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Building on its traditional excellence in assisting Asian clients, the team is handling corporate transactions for a growing number of large Russian companies and financial institutions. Alexander Zharskiy leads the practice, who has recently focused on gaining ground in the pharmaceuticals, life sciences and IT sectors. The team has extensive experience working with various private and public clients, which gives them a good understanding of the interests and work standards of various involved parties. The guys work very well together. The group has been involved in multiple significant cross-border investment transactions; managing partner Alexei Zakharko regularly leads the work and acts for clients including VTB Asset Management. The group is also prominent in the private equity arena, where it advises a number of private equity houses; UK-qualified Richard Cowie and Christopher Rose , who splits time between Moscow and Dubai, are the key contacts in this space.


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In capitalism , the sharing economy is a socio-economic system built around the sharing of resources. It often involves a way of purchasing goods and services that differs from the traditional business model of companies hiring employees to produce products to sell to consumers.

It includes the shared creation, production, distribution, trade and consumption of goods and services by different people and organisations. These systems take a variety of forms, often leveraging information technology particularly digital platforms to empower individuals, corporations, non-profits and government with information that enables distribution, sharing and reuse of excess capacity in goods and services.

The term "sharing economy" began to appear around the time of the Great Recession , enabling social technologies, and an increasing sense of urgency around global population growth and resource depletion. Lawrence Lessig was possibly first to use the term in , though others claim the origin of the term is unknown. Spaeth's academic article " Community Structure and Collaborative Consumption " published in [8] with coining the term economy of sharing.

There is a conceptual and semantic confusion caused by the many facets of Internet -based sharing leading to discussions regarding the boundaries and the scope of the sharing economy [10] and regarding the definition of the sharing economy.

The term "sharing economy" is often used in an ambiguous way and can imply different characteristics. While the term sharing economy is the term most often used, the sharing economy is also referred to as the access economy, crowd-based capitalism, collaborative economy, community-based economy , gig economy , peer economy, peer-to-peer P2P economy, platform economy , renting economy and on-demand economy, through at times some of those terms have been defined as separate if related topics.

The notion of "sharing economy" has often been considered an oxymoron , and a misnomer for actual commercial exchanges. Eckhardt and Fleura Bardhi argue that "sharing economy" is a misnomer, and that the correct term for this activity is access economy. The authors say, "When 'sharing' is market-mediated—when a company is an intermediary between consumers who don't know each other—it is no longer sharing at all.

Rather, consumers are paying to access someone else's goods or services. The term " platform capitalism " has been proposed by some scholars as more correct than "sharing economy" in discussion of activities of for-profit companies like Uber and Airbnb in the economy sector. In turn, projects like Wikipedia , which rely on unpaid labor of volunteers, can be classified as commons-based peer-production initiatives.

A related dimension is concerned with whether users are focused on non-profit sharing or maximizing their own profit. Yochai Benkler , one of the earliest proponents of open source software, who studied the tragedy of the commons , which refers to the idea that when we all act solely in our self-interest, we deplete the shared resources we need for our own quality of life, posited that network technology could mitigate this issue through what he called ' commons-based peer production ', a concept first articulated in There are a wide range of actors who participate in the sharing economy.

This includes individual users, for-profit enterprises, social enterprise or cooperatives, digital platform companies, local communities, non-profit enterprises and the public sector or the government. The social enterprise or referred to as cooperatives are mainly "motivated by social or ecological reasons" and seek to empower actors as means of genuine sharing.

Digital platforms are technology firms that facilitate the relationship between transacting parties and make profits by charging commissions. The non-profit enterprises have a purpose of "advancing a mission or purpose" for a greater cause and this is their primary motivation which is genuine sharing of resources. In addition, the public sector or the government can participate in the sharing economy by "using public infrastructures to support or forge partnerships with other actors and to promote innovative forms of sharing".

Lizzie Richardson noted that sharing economy "constitutes an apparent paradox, framed as both part of the capitalist economy and as an alternative". The usage of the term sharing by for-profit companies has been described as "abuse" and "misuse" of the term, or more precisely, its commodification.

