No. 4(73)/2022

Katarzyna Górak-Sosnowska

Szkoła Główna Handlowa w Warszawie    

Middle East in the One Belt One Road initiative: a pathway or a strategic partner?

Summary

The article discusses the role of the countries of the Middle East and North Africa in the Chinese One Belt One Road (OBOR) project, which is the reactivation of the Silk Road. It frames the analysis in the context of the US-Chinese rivalry in the region and China's competitive advantage as a strategic partner of the Middle East and North African countries. The article emphasizes the importance of economic cooperation for both parties, which plays a key role in shaping OBOR in the region. One of the main is that China is a less troubling partner for the countries of the Middle East and North Africa, compared to the United States.

Keywords: Middle East, One Belt One Road, China.

JEL Codes: F02, F50

DOI: doi.org/10.34765/sp.0422.a01

Jarosław Sozański

Warszawska Uczelnia Medyczna im. T. Koźluka

For a new approach to human rights in contemporary democracies - effectiveness and pragmatism (proposal de lege ferenda)

Summary

The current model of human rights (HR) protection includes optimistic supposition, that HR catalogue is to be easy and effectively realized, so it needs a few executive acts and measures. In practice single but important rights are weakly protected and insufficient instruments don’t give them guarantee of complete, effective & accessible protection. Also in the EU legal order it supposes effectiveness of regulated rights. All above mentioned as well as principal obligations of HR protection deriving from supremacy (& sovereignty) of nation are to implicated the need of a new approach and regulations of HR.

Keywords: Human Rights & HR Protection, Contemporary Democracy, HR International and National Standards, HR Instruments.

JEL Codes: K42, R5, Z11, Z18, Y10

DOI: doi.org/10.34765/sp.0422.a02

Alina Szypulewska-Porczyńska

Agnieszka Kacprowicz

Szkoła Główna Handlowa w Warszawie

Challenges for Poland's economic growth within the framework of sustainable development on the example of finance

Summary

The implementation of sustainable finance results from growing expectations towards the market of taking responsibility for improving the environment. The study aims to identify the critical elements of sustainable finance and, against this background, assess the adjustments made by Polish enterprises on the example of companies from the textile and clothing industry, emphasising the coexistence of ESG strategies with export activities. The analysis shows that companies exporting to Western Europe have developed and implemented ESG strategies in their companies. As a result, they may have easier access to bank financing due to a lower level of ESG risk and the obligation for banks to disclose non-financial information, including what part of banking assets is compliant with the taxonomy. However, one of the primary challenges in implementing sustainable finance is mobilising public funds for this purpose.

Keywords: sustainable finance, risk management, sustainable investments, ESG, textile and clothing industry.

JEL Codes: Q56, G28

DOI: doi.org/10.34765/sp.0422.a03

Elżbieta Kawecka-Wyrzykowska

Szkoła Główna Handlowa w Warszawie

Challenges of decarbonization of Polish economy: the role of coal

Summary               

Decarbonization is a fundamental goal of the EU's climate policy. The EU is committed to achieving climate neutrality by 2050 and to reduce, by 2030, greenhouse gas emissions by 55%. The objective of the article is to assess how Poland is implementing these goals and what are the challenges on the way to achieving the goals of this policy.

The thesis is: Due to the very high dependence on coal, which is the largest source of greenhouse gas emissions in Poland, the energy sector requires deep restructuring. In the absence of nuclear energy in the coming years, the main tools of reducing these emissions are: to increase the role of renewable energy, save energy consumption and improve energy efficiency.

Conclusions: The energy transformation is inevitable. Its main challenges are very high costs and lack of a long-term strategy of its implementation, and legal solutions that hinder necessary changes. Serious disruptions in the energy market in 2022 induce a temporary slowdown in the transition from coal, but they should not be an excuse to hold back the transformation.

The study uses a descriptive research method and statistical data analysis.

Key words: decarbonization, EU climate policy, energy transformation in Poland.

