Values as an Economic Institution Regulating Economic Relations in the Context of Global Fragmentation

Nataliya Simchenko; Polina Gorban'

doi:10.52957/2221-3260-2026-7-63-74

JEL A13 JEL B52 JEL D02 JEL F51 JEL F52 JEL P16

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VALUES AS AN ECONOMIC INSTITUTION REGULATING ECONOMIC RELATIONS IN THE CONTEXT OF GLOBAL FRAGMENTATION Values as an Economic Institution Regulating Economic Relations in the Context of Global Fragmentation

АА Аа

Published in Theoretical economics · Issue 7, 2026 · Pages 63–74 · Rubric: ACTUAL PROBLEMS OF THEORETICAL ECONOMY

DOI: https://doi.org/10.52957/2221-3260-2026-7-63-74

Received: 20.05.2026 Accepted: 20.07.2026 Published: 30.07.2026

Authors

Nataliya Simchenko

ORCID

Polina Gorban'

ORCID

Nataliya Simchenko

Academic degree: doctor of economic sciences

Science rang: professor

St. Petersburg State University head of the department · Department of Economic Theory and Economic Policy · Russian Federation · Saint Petersburg

ORCID

Polina Gorban'

Academic degree: candidate of philosophical sciences

St Petersburg University Russian Federation · St Petersburg

ORCID

ABSTRACT

The article examines the issues of the content of values as an economic institution for regulating economic relations in the context of global fragmentation. The authors proceed from the fact that the stability of foreign economic relations depends not only on the coincidence of material interests. Global economic relations are entering a period of deep institutional restructuring and gradual transition to a multipolar system. In these conditions, values become an independent factor of economic cooperation. Equally important are the trust between partners, the compatibility of institutions, and the closeness of ideas about what a fair economic order should be. In this context, sanctions are analyzed as a form of external coercion, through which individual centers of power try to consolidate rules that are beneficial to themselves. This practice reinforces the asymmetry in the global system and contributes to the division of countries along political and value lines. It is shown that the sanctions pressure pushes states to protect economic sovereignty, expand the range of external partners and create alternative cooperation mechanisms. Special attention is paid to institutional shifts: the development of independent payment systems, new transport and logistics routes, investment channels, technological solutions and interstate interaction formats that reduce dependence on the previous coordination centers. At the same time, it is emphasized that the sustainability of such associations is determined not only by economic benefits. Their long-term development requires value foundations, trust, consistency of norms, and complementarity of institutions.

KEYWORDS

values, institutions, economics of values, undue restrictions, economic sovereignty, multipolarity, global fragmentation

Funding

The work was carried out with the support of Saint Petersburg State University, project code 131381004.

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GOST

Simchenko N. A., Gorban' P. V. Values as an Economic Institution Regulating Economic Relations in the Context of Global Fragmentation // Theoretical economics. 2026. no. 7. pp. 63-74. DOI: https://doi.org/10.52957/2221-3260-2026-7-63-74. (Date of access 24.10.2026).

MLA

Nataliya Simchenko, Gorban' P. V.. "Values as an Economic Institution Regulating Economic Relations in the Context of Global Fragmentation." Theoretical economics.7 (2026): 63-74. DOI: https://doi.org/10.52957/2221-3260-2026-7-63-74.

APA

Simchenko N. A., Gorban' P. V. (2026). Values as an Economic Institution Regulating Economic Relations in the Context of Global Fragmentation. Theoretical economics(7), 63-74. https://doi.org/10.52957/2221-3260-2026-7-63-74

Chicago

Nataliya Simchenko, Gorban' P. V.. "Values as an Economic Institution Regulating Economic Relations in the Context of Global Fragmentation." Theoretical economics, no. 7 (2026): 63-74. https://doi.org/10.52957/2221-3260-2026-7-63-74.

WIKI

{{cite journal | author = Simchenko N. A., Gorban' P. V. | title = Values as an Economic Institution Regulating Economic Relations in the Context of Global Fragmentation | journal = Theoretical economics | year = 2026 | issue = 7 | pages = 63-74 | doi = 10.52957/2221-3260-2026-7-63-74 }}

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VALUES AS AN ECONOMIC INSTITUTION REGULATING ECONOMIC RELATIONS IN THE CONTEXT OF GLOBAL FRAGMENTATION Values as an Economic Institution Regulating Economic Relations in the Context of Global Fragmentation

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