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ISSN 2585-7738 Founder Európsky inštitút ďalšieho vzdelávania European institue of further education Zat’ko Jozef, Dr.h.c. mult. JUDr. Honor. Prof. mult., Prezident EIDV, Slovensko Editor in chief Porada Viktor, Prof. JUDr. Ing. DrSc. Dr.h.c. mult., Česká republika. www.european-science.sk E-mail: [email protected] Editorial Offi ce Address EURÓPSKA VEDA Európsky inštitút ďalšieho vzdelávania Za Humnami č. 508/28 Vedecký časopis 941 48 Podhájska Slovakia Phone: +421 905 450 765 IČO: 42334390 DIČ: 2023768912 EUROPEAN SCIENCE Bank Connection Československá obchodná banka, a.s. Pobočka M.R. Štefánika 19 Scientifi c journal 940 01 Nové Zámky Account Number: 4022107085/7500 IBAN: SK43 7500 0000 0040 22107085 SWIFT: CEKOSKBX European Science is an interdisciplinary journal focused on Law, Economy, Sociology, Pedagogy and related disciplines. Applied articles deal with issues coming out of European Union and non-EU countries. All published 2/2017 articles are peer-review by journal policy. Journal is published quarterly on 31st January, 30th April, 31st August and 31.October. All rights reserved! © Európsky inštitút ďalšieho vzdelávania, European institue of further education, 2017 Podhájska 2017 Editorial Council Founder: European institue of further education Zat’ko Jozef, Dr.h.c. mult. JUDr. Honor. Prof. mult., academ. MAK, Prezident EIDV, Slovakia Editor in chief: Viktor PORADA, Prof. JUDr. Ing. DrSc. Dr.h.c. mult., Czech Republic Associate and managing editor: Petkov Sergey, Prof., DrSc., Dr.h.c., honor. prof. academ. MKA, expert EEDA, Viceprezident Europe- an institue of further education, Slovakia Scientifi c secretary: Chervyakova Olga, doc. DrSc., expert EEDA, European institue of further education, Slovakia Varhol Lukáš, PhD, MBA, European institue of further education, Slovakia Armash Nadiia Prof. DrSc., expert EEDA, National Aviation University, Ukraina Bench Olga Prof. PhD., Catholic University, Institute of Juraj Pales in Levoca, Slovakia Bock Thomas Prof. h.c.dr. Ing University Tokio, TU Muenchen, Germany Dadak Crasimir Prof. Hollins University Virginia, USA Heidari Alireza Prof. Dr..Ph.D., D.Sc. South University, Irvine, California, USA Hrasko Juraj Prof. dipl. Ing. DrSc., academ. SAV, Slovakia Kopotun Igor Prof. DrSc., expert EEDA, European institue of further education, Slovakia Kostenko Oleksandr Prof. DrSc., Head of the Criminal law, criminology and judicial system issues department, Koretsky Institute of state and law of National Academy of Sciences of Ukraine, Ukraine Kostickiy Vasili Prof. DrSc., Honored Lawyer of Ukraine, Corresponding Member of the National Academy of Legal Sciences of Ukraine, Ukraine Lazarenko Dmitry Prof. DrSc., Donbasky state educational institution, Ukraine Mamojka Mojmir Prof. JUDr. CSc., Matej Bel University in Banska Bystrica, Slovakia Marian Mesaros Dr.h.c. Prof. Ing. DrSc. MBA LL.M. The University of Security Management in Kosice, Slovakia Moroz Liydmila Prof. DrSc., Odessa State Universitz of Internal Affairs, Ukraine Navickas Valentinas Prof. DrSc. Kaunas University of Technology, Lithuania Petkov Valeriy Prof. DrSc., Department of Theory of State and Law of the Eastern European University of Economics and Management, Ukraine