Development of Russia’s market economy

Yakov Semenovich Yadgarov, Viktor Aleksandrovich Sidîrov and Valentina Vasil’evna Iljinova
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Yakov Semenovich Yadgarov: Financial University under the Government of the Russian Federation, Moscow, Russia
Viktor Aleksandrovich Sidîrov: Kuban State University, Krasnodar, Russia
Valentina Vasil’evna Iljinova: Russian Foreign Trade Academy, Moscow, Russia

Russian Foreign Economic Journal, 2019, issue 4, 88-109

Abstract: The article presents different views of scientists and economists on the evolutionary aspects of market economy transformation. The theoretical and methodological bases of the market economy phenomenon research are shown, its economic mechanism as a dialectical interaction of the social reproduction stages and system-forming bases in the context of the economic science paradigms evolution are revealed, the emphasis is made on the political economy of power.The theoretical paradigm of modification of the basic views and the applied analysis of the world economic content of the market mode of production, which has adopted the status of the dominant Primate, are presented. The assessment of modern economic phenomena and processes, including the growing phenomenon of “fake” in the global economy, is given. Special attention is paid to the policy of import substitution, political risks under rising international competition and foreign experience of public-private partnerships. Regarding imperatives for the growth prospects of Russia's economy the authors propose ways to create its innovative system, to foster digitalization of business processes, give forecasts of further economic sanctions strengthening and correlated economic and social issues as well as how to address them.

Keywords: Phenomenon of market economy; world economic relations; global risks; system factor; market economy; risk management; innovation system; economic sanctions; inter-country financial relations (search for similar items in EconPapers)
Date: 2019
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