An Algorithm for the Crisis-Free Transition of Modern Socioeconomic Systems to the Cyber Economy

Abstract

Purpose: The purpose of the chapter is to develop an algorithm for the crisis-free transition of the modern socioeconomic systems to cyber economy.

Design/methodology/approach: The case method is used to review modern economic systems and to determine the need and readiness for starting the process of a transition to the cyber economy in developed and developing countries. The statistical data of the IMD, the World Bank, and the World Economic Forum as of early 2019 are used. In order to cover both developed and developing countries (ensuring the representativeness of the selection), the authors study the top 10 countries from the first half of the rating (1–10) and the top 10 countries from the second half of the rating (31–40) with regard to digital competitiveness.

Findings: It is substantiated that the process of transition of the modern socioeconomic systems to the cyber economy is largely determined by the national specifics. A universal algorithm of a crisis-free transition to the cyber economy is offered.

Originality/value: Recommendations are made in the sphere of crisis management for the cyber economy (at its formative stage and in its development and functioning), which conform to the current needs of both developed and developing countries.