Economic Strategy for the Peripheral System

Grigory Yavlinsky

Journal of the New Economic Association, 2015, vol. 26, issue 2, 173-178

Abstract: Russian economic system is considered as a peripheral capitalist economy. For this type of economy the concept of "economic strategy" does not seem applicable, since the system itself rigidly defines the logic of development. It determines such features of Russia's economy as a large role of export of mineral resources, dependence on external financial markets and on foreign investments as the source of new technologies; government and business interweaving; financial flows configured by rent income extraction through administration and corruption. With lacking civil society, weak institutions and subordinated position within the world economy the system can be transformed only through conscious efforts of authorities. However political regime which evolved in the country - peripheral autocracy - makes only more conspicuous the lack of political will to reform the system. So a scenario of Russia implementing the strategy of breaking through the limitations of the peripheral area of world capitalism is postponed for an indefinite period of time.

Keywords: peripheral capitalism; economic growth; reform; political regime; modernization; economic development strategy; relations with the West (search for similar items in EconPapers)
JEL-codes: D72 E61 E65 F42 F43 J18 O10 P10 P11 P14 P16 (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:nea:journl:y:2015:i:26p:173-178

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