Airbnb listings additionally are often owned by property management corporations. Sharing of resources has been known in business-to-business B2B like heavy machinery in agriculture and forestry as well as in business-to-consumer B2C like self-service laundry. But three major drivers enable consumer-to-consumer C2C sharing of resources for a broad variety of new goods and services as well as new industries. First, customer behavior for many goods and services changes from ownership to sharing.

Second, online social networks and electronic markets more easily link consumers. And third, mobile devices and electronic services make the use of shared goods and services more convenient. In many cases, the sharing economy relies on the will of the users to share, but in order to make an exchange, users have to overcome stranger danger.

Access economy organizations say they are committed to building and validating trusted relationships between members of their community, including producers, suppliers, customers or participants.

According to a report by the United States Department of Commerce in June , quantitative research on the size and growth of the sharing economy remains sparse. Growth estimates can be challenging to evaluate due to different and sometimes unspecified definitions about what sort of activity counts as sharing economy transactions. The report noted a study by PricewaterhouseCoopers , which looked at five components of the sharing economy: travel, car sharing, finance, staffing and streaming.

A PricewaterhouseCoopers study found that nearly one-fifth of American consumers partake in some type of sharing economy activity. A February study ordered by the European Commission and the Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs indicated the level of collaborative economy development between the EU countries across the transport, accommodation, finance and online skills sectors.

In China, the sharing economy doubled in , reaching 3. The impacts of the access economy in terms of costs, wages and employment are not easily measured and appear to be growing. However, the exact percentage of those performing short-term tasks or projects found via technology platforms was not effectively measured as of by government sources. Another survey estimated the number of workers who do at least some freelance work at Economists Lawrence F. Katz and Alan B.

Krueger wrote in March that there is a trend towards more workers in alternative part-time or contract work arrangements rather than full-time; the percentage of workers in such arrangements rose from At the individual transaction level, the removal of a higher overhead business intermediary say a taxi company with a lower cost technology platform helps reduce the cost of the transaction for the customer while also providing an opportunity for additional suppliers to compete for the business, further reducing costs.

Classical economics argues that innovation that lowers the cost of goods and services represents a net economic benefit overall. However, like many new technologies and business innovations, this trend is disruptive to existing business models and presents challenges for governments and regulators.

For example, should the companies providing the technology platform be liable for the actions of the suppliers in their network? Should persons in their network be treated as employees, receiving benefits such as healthcare and retirement plans?

If consumers tend to be higher income persons while the suppliers are lower-income persons, will the lower cost of the services and therefore lower compensation of the suppliers worsen income inequality? These are among the many questions the on-demand economy presents. Using a personal car to transport passengers or deliveries requires payment, or sufferance, of costs for fees deducted by the dispatching company, fuel, wear and tear, depreciation, interest, taxes, as well as adequate insurance.

The driver is typically not paid for driving to an area where fares might be found in the volume necessary for high earnings, or driving to the location of a pickup or returning from a drop-off point. Uber, Airbnb, and other companies have had drastic effects on infrastructures such as road congestion and housing. Major cities such as San Francisco and New York City have arguably become more congested due to their use.

According to transportation analyst Charles Komanoff, "Uber-caused congestion has reduced traffic speeds in downtown Manhattan by around 8 percent". The percentage of seniors in the work force has increased from An example of grocery delivery in sharing economy is Instakart.

It has the same business model as that of sharing economy based companies like Uber, Airbnb, or CanYa. The contract workers use their personal vehicles to deliver groceries to customers. Instacart manages to keep its cost low as it does not require any infrastructure to store goods. In addition to having contract workers, Instacart allows signing up to be a "personal shopper" for Instacart through its official web page.

A common premise is that when information about goods is shared typically via an online marketplace , the value of those goods may increase for the business, for individuals, for the community and for society in general.

Many state, local and federal governments are engaged in open data initiatives and projects such as data. Unused value refers to the time over which products, services, and talents lay idle.

