Influence of existing social and economic interactions on sustainable territory development: the case of Iceland

Iceland was identified as a typical country with relatively high achieved competitiveness level and at the same time negative growth capacity - so, with eroded sustainability of territory development. As a research hypothesis the authors suggest that Iceland's social and economic interactions w...

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Bibliographic Details
Published in:Entrepreneurship and Sustainability Issues 2018-03, Vol.5 (3), p.412-437
Main Authors: Komarova, Vera, Lonska, Jelena, Lavrinenko, Olga, Menshikov, Vladimir
Format: Article
Language:English
Subjects:
Computational Engineering, Finance, and Science
Computer Science
Economic development
Economics and Finance
Exports
General Finance
Humanities and Social Sciences
Imports
International trade
Methods and statistics
Migration
Quantitative Finance
Statistical Finance
Sustainable development
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Summary:Iceland was identified as a typical country with relatively high achieved competitiveness level and at the same time negative growth capacity - so, with eroded sustainability of territory development. As a research hypothesis the authors suggest that Iceland's social and economic interactions with other "worlds-economies" are not diversified enough. The analysis of export/import and international migration flows of Iceland shows that a market-capitalist "world-economy" is an absolute leader (80-90 %) for Icelandic international trade and migration. Analysis of air logistical interconnections shows that a kind of sub-"world-economy" is formed which can be referred to as a Northern-Atlantic one. As results of regression analysis show social and economic interactions with the representatives of its own "world-economy" mainly draw Iceland's sustainable territory development in their direction, and, as the trends of their development are negative or stagnate (USA and Spain), Iceland's trend of sustainable territory development is also drawn after them. In its turn, rather infrequent social and economic interactions with other "worlds-economies" either do not influence significantly Iceland's sustainable territory development (as interactions with Brazil do) or influence in the opposite way (as interactions with China do). Therefore, the practical efficiency of recommendation of Human Development Report 2013 to interact more actively with other "worlds-economies" is not so far proved in social and economic reality - at least, in the case with Iceland as a typical highly-developed capitalist country.
ISSN:2345-0282
2345-0282
DOI:10.9770/jesi.2018.5.3(1)