JEL Codes: F18, F64, Q43, Q57

DOI: doi.org/10.34765/sp.0422.a04

Magdalena Kaczkowska-Serafińska

Akademia Finansów i Biznesu Vistula

Study of conditions and determinants of job satisfaction in the VUCA business environment

Summary

The aim of the article is to present the role and ways of positively influencing by organizations on job satisfaction and employee engagement as a strategic action to support business organizations to effectively face the challenges of the unpredictable world of VUCA and the challenges related to the trend of sustainable development of organizations. The article provides a literature review to discuss the essence of the four dimensions of the VUCA environment, as well as the role of job satisfied and engaged workers in a VUCA environment full of environmental, social and economic challenges. Currently, the concept of sustainable development is increasingly entering the mainstream of discussions on socio-economic development, becoming a horizontal norm, reflected in all development policies of the country, and thus setting the directions of actions taken internally by organizations. In addition, the article presents the main groups of determinants of job satisfaction and identifies a research problem along with research hypotheses for further empirical exploration of new factors affecting job satisfaction, which are of particular importance in the context of dynamic changes taking place in the VUCA world focused on sustainable development. In the group of new variables that may affect employee job satisfaction, the employees' attitude to changes in the time periods before and after the pandemic will be analysed, up to the subjective assessment by employees of the implementation of the sustainable development strategy by the organization employing them.

Keywords: job satisfaction, employee engagement, change, VUCA, sustainable development.

JEL Codes: J24, J28, Q01

DOI: doi.org/10.34765/sp.0422.a05

Ryszard Michalski       

Akademia Finansów i Biznesu Vistula

Poland’s monetary policy in years 2020-2021 – awkward changes

Summary

The article aims to provide an analysis of the causes and consequences of changes in Poland's monetary policy in 2020-2021. It offers a detailed description of three major changes: the purchases of state-issued and guaranteed bonds on the secondary market starting in March/April 2020, the central bank’s interest rates cuts in spring 2020 and their hikes cycle starting in autumn 2032, as well as foreign exchange interventions in December 2020. The primary objective of the bond purchases was to finance the expansion of government spending. A primary motive for NBP's foreign exchange interventions at the end of 2020 that weakened the zloty exchange rate was to maximize its profits from positive exchange differences. Poland's new monetary policy brought significant benefits to the government, which was able to increase its tax revenue and reduce the cost of servicing its public debt. Increased inflation has resulted from this, which spurs the question as to whether Poland’s monetary authorities are fulfilling their constitutional mandate because the Polish zloty has been losing its purchasing power relative to foreign currencies and domestically lately. The main problem with Poland's monetary policy is the overliquidity of the banking system, which negatively impacts NBP's ability to use its financial instruments. Poland’s monetary authorities have not been able to handle the overliquidity for years, which results in decreasing importance of its monetary policy. In recent months, increasing inflationary pressure has posed a new challenge to NBP. Resolving these dilemmas would require not only institutional changes, but also a reevaluation of its monetary policy and its main purpose.

Keywords: MPC, interest rate policy, exchange rate policy, inflation, interbank market, over-liquidity of the banking sector, external disequilibrium.

JEL Codes: E44, E51, F34, F36, G01, G28

DOI: doi.org/10.34765/sp.0422.a06

No. 3(72)/2022

Barbara Bonisławska

Europejska Uczelnia w Warszawie

Marcin Bonisławski

Contemporary systems of financial management in local self-government units in Poland

Summary

Units of the local self-government – community-district-voivodeship conduct their financial policy independently and a budget is the basis of this policy. The budget is passed for a calendar year by the decision-making body, i.e., in a community - by the community council, in a district - by the district council, in a voivodeship – by the parliament of a voivodeship (sejmik województwa). Budget of the local self-government unit, community-district-voivodeship, is a very complex process. Preparation, development, adoption of the budget of local self-government units requires a lot of analyses. Budget is not a rigid document due to changes introduced during the calendar year on both revenues and expenditures side. Mode and ways of introducing such changes are also specified in legal acts. The aim of this study is to present contemporary systems of financial management in local self-government units in Poland.

Keywords: financial economy, decision-making body, budget, resolution, grant.

