Modernization of the System of Regulation of Local Markets in the Context of Modern Crisis Challenges

Topicality. Satisfactory provision for the population, especially in terms of needs for comfortable living, food, warmth, energy, information, transportation, etc., in other words, meeting urgent human needs, has always been the most important task of government authorities and their function. They have always been responsible for creating conditions to meet people's needs. Regardless of the economic system of any country, all processes of ensuring the population's livelihood needs have occurred at the regional and even local level, precisely where the individual, as a consumer of these services, resides, works, or learns. The subjects of local markets are both producers and service providers in the structure of the economy. It is on them that the government and the entire economic system rely for this important task. The government's task is to ensure satisfactory conditions for the functioning of local markets and to create an effective regulatory system for their current activities, their control, and further improvement. However, in recent times, more attention has been paid to global and international markets in research, and governments and their governing bodies often prioritize consumer interests under political circumstances. Today, we observe significant socio-economic shifts on global market platforms, especially concerning the logistics of global resource (energy and food) markets. These processes are most often in the spotlight of researchers. However, the processes of the final link in the value chain of these and other markets, which occur within local boundaries, namely the economy of purchasing and consuming goods and, most importantly, the degree of meeting the population's needs, are, in our opinion, insufficiently researched. These issues become particularly relevant in crisis conditions. Aims and tasks. Considering the extremely important role of local markets in providing the population with essential goods and services, which is heightened during times of crisis, the aim of the research outlined in the article is to improve these markets and the activities of their subjects through the modernization of their regulatory system. To achieve the set goal, the following objectives needed to be addressed: - Investigate the role and functions of local markets in contemporary crisis conditions (both during wartime and in potential post-war scenarios). - Identify the list of local markets and their subjects responsible for meeting the urgent needs of the population. - Determine the boundaries of individual local markets (both in terms of goods and time), their formation and functioning characteristics, and prospects for further development. - Identify and consolidate a regulatory system for local markets. - Develop proposals for modernizing the operations of local markets and their regulatory systems in wartime and post-war conditions. Materials and methods.The presented studies take into account the conclusions of official publications of other scientific studies, statistical data. The studies are based on the analysis of real processes taking place in our market environment. The research materials are based on the works of domestic scientists regarding the study of the development of housing and communal services, transport and energy supply markets. In the process of research, methods of observation, comparison, analysis and synthesis were used using a system-structural approach. Research results outlined in the article have allowed for the identification of the general common characteristics of the functioning of local markets, as well as differences between various markets depending on the types of services they provide, the functions, and the ownership forms of the entities operating in these markets. The identified reasons creating problems and difficulties in the functioning of local markets are linked to ill-considered policies of their reform, as well as to an unsatisfactory political-economic situation that has led to a crisis. During the research, the unsatisfactory state of the national economy, and consequently local markets, has been determined, which can now be defined as critical or crisis state. Such a situation necessitates seeking ways to adapt the operations of local market entities to the crisis conditions of wartime and post-war times. Therefore, the authors were compelled to conduct an analysis of the theory of local markets, which allowed for a deeper understanding and knowledge regarding the practical implementation of principles and approaches to their effective organization (logistics) and management. Certain shortcomings in their functioning and regulation, which have emerged in previous times and persist today, have been identified. Proposed methods and mechanisms aim to mitigate and even eliminate the consequences of past times and create favorable institutional conditions for the operation of local markets in times of crisis. Conclusion. The authors have concluded the necessity to modernize the operations of local market entities considering the crisis challenges and the mistakes of previous times. Additionally, the regulatory system and certain regulatory acts also require some modernization.