National Interests: Priorities and Security

An impact of social entrepreneurship on the financial security of the nation and economic growth

Vol. 13, Iss. 10, OCTOBER 2017

Received: 1 June 2017

Received in revised form: 14 August 2017

Accepted: 8 September 2017

Available online: 27 October 2017


JEL Classification: J28, J40, I30, L31

Pages: 1856–1869

Davydova L.V. Orel State University named after I.S. Turgenev, Orel, Russian Federation

Fedorova O.A. Orel State University named after I.S. Turgenev, Orel, Russian Federation

Skorlupina Yu.O. Orel State University named after I.S. Turgenev, Orel, Russian Federation

Importance The development and financial resources of socially-oriented businesses is a cornerstone for stabilizing the national economy and addressing relevant issues. Social business and its development aim to resolve multiple issues and create a socially-oriented State. Activities of socially-oriented entities ensure social security of the population, raise the financial literacy of people and businesses and develop the entrepreneurship nationwide. Social business becomes even more important under contemporary circumstances in the national economy, with the maintenance of employment and social stability being especially acute.
Objectives The research examines the role and purpose of social business in ensuring the national security and the way it can influence an economic growth in the unstable economy of Russia.
Methods Based on statistical and graphic methods, I explore the state and trends in social business in Russia in line with an analysis of its development in certain federal districts.
Results As the main outcome, I devise an improved mechanism for financing socially-oriented entities. Financial sources proceed from the banking sector and regional agencies for labor and employment.
Conclusions and Relevance Having analyzed the development trends of social business and its impact on the national security and economic growth, I substantiate the need to transform the financial mechanism for activities of social businesses.

Keywords: social entrepreneurship, security, growth


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