JEL Codes: H8

DOI: doi.org/10.34765/sp.0322.a01

Beata Michalec

Akademia Finansów i Biznesu Vistula

Social activities for the reconstruction of the Royal Castle in Warsaw on the example of the Society of Friends of Warsaw

Summary

The not only historical society of Warsaw has repeatedly emphasized the need to rebuild the Royal Castle and demanded that the prepared scientific and conservation works need to be started. At the plenary meetings of the Society of Friends of Warsaw, from the moment the association was established, a resolution was passed every year about the need to rebuild the Royal Castle and to undertake thorough research into its history. TPW members organized social campaigns, spreading the idea of rebuilding a monument of Polish culture. The greatest authority in the reconstruction of the Royal Castle in Warsaw was prof. Stanisław Lorentz, director of the National Museum in Warsaw, co-founder and first president of TPW. This article presents the great social contribution made by the members of the Society of Friends of Warsaw to the reconstruction of the Royal Castle in Warsaw. The social commitment and generosity of the society exceeded all expectations. Thanks to the tireless attitude of Stanisław Lorentz and many activists of the Society of Friends of Warsaw, today the Royal Castle in Warsaw – Museum - The Residence of the Kings and (Commonwealth) the Republic of Poland entered the 50th anniversary of reconstruction.

Keywords: Society, Society of Friends of Warsaw, The Royal Castle, reconstruction, history.

JEL Codes: N34

DOI: doi.org/10.34765/sp.0322.a02

Katarzyna Bentkowska

Szkoła Główna Handlowa w Warszawie

Informal institutions in Poland in comparison with selected European countries

Summary

Studies on economic development and ongoing changes clearly emphasise the importance of institutional factors. However, most often they focus on formal institutions. Meanwhile, deeply rooted informal institutions comprising customs, codes of conduct, behavioural norms that result from acquired experiences and value systems remain a poorly recognized element of the institutional system. This paper attempts to identify and operationalize some informal institutions and shows how the quality of institutions in Poland compares to selected European countries. The analysed informal institutions comprise trust, happiness, bonds with relatives, social capital, interest in politics, tolerance, resourcefulness and attitude to traditional values. The analysis reveals that in Poland informal institutions are assessed as weaker than in Western European countries, although even compared to other Central and Eastern European countries the assessment of their quality is not favourable.

Keywords: comparative institutional analysis, informal institutions, trust, social capital.

JEL Codes: D02, Z13

DOI: doi.org/10.34765/sp.0322.a03

Halyna Petryshyn       

Instytut Pracy i Spraw Socjalnych

The economic situation in Ukraine before the outbreak of the Russo-Ukrainian war

Summary

In Ukraine, since regaining independence in 1991, constant attempts have been made to dynamically develop the economy. The article is an attempt to make a comparative analysis of the most important macroeconomic indicators, such as gross domestic product, public debt, inflation and unemployment in the period 2008-2021 (on an annual basis). Macroeconomic indicators are based on statistical data and show the current state of the economy country’s. On the basis of the development these indicators, it is possible to analyze the volatility of the market and the economy. The degree of this variability depends on the importance indicator. Therefore, it is important to understand which indicators are most important and what situation they reflect.

The article mainly uses the descriptive method and basic statistical methods. The research area the article’s covers the economic situation in Ukraine before the Russian invasion in February 2022. The year 2008 was assumed as the beginning of the analysis due to the global economic and financial crisis in 2007-2009, which peaked in 2008-2009. The aim of the study was an attempt to identify the causes and solutions that could affect development the Ukrainian economy.

The issue fighting the economic crisis of successive Ukrainian governments in recent years was also discussed. On the basis of a comparative analysis, the potential, possibilities and limitations of Ukraine’s economic development were presented. This justifies the desirability of introducing changes in the economy. The danger of constantly growing (very fast in recent years) public debt and unemployment were also underlined.

Keywords: gross domestic product, unemployment rate, unemployment, inflation, public debt.

JEL Codes: H5, H7, J6, P2

DOI: doi.org/10.34765/sp.0322.a04

Dominik Franczak

Akademia Finansów i Biznesu Vistula

Change in the value of the national and regional innovation potential in Poland in 2010-2020

Summary

One of the most important factors of the development of the state and its regions is the innovative potential, supporting e.g., increasing economic prosperity and competitive advantages. The importance of this issue was highlighted, among others, in the Lisbon Strategy and in the Europe 2020 Strategy. In order to better recognize the changes taking place, the innovative potential can also be analyzed within narrower components, which allow for even more precise recognition of specificities not only at the national level but also at the regional level. The studies conducted so far indicate a positive impact of innovative potential on the national and regional level of competitiveness or the standard of living of the inhabitants. It was assumed that the higher level of innovation potential might increase the positive impact on regional and country development. Hence, the author made an attempt to determine changes in the level of innovation potential in Poland at the national and regional level, broken down into four auctorial components.