Rodchenko Larysa Prof. DrSc., expert EEDA, European institue of further education, Slovakia Sharashenidze Anzor Prof. Tbilisi University named after David Agmashenebeli, Tbilisi, Georgia Shmygol Nadiia Prof. DrSc., Zaporizhzhya National University, Ukraine Skibniewski Miroslaw Prof. University of Maryland, College Park, USA Sobol Evgen Prof. DrSc., Kirovohrad V.Vynnychenko State Pedagogical Universiti, Ukraine Sopilko Irina Doc. DrSc., Institute of Law in National Aviation University, Ukraine Ulyanchenko Oleksndr Prof. DrSc., V.V. Dokuchayev Kharkiv National Agrarian University, Ukraine Vovk Viktoria Prof. DrSc., European institue of further education, Slovakia Yankovska Larisa Prof. DrSc., Lviv University of Business and Law, Ukraine Reviewers Bench Olga Prof. PhD., Catholic University, Institute of Juraj Pales in Levoca, Slovakia Dadak Crasimir Prof. Hollins University Virginia, USA Heidari Alireza Prof. Dr..Ph.D., D.Sc. South University, Irvine, California, USA Chervyakova Olga doc. DrSc., expert EEDA, European institue of further education, Slovakia Kopotun Igor Prof. DrSc., expert EEDA, European institue of further education, Slovakia Lazarenko Dmitry Prof. DrSc., Donbasky state educational institution, Ukraine Moroz Liydmila Prof. DrSc., Odessa State Universitz of Internal Affairs, Ukraine Navickas Valentinas Prof. DrSc. Kaunas University of Technology, Lithuania Petkov Sergey Prof., DrSc., Dr.h.c., honor. prof. academ. MKA, expert EEDA, Viceprezident European institue of further education, Slovakia Sharashenidze Anzor Prof. Tbilisi University named after David Agmashenebeli, Tbilisi, Georgia Shmygol Nadiia Prof. DrSc., Zaporizhzhya National University, Ukraine Skibniewski Miroslaw Prof. University of Maryland, College Park, USA Sopilko Irina Doc. DrSc., Institute of Law in National Aviation University, Ukraine Vovk Viktoria Prof. DrSc., European institue of further education, Slovakia 3DUWQHUVRIWKHVFLHQWLILFMRXUQDO European Science Сontent of the magazine ǹRQWHQWRIWKHPDJD]LQH (FRQRP\ &KHUY\DNRYD2OJD6WDWHUHJXODWLRQRIHFRQRP\XQGHUJOREDOL]DWLRQFRQGLWLRQV 2ODN$QWRQL:DOHQLD$OLQD'HWHUPLQDQWVRIWKHLQQRYDWLYHQHVVRI3ROLVKHQWHUSULVHV 6HPHQRYD6YLWODQD,QWHOOHFWXDOFDSLWDODFFRXQWLQJDVDFRPSRQHQWRIHFRQRPLF V\VWHPVGHYHORSPHQW +LVWRU\ %HORXV$OOD7KHFLYLOVRFLHW\GHYHORSPHQWLQWKHKLVWRULFDOUHWURVSHFWLYH 2EHUXþ-DURVODY/HDUQLQJLQFUHDVLQJWKHFLWL]HQV UHODWLRQVKLSLQWKHLUFLW\ 3HWNRY6HUJH\)RXUFDSLWDOVRI$QFLHQW5XV =DNXW6DODK0HGLHYDODQGDOXVLDDQGLWVLGHRORJLFDOFOLPDWH /DZ 'LGXN$OOD/LWYLQ6WHSDQ6RPHSUREOHPVRIMXGLFLDOSURFHHGLQJVRQGRPDLQGLVSXWHV ,YDQRY,JRU(VVHQFHDQGVWUXFWXUHRIWKHVHWWOLQJRISXEOLFRIIHQVHV .RPLVVDURY6HUJL\3RVVLELOLWLHVRIXVLQJLQWHUQDWLRQDOH[SHULHQFHLQWKHUHVHDUFKRISXEOLF RUGHULVVXHV 1DOXWV\VK\Q9LFWRU3KLORVRSKLFDODQGOHJDODQDO\VLVRIWKHGLVFXUVLYHFRQFHSWOHJDO ©OHJDORUGHUVRFLDORUGHUª 6S\WVND/LDQD&RQFHUQLQJWKHHVVHQFHRISXEOLFVHUYLFHDFWLYLW\DVDW\SH RIDGPLQLVWUDWLYHDFWLYLW\RISXEOLFDGPLQLVWUDWLRQVXEMHFWV 3HGDJRJ\ %RQGDUHQNR9RORG\P\U7KHPRGHUQWHDFKHU¶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yWK3pWHU.RPMiWK\/iV]Oy$GGLQJWR[LFLW\FKDUDFWHULVWLFVWRIDoDGH ILUHHYDOXDWLRQDQGWHVWLQJ 6RFLRORJ\ 0DUW\QRYD6YHWODQD7UDQVIRUPDWLRQRIDPDUJLQDOSHUVRQDOLW\LQWKHPRGHUQZRUOG European Science 2/2017 5 Economy European Science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