Abstract
The chapter analyzes the institutional framework and the implementation of the European concept of sustainable development within migration flows. The key research method is factor analysis which is applied to describe the functioning of institutional and market initiatives in the course of establishing a sustainable development regime that absorbs migration flow. The main obstacles in this regard were: poor construction of today's market; the current public system of economic development regulation; and low efficiency in absorption of migrant flows. Small countries will have to turn to macro- and micro-reforms and policies. The framework of sustainable development requires a new approach in the context of the Agenda 2030 and will improve: (1) the socioeconomic climate for productive entrepreneurship and employment growth; (2) development of the innovation system under 3T; and (3) development of the economy overall.
TopThe General Framework Of Economic Policy For New Migration Flows
In order to achieve greater functional efficiency, small countries must constantly adjust their institutional systems to the European Union's institutional system, though keeping in mind own national and economic sovereignty. The need to implement these adjustments arises from the requirement to change the very economic structure that is supposed to provide much higher economic growth rates in the near future with more intensive production.
In the light of the fourth industrial revolution, in addition to ongoing reform processes, innovative activity must be recognized as an important element in aligning the structure of the economy with the needs of society and contemporary civilizational trends. Reforms of the education system, regional dispersion of foreign direct investments, incentives for employment of young people, as well as other vulnerable categories of society, support to social entrepreneurship, gender-responsive budgeting and re-raising the minimum labor costs are just some of the measures that should provide inclusive and socially equitable distribution of growth which, through the established environment of social cohesion, will result in the labor engagement of all migrants and poverty reduction in small countries.
Creation of a new European “integrated mixed economy” is inseparable from the construction of an economy based on the new production structure within the industry 4.0 and using the innovative flows of converged and related energy, infrastructure and other communication systems. Geopolitical repositioning of Europe in the Euro-Asian context is a necessary condition for social security and economic stability according to the principles “without sovereignty -- no socioeconomic development”.
Changed geopolitical reality requires the consideration of many complex factors of today's development, which include very pronounced migration flows.
Key Terms in this Chapter
International Migration Flow: Data on the number of migrants entering and leaving (inflow and outflow) a country over the course of a specific period.
Sustainable Development: Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs.
Migration Policy: Government statements in regard to the selection, admission, settlement and deportation of foreign citizens residing in the country.
Geopolitics: Geopolitics is the set of decisions taken by political actors in relation to the geography, economics, and demography of a country.
Geoeconomics: Economic tools to advance geopolitical objectives.
3T (Technology, Talent and Tolerance): Approach in creative economy, which hypothesizes that high technology base, creativity climate and diversity is needed for economic growth.