heterogeneous academic interpretation of the theory of social responsibility determines the results of the business practices of the global economy subjects. The paper attempts to assess the maintenance of interests of these subjects looking from the perspective of research and practical activity.

Key words: business social responsibility; world economy; emerging markets; balancing stakeholders’ interests; sustainable development; game theory.