Keywords: innovative potential, regional innovative potential, innovative potential of Poland, innovativeness.

JEL Codes: O30

DOI: doi.org/10.34765/sp.0322.a05

No. 2(71)/2022

Jolanta Zombirt

Akademia Finansów i Biznesu Vistula

How to stimulate European securitization?

Summary

The main aim of this paper is to identify and assess the efforts from last years undertaken by Europeans to revitalise European securitisation. Some years after the subprime crisis, regulators started to change their thinking about securitization having noticed its advantages. At first, their efforts to create a more friendly environment for securitization were rather shy. A true acceleration of these efforts could be seen after COVID -19 and its devastating effects on banks’ balance sheets and the real economy. The Securitization Regulation came into force on 1 January 2019 but due to the pandemic it later began to be amended and adjusted. A huge wave of these adjustments have taken place in 2021. Market participants, however, have pointed out the regulations’ numerous loopholes and shortcomings. This has led to an amendment of the SR in April 2021, and the EC is to report on the SR's functioning before 1 September 2022.

As we observe the works, amendments and comments, however, it is proper to say that the consultation process that concentrates on:

-         the impact of the regulation on the securitization market

-         private securitizations

-         equivalence regime for non-EU entities regarding STS

-         disclosure of information on ESG and sustainable finance

may not be the end of the SR upgrade. This is partial because of the new events and facts that influence the European securitization framework. Yet, regulators seem to be somewhat hesitant to make use of this technique for fear of being blamed if something goes wrong.

The other attempt to encourage broader use of securitization can be described as the outcome of the Paris Agreement adopted in 2015 on the fight against climate change. This action is known as the ESG (or green securitisation) framework. But up to now the effects are rather slim.

Keywords: securitisation, regulatory amendments, landscape for securitisation.

JEL Codes: G21

Methodical article.

DOI: doi.org/10.34765/sp.0222.a01

Mirosława Krzyścin

Politechnika Wrocławska

Dariusz Socha

Wyższa Szkoła Handlowa we Wrocławiu

The SARS-COVID 19 pandemic as a "black swan" in the labor market

Summary

The SARS-COVID 19 pandemic in Poland had a huge impact on various areas of economic life and on the deepening of the real loss of population on an unprecedented scale since World War II - 30%. Importantly for the considerations contained in this article - it also left its mark on the labor market, which had its effects in the statistics of the main parameters of this market, but also caused changes of a sociological, conservative, cultural and organizational nature (e.g. remote work with all consequences - both for employers, and employees and their family life).

Similar to the previous economic crises, there were changes in the place and form of employment, optimizations, job cuts, including many group layoffs, e.g. in banking, FMCG and the manufacturing industry. To mitigate the effects of the crisis, the government used a number of support tools, which are also discussed in this article. Despite the intervention programs, which probably slightly weakened the scale of the phenomenon, unfavorable changes were noted in the dynamics of GDP, the number of business registrations and bankruptcies, the unemployment rate, etc. discussed in the article.

Keywords: SARS-COVID 19 pandemics, labor market, remote system of work, job cuts, group layoffs, bankruptcies, unemployment.

JEL Codes: J00

Research article.

DOI: doi.org/10.34765/sp.0222.a02

Maria Kocot

Uniwersytet Ekonomiczny w Katowicach

Artur Kwasek

Uczelnia Techniczno-Handlowa w Warszawie

Entrepreneurship of young people as a determinant of economic development in the light of own research

Summary

Entrepreneurship is a phenomenon determined by the rapid development of digitization and digitization, manifested by the development of new ICT technologies. The entrepreneurship of young people plays an extremely important role in economic development. The aim of the article is to analyze the entrepreneurial attitudes of students and the prospect of successfully running their own business. It was hypothesized that young people show entrepreneurial potential. In order to verify this hypothesis, a survey was conducted in January 2022 in accordance with the standards of the CAWI technique. 720 respondents took part in the study. The conducted research has shown that young people have entrepreneurial potential: young people are resourceful, creative and inventive. They plan to run their own business in perspective, analyzing the factors that could contribute to success and specifying the strategy of operation.

Keywords: entrepreneurship, enterprise, human capital, intellectual capital, organization

JEL Codes: O10

Research article.

