On the issues of industrialization of economy in the context of Presidential «may decrees»

Abstract

The article shows that the implementation of the new may presidential decree on Russia’s entry into the top five economies of the world and ensuring economic growth above the world requires a significant transformation of the state economic policy. Based on the assessment of the results of socio-economic development of the Russian Federationin 1991-2017 and based on the opinions of authoritative domestic and foreign scientists, the conclusion is made about the exhaustion of the existing export-raw material model. Its main limitations – high dependence on the external environment and the results of export-import activities, the narrowness of the domestic consumer and investment market-are systematized. To change the situation, it is proposed to adjust the state policy aimed at increasing the income of all economic entities (population, companies, state) by forming their own value chains that produce goods for final consumption. It is shown that the basis of these transformations should be the policy of a new industrialization of the economy, which will help to overcome the technological gap and create their own high-tech industrial capital. The key characteristics of the neoindustrial growth paradigm based on high labor productivity as a complex expression of intensification of all factors of production are briefly described.

Keywords

• new industrialization
• economic growth
• domestic demand
• industrial capital
• labor productivity