Open AccessNATURAL CAPITAL AS PART OF NATIONAL WEALTH
Author(s) -
M R Tsibulnikova
Publication year - 2020
Publication title -
geografičeskij vestnik
Language(s) - English
Resource type - Journals
ISSN - 2079-7877
DOI - 10.17072/2079-7877-2020-3-54-68
Subject(s) - natural capital , capital (architecture) , financial capital , economics , economic capital , sustainable development , national wealth , per capita , reproduction , national accounts , natural resource , business , consumption (sociology) , physical capital , natural resource economics , human capital , economic growth , market economy , finance , geography , population , political science , ecosystem services , ecology , demography , archaeology , ecosystem , sociology , law , biology , social science
In terms of national wealth per capita, Russia lags behind most European countries. The underestimation of national wealth is the reason for the inadequate perception of Russia by the world community, reducing its geopolitical role. Natural capital is becoming increasingly important in measuring national wealth. The World Bank studies have found that the future development of the territory's natural capital depends on how it is used. If the non-renewable portion of natural capital is used for human capital development and invested in large infrastructure projects, conditions are created for the territory‘s long-term sustainable development. If natural capital is spent on current consumption, the territory is deprived of development prospects after its depletion. Special attention should be paid to the sustainable use of renewable components of natural capital, which forms the environment for the development and reproduction of human capital. In order to ensure the rational use of natural capital, it is necessary to create institutional conditions that would ensure its accounting and evaluation. For this purpose, a system monitoring the economic value of natural capital, including social and environmental components, should be established in the structure of regional governance.