Academic Science in Discussions on Key Issues of Economic Development in Modern Russia

Alexandr Nekipelov

Studies on Russian Economic Development, 2022, vol. 33, issue 5, 480-487

Abstract: Abstract— The introduction of radical market reforms in Russian economic science brought about the split into two main camps, one of which was centered around the members of the Russian Academy of Sciences. During the period of systemic transformations, they acted as the main critics of the policy based on the Washington Consensus, drew attention to the fundamental importance of establishing a system for managing state assets that was adequate to a market economy, a careful approach to liberalizing economic activity and pursuing a passive industrial policy aimed at a reasonable restructuring of the production structure, and minimizing social costs of the changes. In the posttransformation period, the bitterness of the confrontation between the two camps has significantly decreased. Discussions focused on the role of structural reforms, on the one hand, and economic policy, on the other, in the transition of the economy to growth and modernization. Particular attention in the article is paid to the features of monetary policy and the available alternative approaches to its implementation. In conclusion, it is noted that the ideas developed by academic science can play an important role in determining the ways of economic development in the context of a sharp aggravation of relations between Russia and the West caused by the events in Ukraine.

Keywords: postsocialist transformation; Washington Consensus; liberalization of economic activity; privatization and management of state assets; structural shock; active and passive industrial policy; excess foreign exchange reserves; currency trading band; free float of the ruble (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1134/S1075700722050112

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