The Potential of Russian Economy and Innovative Ways of its Development

Author Name(s): Maksim V. Selyukov, Natalya P. Shalygina, Irina A. Kodenko, Irina M. Dobrydina,NatalyaA. Mamatova
Author Email: selyukov@bsu.edu.ru

Abstract

In the article the authors analyzed the trends of Russia’s integration into the world economy, explored the factors of influence that determine the position of the Russian Federation in the global economy, and considered the features of the development of foreign economic activity of Russia and its regions. Issues concerning regulation of foreign economic activity play a special role in the state’s economy, matter how competently and efficiently it is implemented, taking into account modern trends of development of international trade depends on a country’s integration into the world economy. In modern conditions of global competition, the further involvement of the Russian Federation as a full member of the international economic relations, preservation of positions in international economic and trade space, it is determined by the effectiveness of foreign economic policy, the success of which determines the actual state of the national economy.

Introduction

The modern stage of interaction of subjects of world economy is characterized by the expansion of the range of factors influencing their trade and economic relations, investment exchange, production and technology relationship, the factors, internal and external; operating at the national, regional, sub regional, and global levels.

The complexity of the interconnections between national and global processes of development, between economic and political interests of the countries and their associations appeared in the middle of the second decade of the XXI century in a sharp change in the conditions of development of foreign economic relations of Russia. The process of globalization is irreversible, but the movement for openness of the national social-economic systems may not be uniform, and empowering their participation in the world economic exchange is straightforward.

At present, many developed countries, to influence the foreign policy and the global economy, using different economic instruments.  Economic instruments of foreign policy at the present stage include international trade and economic sanctions, the establishment of regional trade and economic blocks and regimes, management of international financial flows, the use of external debt, foreign direct investment, the provision of economic and humanitarian aid, and the manipulation of the activities of international financial institutions.

Results and Discussion

According to the authors, the country remains vulnerable to the situation with the unbalanced structure of the economy in all its dimensions: firstly, a clear predominance of fuel and raw materials sectors to the detriment of mechanical engineering and machine tool; secondly, the weak development of modern high-tech industries in most engineering structure;  thirdly, the weak development of small and medium business sector, which is characterized by high competitiveness;  fourthly, it is unacceptable disregard not just to agriculture and livestock, and to the village as a whole issues.  Recall that the Chinese breakthrough began with the villages: in the 1980-1993 years, there was a gigantic revolution, China has not only become to provide their own food needs, but also to increase agricultural exports annually.

Development of the conflict that engulfed Russia economic relations with the countries of the world is in contradiction with the fundamental principles of the WTO (the World Trade Organization), the World Bank, and the IMF, which makes it difficult, but should not exclude the participation of the Russian Federation. On the contrary, the activities of the institutions of international economic cooperation can be an important tool in the way of normalization of the situation in the trade and economic relations.

Based on research, the authors believe that the market economy of our country should gradually withdraw from the sale, depending on the energy, you need to implement in practice, declared in 2005 the political course of the formation of an innovative economy in Russia, because innovative economy – a step towards building a new information society, which can entirely new ways to solve the problems of employment and wealth distribution issues that create social tensions today worldwide.  This course must allow the use of once all the unique advantages of our country, not only the richness of its mineral resources, but also the unique natural conditions, allowing to have a developed agriculture, founded in the years of Soviet industrial and scientific potential to be restored and used actively for the benefit of the national economy, and as a result – for the benefit of the Russian people. All this is very difficult to do if, for participation in the geopolitical confrontation is necessary to legislatively restrict foreign trade, sell energy at below market prices in order to maintain political ties with certain countries (Khasbulatov, Lebedev, Migaleva & Podbiralina, 2015).

Summary and Conclusion

In summary, it follows to say that it is necessary to work hard to find new ways of persuasion countries: the necessity for non-economic confrontation with our country, and try to agree on the principles of mutual trust and incorporate common business structures, the proportionality of regional and global interests, the concentration of joint efforts in the field of advanced technologies and the creation of a single market for goods and services.

References

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