DOI: doi.org/10.34765/sp.0222.a03

Zbigniew Klimiuk

Instytut Pracy i Spraw Socjalnych w Warszawie

Shaping Polish-German economic relations in the years 1918-1928

Summary

The first document that opened the history of direct Polish-German economic relations after World War I was the economic agreement with the transit agreement concluded on October 22, 1919. The conclusion of the agreements was preceded by several months of talks. The initiator and protector of the pacts were the Main Allied Powers. Pursuant to the provisions of the treaty, Germany was to provide Poland with 75 thousand zlotys a month. tons of coal from Upper Silesia, and these deliveries were to increase until the average deliveries that Poland received from Upper Silesia in the period 1911-1913 were achieved. In addition, Germany undertook to put at the disposal of Poland 50,000. tonnes of coal stored in heaps, provided that it will be collected with the help of Polish rolling stock. Until the mid-1920s, trade with Germany accounted for nearly half of the volume of Polish foreign trade. Germany was the recipient of almost 80% of the coal mined in Poland. Political relations between the two countries continued in a state of constant tension over the background of divergent interests, in particular the territorial dispute over the Polish part of Pomerania and the Free City of Gdańsk. In January 1925, the most-favored-nation clause imposed on Germany by the Treaty of Versailles expired in relation to goods from the Entente countries, including Poland. In June, the duty exemption for products from the Śląskie Voivodeship, mainly coal mined there, which was regulated by the Geneva Convention on Upper Silesia of 1922, ended in June. Poland also refused to grant Germany customs discounts on their goods due to Germany's refusal to grant such discounts to Polish products in Germany. In retaliation, Germany unilaterally suspended the import of Polish coal from the Śląskie Voivodeship, thus contributing to significant economic losses for the Polish side. At the same time, the German side increased customs duties on Polish products and imposed an embargo on some goods. In response, the Polish government increased customs duties on goods imported from Germany and introduced a ban on the import of many products from Germany. Poland, as a supplier of raw materials and as a market for finished goods, was in the area of ​​commercial interest of Germany in the interwar period. The Polish market and the German market were more compensatory than competitive markets. Germany had a positive balance in trade in finished products, negative in all other groups. On the contrary, Poland had a negative balance in trade in finished products, positive in terms of food products, live animals, raw materials and semi-finished products.

Keywords: Poland, Germany, trade and economic relations, the Most Favored Nation clause, the interwar period, economic agreements and agreements, trade war, positive and negative trade balance.

JEL Codes:  E52, E58, F31, F32, N14

DOI: doi.org/10.34765/sp.0222.a04

Renata Olesiejuk

Uniwersytet w Białymstoku

The Constitutional Principle of Media Freedom in the Light of the Independence of the Judiciary and Judges in the Republic of Poland

Summary

Freedom of the media is considered to be one of the imperatives of the policy of democratic countries. This principle, expressing general values, sets constitutional boundaries within which the process of establishing and executing the law, including the administration of justice in courts, is the source of the obligation of the state apparatus to weigh goods and implement constitutional norms. The pillars freedom of the media are: freedom of speech and the right to information about state organs. This freedom cannot be considered absolute, therefore it is often subject to certain limitations. Such limitations are sometimes necessary in the area of judiciary power exercised in courts, due to the implementation of the constitutional principles of the independence of courts and judges. The judiciary is obliged to make fair individual decisions in accordance with the applicable law.

Keywords: press, freedom of the media, justice system, Polish Constitution.

JEL Codes:  K10, K33, K38, K39

DOI: doi.org/10.34765/sp.0222.a05

Nr 1(70)/2022

Tomoyuki Hashimoto

Vistula University

Conceptualising ‘state capture by securitisation’

Summary

While ‘state capture’ is an influential analytical framework to illustrate (post-communist) transition, it emphasises on the fragility of the state (e.g. lack of proper governance mechanisms) as a precondition of capture. It postulates the capturer’s ability to foresee the agenda-setting role which requires considerable knowledge and resources when it is applied to national security. This brief discussion piece proposes a way to modify the concept to facilitate such an application. To begin with, we shall relax the postulation of aforethought on the capturer’s side, featuring spontaneous reactions by the would-be capturers. Then, we shall re-examine political actors’ attempts to modify the national security agenda as a pretext to state capture, drawing insights from ‘securitisation.’ ‘State capture by securitisation’ can illustrate complex (and often derogatory to democratic) governance processes and practices at the wake of unforeseen events and external shocks, with ‘legitimacy’ building at the core of public relations.

