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7 Sustainable Investment Policies in the Murmansk Region.doc

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7 Sustainable Investment Policies in the Murmansk Region.doc

DIDYK V., WIBERG U. Sustainable Investment Policies in the Murmansk Region // The NEBI yearbook 1998. North European and Baltic Integration. - Copenhagen, 1998. - P.99-113. 7 Sustainable Investment Policies in the Murmansk Region Vladimir Didyk and UlfWiberg Introduction The debate about the definition and the meaning of the sustainable development concept has been going on for more than 20 years.1 The most well-known definition concerns the problem in a global perspective, whereas the implications of the concept in a regional context may have some specific features. Nevertheless, the basic principles of sustainable development preserve their importance as a general guideline for the formulation of a policy at the regional level as well. These are demands for i) ecological sustainability, which implies maintaining the economy at a scale that does not damage the ecological processes and functions; z) improving the quality of life of the present generation without denying future generations a similar opportunity; 3) an efficient functioning of an economic system which is able to produce a surplus and technological knowledge in a self-contained way (WCED 1987; UNEP 1992; Costanza 1994: 393). In recent years, this notion of sustainability has been extended in the regional development debate in Europe to refer to the maintenance of regional economic and social systems. For example, Bryden and Commins (1997) argue that it is through community organisation that people can reinforce attitudes and practices, and also institutionalise mutually agreeable strategies for sustainability. Investments play a critical role in providing environmental, social and economic sustainability. In this context investments should not be regarded in a narrow financial sense, but one which includes all human actions to realize intended changes in social organisation as well as accumulation of knowledge. ... It is a choice for the future (Young 1992: n). The aim of this article is to describe t