This idle time is wasted value that business models and organizations that are based on sharing can potentially utilize. There is also significant unused value in "wasted time", as articulated by Clay Shirky in his analysis of the power of crowds connected by information technology.

With social media and information technology, such people can donate small slivers of time to take care of simple tasks that others need doing.

Examples of these crowdsourcing solutions include the for-profit Amazon Mechanical Turk [63] and the non-profit Ushahidi. Encompassing many of the listed benefits of the sharing economy is the idea of the freelance worker. Through monetizing unused assets, such as renting out a spare guest room on Airbnb, or providing personal services to others, such as becoming a driver with Uber, people are in effect becoming freelance workers.

Freelance work entails better opportunities for employment, as well as more flexibility for workers, as people have the ability to pick and choose the time and place of their work. As freelance workers, people can plan around their existing schedules and maintain multiple jobs if needed. According to an article by Margarita Hakobyan, freelance work can also be beneficial for small businesses. During their early developmental stages, many small companies can't afford or aren't in need of full-time departments, but rather require specialized work for a certain project or for a short period of time.

With freelance workers offering their services in the sharing economy, firms are able to save money on long-term labor costs and increase marginal revenue from their operations. Christopher Koopman, an author of a [ which? He has stated, "People are taking spare bedroom[s], cars, tools they are not using and becoming their own entrepreneurs. An independent data study conducted by Busbud in compared the average price of hotel rooms with the average price of Airbnb listings in thirteen major cities in the United States.

Oxford Internet Institute, Economic Geographer, Graham has argued that key parts of the sharing economy impose a new balance of power onto workers. New York Magazine wrote that the sharing economy has succeeded in large part because the real economy has been struggling.

Specifically, in the magazine's view, the sharing economy succeeds because of a depressed labor market, in which "lots of people are trying to fill holes in their income by monetizing their stuff and their labor in creative ways", and in many cases, people join the sharing economy because they've recently lost a full-time job, including a few cases where the pricing structure of the sharing economy may have made their old jobs less profitable e.

The magazine writes that "In almost every case, what compels people to open up their homes and cars to complete strangers is money, not trust Tools that help people trust in the kindness of strangers might be pushing hesitant sharing-economy participants over the threshold to adoption. But what's getting them to the threshold in the first place is a damaged economy and harmful public policy that has forced millions of people to look to odd jobs for sustenance.

Uber's "audacious plan to replace human drivers" may increase job loss as even freelance driving will be replaced by automation. Frey found that the "sharing economy", and Uber, in particular, has had substantial negative impacts on workers wages. Some people believe the Great Recession led to the expansion of the sharing economy because job losses enhanced the desire for temporary work , which is prevalent in the sharing economy. However, there are disadvantages to the worker; when companies use contract-based employment, the "advantage for a business of using such non-regular workers is obvious: It can lower labor costs dramatically, often by 30 percent, since it is not responsible for health benefits, social security, unemployment or injured workers' compensation, paid sick or vacation leave and more.

Contract workers, who are barred from forming unions and have no grievance procedure, can be dismissed without notice". There is debate over the status of the workers within the sharing economy; whether they should be treated as independent contractors or employees of the companies.

This issue seems to be most relevant among sharing economy companies such as Uber. The reason this has become such a major issue is that the two types of workers are treated very differently. Contract workers are not guaranteed any benefits and pay can be below average. However, if they are employees, they are granted access to benefits and pay is generally higher.

This has been described as "shifting liabilities and responsibilities" to the workers, while denying them the traditional job security. In Uberland: How the Algorithms are Rewriting the Rules of Work , technology ethnographer Alex Rosenblat argues that Uber's reluctance to classify its drivers as "employees" strips them of their agency as the company's revenue-generating workforce, resulting in lower compensation and, in some cases, risking their safety.



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(c) Ural Federal University, Yekaterinburg, Russia, [email protected] Abstract. The shared economy is a new model of the.

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Sharing economy

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