Russian Journal of Economics and Law (Jun 2022)
Global economy of sanctions, sanctions, countersanctions and the new global currency
Abstract
Objectives: to study and characterize the modern world economy, to identify the actual goals of the sanctions war, and to propose measures to mitigate sanctions.Methods: in the course of the research, such methods of abstract-logical approach were used as: analysis, synthesis, generalization, comparison, analogy, deduction, induction, and prediction.Results: the actual causes, prerequisites and goals of the world sanctions war were revealed that caused the emergence of the world sanctions economy. It is proved that the current state of the economy can be viewed as a global sanctions economy. The concept of the world sanctions economy is given and the features of the world sanctions economy are revealed: the contradiction between political goals and socio-economic ones; the rocketing energy prices; the noticeable increase in prices for all raw materials and foods; the sharp increase in the cost of products; the transition to the production of lower-quality analogues of common goods; the ideological connotation of the consumption of goods (works, services); the decrease in the living standards of the population; the increase in the requirements of the state to the society members; the reduction in investment; the redistribution of investments to the areas in need of import substitution; the temporary paralysis of interstate trade; the intensification of trade between physical persons. The introduction of energy currency is substantiated. A number of other anti-sanctions measures are proposed.Scientific novelty: firstly, the concept of “world sanctions economy” is proposed. Secondly, the stages of the world economy development are determined and the factors influencing it are identified. Thirdly, the features of most national economies under sanctions are revealed. By the example of Russia, the application of the revealed stages of the world economy development is demonstrated and their connection with sanctions is shown. A forecast of the world economy development is made (two scenarios are given). An additional argument is given for the introduction of a new world currency – an energy ruble. It is proposed to implement a number of other measures relevant under the current economic situation: to specify the country of origin and the form of its participation in the sanctions war for all goods; to increase the level of future problems forecasting; to accelerate the construction of the “Power of Siberia 2” gas pipeline and to increase its export capacity; to activate and popularize the work of charitable organizations to support low-income citizens; to develop an energy index. Foreign goods for Russian counter-sanctions are named: building materials, metal and plastic products, biofuels, tobacco raw materials and cigarettes.Practical significance: the study results will help to better understand the essence and process of the world sanctions economy, to more accurately predict its interim results and consequences, and to take the necessary measures in a timely manner. All the proposed measures will ease the sanctions pressure on Russia. The theoretical results obtained will also be useful in the long term, when the world faces an actual shortage of natural resources.
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