Iryna Dehtyarova

The main objective of this research is to study the role and impact of fiscal decentralization on the macroeconomic stability of the country. The paper analyzes and systematizes approaches to the definition of ‘macroeconomic stability’ concept. The key factors that impact macroeconomic stability are identified. In the framework of this research, the authors identify fiscal decentralization as one of the factors affecting macroeconomic stability. To determine the strength and statistical significance of the above mentioned relationship, the authors suggest presenting macroeconomic stability as a functional dependency between macroeconomic stability and the level of fiscal decentralization, which is described by the following variables: the growth rate of money supply, investment and openness of the economy, fiscal decentralization. In this case, it is suggested to determine the level of fiscal decentralization in three directions: expenditure decentralization, revenue decentralization and expenditure decentralization simultaneously.

The development of human civilization is related to the constant change of economic formations, and the current social and economic situation is determined by such concepts as Society 5.0, Fourth, and Fifth Industrial Revolutions (FIR, FiIR). The paper aims to estimate the change of human role in each economic formation caused by industrial revolutions. A structured review methodology with a focus on biological, labor, and personal entity of human within the industrial revolutions is used. The description of the changes between the biological, labor, and personality entities of human in various socio-economic formations is discussed. The human as a biological entity is not changed in the first four industrial revolutions, while the FiIR tries to change the biological entity through augmenting the physical capacity. The human as a labor entity is not changed in the first three industrial formations, while the FIR tries to replace the majority of physical human jobs and opens the gate for creative economy and decisions-making. The direct labor participation is minimized within FIR since the economic systems move to the transition to the dominant role of cyber-physical systems. The personal human development is triggered within the FiIR, since informational diversity in economic systems is actualized, and conditions for creative jobs within the creative economy are formed. The biological, labor, and personality entities of human are sequentially actualized within the economic formation caused by industrial revolutions.

Type of the article: Research Article

Profound ecological and technological shifts are transforming the foundations of global development and redefining the trajectory of contemporary globalization. The study aims to investigate the role of the sustainable economy in shaping a new globalized development model in the context of disruptive technologies and Industry 4.0. The results demonstrate that sustainability and advanced digital-cyber-physical technologies act as mutually reinforcing drivers of structural change, enabling the transition toward circular production systems, intelligent resource management, and human-centered industrial paradigms. The study confirms that sustainability becomes the new logic of globalization, in which additive production, renewable energy, cyber-physical systems, and intelligent networks form disruptive trends reshaping political and economic relations. Recent market assessments indicate that the global Industry 4.0 sector has already reached a value of USD 180–200 billion, with projections ranging from USD 600–900 billion by 2034. Within a sample of developed economies, an increase in the Globalization Index by one point decreases the Sustainable Development Index by 0.68 points. The scientific novelty lies in the conceptualization of the sustainable economy through both classical and globalization approaches: the former focuses on additive, resource-efficient production, while the latter interprets sustainability as a new organizing logic of globalization that reshapes geopolitical interactions, redistributes technological power, and embeds ecological constraints into global governance. The study concludes that the sustainable economy represents a new globalization reality in which ecological principles, digital intelligence, and technological sovereignty jointly define long-term development trajectories.

Acknowledgments
The paper is prepared within the scientific research projects “Digital transformations to ensure civil protection and post-war economic recovery in the face of environmental and social challenges” (№0124U000549).