Financial Instruments of the Socially Responsible Economy

I.P. Denisova, S.N. Rukina, K.N. Samoylova, A.S. Takmazyan
European Research Studies Journal, Volume XX, Issue 1, 284-293, 2017
DOI: 10.35808/ersj/618


Taking into account its specific character, each country forms its own model of the social policy. Four models of the social policy are used in the countries of the European Community: social-democratic (Scandinavian), corporate (continental), and liberal (Anglo-Saxon), transitional (developing) models. Russia uses a mixed model. Any model of the social policy will not be efficient without the financial support, the instruments of which are social insurance and social assistance. Under new economic and geopolitical conditions, Russia faced a number of factors that negatively affected the state of public finance. This article analyzes substantial characteristics of social insurance and social assistance and covers the features of the Russian model of compulsory social insurance and possible directions of its improvement; it offers the option of development of a social program for private business that adapted to new conditions.

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