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National Interests: Priorities and Security
 

Industrial policy of Russia as an economic growth driver in a new reality

Vol. 14, Iss. 10, OCTOBER 2018

PDF  Article PDF Version

Received: 28 June 2018

Received in revised form: 19 July 2018

Accepted: 10 August 2018

Available online: 15 October 2018

Subject Heading: ECONOMIC POLICY OF THE STATE

JEL Classification: F02, L52, O11, O33, O38

Pages: 1890–1903

https://doi.org/10.24891/ni.14.10.1890

Baranova N.M. Peoples' Friendship University of Russia (RUDN University), Moscow, Russian Federation
baranova_nm@rudn.ru

https://orcid.org/0000-0002-7201-9435

Shevtsova N.A. Peoples' Friendship University of Russia (RUDN University), Moscow, Russian Federation
n_shevtsova@list.ru

https://orcid.org/0000-0002-8768-3144

Dmitrieva E.G. Peoples' Friendship University of Russia (RUDN University), Moscow, Russian Federation
elena@4433.ru

https://orcid.org/0000-0001-6736-1511

Importance Notwithstanding the recent achievements, the contemporary industrial sector of Russia cannot become the platform for further breakthrough. While the leading economies reach a new technological level, Russia has to deal with external challenges, thus lagging behind the developed countries.
Objectives The research attempts to determine structural characteristics of the economy, which may become points of growth in competitiveness. We also analyze the consistency of industrial policy and other types of governmental regulation. The article outlines our suggestions for making the industrial policy more efficient.
Methods The research draws upon data from the UN, OECD, World Economic Forum and applies the expert assessment method, comparative analysis and other comparative techniques.
Results The industrial policy tools are found to be susceptible to the competence level of governmental authorities, implying corruption risks and undermine the competitive market principles. They can be substituted with the so called open access institutions. However, economies in transit do not have perfect institutions. So, it is difficult to succeed in the outstripping development without governmental regulation procedures in place. Comparative advantages are proved to be a channel to the international division of labor, focusing on the outstripping growth in high-tech production. Thus, we consider the issue of special credit issue as a source of finance for the knowledge-intensive sector since borrowing of knowledge and technologies may push the country into a long-standing scientific and technological backwardness.
Conclusions We assume that Russia will be able to attain the Industry 4.0 level by constructively breaking many global value chains, thus opening opportunities for Russia's industrial sector.

Keywords: industrial policy, sectoral restructuring, knowledge-intensive industry, global value chains, special issue

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