O. Chugaiev, PhD (Economic), Associate Professor Taras Shevchenko National University of Kyiv, Kyiv, Ukraine MEASURING SOFT ECONOMIC POWER OF COUNTRIES

Existing methods of measuring economic component of national soft power are mainly based on surveys of public opinion. Their results are summarized. We elaborate and test an index of soft economic power based on webometric approach. The index measures the amount of economic information about a country in the internet and the ratio of positive and negative information. The information usually reflects economic situation in a country, news, conditions for business, efficiency of governance, returns or economic relations with other countries. The leaders by the soft economic power index are the EU, the U,S, and China, The correlation between the index and the share in world GDP is high, but several outliers were detected. English-speaking countries tend to be overrepresented in the internet. Despite several advantages of the suggested approach, use of the index as the sole method of measurement is problematic, because other language bias, occasional double counting, imperfect classification of information as positive or negative, and imprecise results for small countries.

Keywords: soft power, economic power, country image, country brand.

DOI: http://dx.doi.org/10.17721/1728-2667.2015/177-12/9

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