Analysis of the Potential of Digital Youth Entrepreneurship Development in Russia

Abstract

This study provides the analysis of the potential of digital youth entrepreneurship development in Russia. Research rationale is associated with increased global competition relating to the approaching recession and the active use by world leaders of non-market methods of struggle that violate the free trade principles of the World Trade Organization. The use of non-market methods is facilitated by periodical recession that occurs almost every decade, and the next one can happen at any time. During periods of cyclical recession in global economy, the problem of increased youth unemployment is growing. The growth of youth unemployment is especially significant in developing countries, including Russia. Results of the analysis of the potential of digital youth entrepreneurship development in Russia revealed favorable conditions for the implementation of Blockchain and Smart Contracts technologieshigh rates of urbanization; significant differences in the growth rate of cash in circulation (outside the Bank of Russia) from the exchange turnover on transactions with real commodity; unused information and communication technology funds; growing support for both established and nascent formal and informal development institutions. Growing global competition and escalated trade war between the United States of America and China stimulate the accelerated development of digital entrepreneurship including that in the area of youth entrepreneurship that is of great current interest for the International Labor Organization and the United Nations. World trade slowdown and increased global competition, in presence of sanctions against Russia and trade war between China and the USA, create conditions for the technological crypto union of Russia and China. The technological crypto union of Russia and China will contribute to: the creation of global Blockchain blocks, new structures to ensure the functioning of cryptocurrency platforms, mining; sale to investors of a fixed number of new units of cryptocurrencies; using the potential of creative youth intellectually capable of quickly mastering new information and communication technologies.