Importance Economic development implies the capacity of a socioeconomic system for a sustainable and expanded reproduction, which is associated with investment support and its efficiency. Renovation and expanded reproduction of fixed capital and social development depend on the scale and efficiency of investment. Objectives The study aims at analyzing the specifics of economic development of Russia in the historical context based on investment criteria during the transition to regulated market, identifying the key drivers of economic growth at different stages during the market transformation of Russian economy, assessing the level of social development in relation to investment and financial factors. Methods Methodological framework includes traditional methods of scientific analysis, economic and mathematical statistics, technical, economic and logical analysis, graphic simulation, mathematical modeling in economics, etc. Results I systematize stages of Russian economy's market transformation during the reform; provide qualitative characteristic of economic development specifics at each stage, identify general links between the nature of investment process and the level of economic development, determine key factors of economic growth at every stage, and disclose their specifics. Conclusions The current investment crisis in Russia is logical, as despite extensive discussion on exhausted potential of the export-and-resource-based development model, there are no significant changes in this area. Low social indicators, high country risk, steady distrust of potential investors in State institutions, absence of effective mechanism for protection of property rights and capital investment, as well as mechanisms for transformation of savings into investments are the main reasons underlying the crisis.
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