Keywords: state capture, access to resources, public relations, legitimacy building.

JEL Codes: D72, E61, F52, K40

DOI: doi.org/10.34765/sp.0122.a01

Ryszard Michalski

Akademia Finansów i Biznesu Vistula

Poland’s monetary policy in years 2018-2019 – before the big change

Summary

The article aims to provide an analysis of causes and consequences of Poland's monetary policy in years 2018-2019. Monetary policy brought then significant benefits to the government, which was able to increase its tax revenue and reduce the cost of public debt servicing. Due to the specific freezing of monetary policy it has evidently lost its efficacy not only because of mistakes of policy makers but also because for years they have not been able to overcome the over-liquidity in the home banking system what negatively impacts NBP's ability to use its monetary instruments. About persistent excess liquidity say lesser and lesser use of marginal lending funds by banks, their higher deposits with the central bank, and keeping POLONIA rate below pending reference rate of the NBP through majority of time during maintenance periods. The reversal of such a situation requires not only institutional changes but also essential reorientation of monetary policy’s concept and its main objective.

Keywords: interest rate policy, exchange rate policy, inflation, banking sector’s excess liquidity, external imbalance.

JEL Codes: E44, E51, F34, F36, G01, G28

DOI: doi.org/10.34765/sp.0122.a02

Krzysztof Kietliński

Uniwersytet Kardynała Stefana Wyszyńskiego

Determinants of banking policy and the risk of individual loans

Summary

One of the manifestations of banking activity is the granting of loans. A bank that grants a loan to a customer takes some risk, which means the probability of the bank losing part or all of the loan granted together with the interest due. In the article, the author looks for answers to the following questions: what are the determinants of banking risk in relation to individual loans? What is banking policy and individual loan risk management in minimizing potential losses?

Keywords: credit risk, bank's credit policy, individual loan management.

JEL Codes: G21, G32, H81

DOI: doi.org/10.34765/sp.0122.a03

Zbigniew Klimiuk

Instytut Pracy i Spraw Socjalnych w Warszawie

Changes in the economic structure of Nazi Germany in the 1930s

Summary

The article analyzes the changes in the institutional and functional structure of the economy that took place in Nazi Germany in the 1930s. strengthening the role of the state in economic life without, however, dismantling the foundations of the capitalist economy, including private property. The role of the market as a regulator of economic processes has been significantly reduced, but not eliminated. Hitler was given a power of attorney to completely rebuild the economy of Germany, which was in the nature of a managed economy, that is, in practice, the state applied interventionism, including centralism, planning and state control. As part of fascist corporatism, the production of individual goods was rationed and the operation of the market was limited. In October 1936, the Nazi state extended interventionism to all areas of the economy by proclaiming the Second Four-Year Plan and by appointing a new "Price Commissioner" whose task was no longer to control prices, but to set them together with the law of "using all necessary means to secure fair prices". The main goal of the Second Four-Year Plan was to equip the German armed forces with weapons and to prepare Germany economically to wage war. Two more sub-periods are distinguished in the preparation of the German economy for the war following the announcement of the Second Four-Year Plan. The first one lasted until 1938, and the main goal of the economy was self-sufficiency, but without changing production profiles. The second period began in 1938, when the German economy entered the stage of direct war preparations. Production for war needs was then given absolute priority.

Keywords: Nazi Germany, war economy, arms production, Four-Year Plan, combating unemployment, self-sufficiency policy, autarky, planning.

JEL Codes: N14

DOI: doi.org/10.34765/sp.0122.a04

Patryk Kaleta

Akademia Finansów i Biznesu Vistula

Fight against terrorism during the presidency of Donald Trump

Summary

The fight against terrorism is still an important element of American external politics since most known terrorism attack in 2001. But “war on terror” made by republican president Donald Trump only gets worse. Therefore, the purpose of this article is to examine how Trump views on terrorism, leads this war and uses the phenomenon of terrorism to achieve his political goals. Therefore, the author of the constructivist approach will conduct a critical analysis and comparison of the available literature on selected speeches and activities of D. Trump in terms of combating terrorism in the period from the election campaign to the end of his candidacy in 2015-2020.

Key words: Donald Trump, USA warfare with terrorism, XXI century terrorism.

JEL Codes: H56, N42

DOI: doi.org/10.34765/sp.0122.a05