Sustainability of economic systems and business enterprises

¹ North-Caucasus Federal University, Pushkin str.1, Stavropol 355009, Russian Federation
² North-Caucasus Social institute, Goleneva str. 59A, Stavropol, 355000, Russian Federation
³ Institute of Economics and Law, Academy of Sciences of Abkhazia, Sukhum, Dzizdzaria str. 40, Abkhazia
⁴ Institute of Economics and Law, Stavropol Branch of RANEPA, Lermontova str. 189, Stavropol, 355002, Russian Federation

^* Corresponding author: skaliugina@ncfu.ru

Abstract

Our paper analyses the issues of sustainability of economic systems and business enterprise at micro and meso levels. Dynamics are analysed in a global bio-geophysical subsystem linked to the macroeconomic system, the environment and the human economy. The paper proposes a conceptual framework that looks into the compromise between economic growth and sustainability and concludes that both can be achieved if relevant efforts are spent and funds are allocated. Moreover, it analyses the risks and assesses economic and financial stability using the Altman and Altman-Sabato models. In addition, the research addresses the role of the macroeconomic system, the environment and the human economy in the sustainable development of ecosystem functions and its impacts on business enterprises. Our results might become the guidelines for the governments seeking to combine the development of their economic systems with the principles of sustainable development.