A Theoretical Review of Socio-Economic Dynamics and Structural Transformation of Society: Traits and Constraints in Validating Response Processes Due to Unpredictable Factors

Abstract

To investigate and create theories of socio-economic dynamics has always been relevant for professionals in theoretical and applied economics. These theories are urgent in periods of global and catastrophic events since, on the one hand, they can explain the emergence of critical structural changes in society, and on the other hand, they can determine the likelihood of surviving of crisis processes. However, there are some drawbacks involved therein, and the poor ability to predict unexpected and shocking events, such as the COVID-19 pandemic, is a key one. The presented review outlines transformation patterns of socio-economic systems stemming from diverse contradictions. Some widely known transformation theories of socio-economic systems are presented. The major traits of such theories and specific approaches to explaining the features of the emergence and development of dynamic processes are demonstrated. The feasibility of practical application, as well as constraints in explaining and predicting the transformation of society, is indicated. Some theories that consider the transformation of society as a distinct process are specified, and approaches that characterize major transformations as elements of socio-economic dynamics are defined.

Keywords

• socio-economic dynamics
• transformation
• catastrophe theory
• theory of pathoeconomics
• theory of transition economy
• cycle theory