Vol. 8 (2014): Journal of Business Management

Nowadays growing instability of the socio-economic system is evident. Scholars of social sciences attempt to explain this by examining multiple, very diverse, reasons. Economists often refer to the debit crisis, long cycles, swelling resource prices; political scientists and economists – to the shifting centres of economic gravity; demographers – to changes in the demographic structure, sociologists – to the crisis of value system, etc.

All these explanations, however, seem to have a significant common drawback, which is the lack of a systematic view. One of the most viable hypotheses asserts that it is the political sub-system in the socio-economic system that lags behind in its development from the economic and technological subsystems in the hierarchy. We must be dealing with the system crisis, which is inevitably long-term and, as history shoes, can span multiple generations.

In conditions of growing instability entrepreneurs must find quick and insightful decision. We can identify two main approaches to dealing with this situation. The first option is to have a certain number of ready, previously tested, recipes that proved working well (e.g. financial management, fiscal regulation, personnel training). The second is to prepare entrepreneurs to be ready for spotting new opportunities and decisions in unexpected situations and uncertain environments. For successful implementation of these solutions substantial changes are necessary in business and enterprise education at the higher and lifelong learning levels. Education and training must be refocused towards development of creativity and other non-cognitive skills. Papers selected for the new issue of the Journal of Business Management address both approaches with the first being prevalent.

The publications portfolio of the 8th issue of the Journal of Business Management comprises studies presented at the 7th annual International Scientific Conference “Business and Uncertainty: Challenges for Emerging Markets” hosted by Riga international School of Economics and Business administration in April 2014. The conference attracted scientists from eleven countries (mostly Eastern and Northern European).

Head of the Editorial Board,
Professor Dr. Vulfs Kozlinskis

Published: 17.01.2023