MANAGING ECONOMIC SECURITY OF AN INTERNATIONAL VENTURE: A PSYCHOLOGICAL PERSPECTIVE

Abstract

This article seeks to provide argument that effective performance in modern realia of business and management is impossible without understanding the socio-psychological processes that accompany entrepreneurial endeavours. Further development of market competition in the national economy, its inclusion in the system of global economic relationships, aggravation of internal barriers to successful implementation of economic reforms significantly raise the issue of exploring a psychological aspect of economic security of businesses, and in international ventures, in particular. An emphasis is put that the roots of genesis and evolution of economic psychology refer to radical changes, especially changes occurred in the economic paradigm and attitudes towards ownership for the means of production in the first place, as well as the emergence of new economic actors. Apart from that, pressing globalization trends, changes in political and economic patterns, as well as rapid technological advances in society have greatly affected socio-cultural values of the population. However, even the very speed and extent of global change faced by modern society depends on psychological characteristics inherent in different social groups. Different psychological patterns and perspectives that drive the development of business environment world-wide have created a new background for shaping and launching new economic security strategies for international business entities and ventures. The findings have verified that business economic security directly relates to management's understanding of the needs and the specifics of business structure and their alignment with the personal goals of the leader. Moreover, business operation of economic entities, both in the external and internal environment, encourages them to search for the new pathways and raise awareness of the need for effective interaction between the internal corporate culture and its organizational structure, ensuring and managing economic security and values of international markets. To attain the above objectives, a thorough research on the international business environment is of critical significance. It is argued that deep insights into psychological factors driving drastic change in the politicians’ perceptions of the need to make a shift from a planned socialist paradigm to a market economy, exploring the psychology of transformation of the theoretical concepts from Marxist political economy to Western market theories will facilitate better understanding of the nature of economic security of international ventures.