Abstracts of Main Articles

THE LATEST DOCUMENT OF «MEGA-REGULATOR’S» PRO-CRISIS STRATEGY (ABOUT UNACCEPTABILITY OF CENTRAL BANK’S PROJECT «GUIDELINES FOR UNIFORM STATE MONETARY POLICY FOR 2017 AND FOR THE PERIOD OF 2018 AND 2019»)

Author

Glaziev S.Yu., Fellow of RAS, member of National Financial Board, chairman of RAS Scientific Board on complex problems of Eurasian economic integration, modernization, competitiveness and sustainable development

Abstract

As a follow-up to his constructive and critical analysis of the latest strategy of Bank of Russia, presented in particular in several publications in Rossiisky Ekonomichesky Zhurnal, the author gives detailed reasons for his specifically negative assessment of the Central Bank’s draft «three-years period» of 2017-2019. The document, according to the author’s arguments, is not only based on scientifically and practically invalid assumptions but also contradicts to both the applicable legislation (constitutional and banking) and long-term economic policy provisions formulated on the highest political level.

Key words

Bank of Russia (Central Bank of the Russian Federation), draft «Guidelines for uniform state monetary policy for 2017 and for the period of 2018 and 2019, interest rates, key rate of the Bank of Russia, influation targeting, rouble stability, exchange-rate adjustment, floating rate of exchange, tight (easy) money policy, radically liberal policy, National Financial Board.

 

CONCERNING SUFFICIENCY/SHORTAGE OF LIQUIDITY IN RUSSIA’S ECONOMY

Author

Yershov M.V., ScD (Economics), chief director for financial studies with the Institute of Power Engineering and Finance, Tanasova A.S., Tatuzov V.Yu. – PhD (Economics), members of the aforesaid Institute

Abstract

According to the authors, the debatable question sited in the caption is crucial primarily in the context of the sources of extended reproduction hotly debated recently at the highest level as a key factor for overcoming the crisis and for modernizing Russia’s economy, its placement in the trajectory of rapid, sustainable and innovative growth. The authors’ response to the considered question proceeds from the assertion that the level of monetization in Russia’s economy is still one of the lowest in the world. This testifies sooner to the shortage of cash rather than its excess. An extra argumentation of this thesis and substantiation of the monetary policy measures arising from it (largely in favor of its easing) constitutes the main content of the article.

Key words

liquidity in Russia’s economy, liquidity shortage (surplus), monetization in Russia’s economy, Central Bank of the Russian Federation (Bank of Russia), draft «Guidelines for uniform state monetary policy for 2017 and for the period of 2018 and 2019», tight (easy) money policy, interest rates, key rate of Bank of Russia, influation targeting, long-term financing instruments.

 

POST-SOVIET SPACE AS A SITE OF FOREIGN ECONOMIC ACTIVITY OF FRG

Author

Zaritsky B.E., ScD (Economics), Professor with world economy and international finance department of Financial University under RF government

Abstract

The article reviews the current state and prospects of economic relations between Germany and former USSR republics, primarily Russia (special attention is given to FRG activities in particular in the new independent states of the region, which received the status of EU associated members and the relevant trade preferences). In identifying the causes of the current degradation of these relations and describing the importance of the post-soviet space within the priority scheme of Germany’s foreign policy, the author argues in favor of the following final thesis: in spite of the shrinking sales volume Germany’s interest in this space is lasting one; it tries to expand and consolidate its footprint, thereby weakening geopolitical and geoeconomic positions of the RF.

Key words

priorities of FRG foreign economic policy, Germany-Russia economic relations, Germany’s economic relations with ex-republics of the USSR, concept of Russian Federation foreign policy endorsed by presidential decree No. 640 as of 20 November 2016, war of sanctions, draft Northern project – 2, pro-Russian lobby in Germany, European Union, Eurasian economic union, Yu.A. Kvitsinsky.

 

EUROINTEGRATION MODEL OF POST-SOCIALIST TRANSFORMATION OF CENTRAL AND EAST EUROPEAN COUNTRIES AND ECONOMIC DYNAMICS THERE OF

Author

Glinkina S.P., ScD, Professor, deputy director and manager of «International economic and political studies» division at the Institute of Economics RAS; Kulikova N.V., PhD (Georgaphy), head of Center for East European Studies at the aforesaid Institute.

Abstract

Ending of a lengthy article first published in No. 4 for 2016. The authors’ subject of research – effect on economic dynamics in post-socialist countries of Central and Eastern Europe (Bulgaria, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia, Slovenia, Croatia, Czech Republic and Estonia) of the Euro-integration systemic transformation model suggesting commencement of radically liberal socio-economic reforms (i.e. reforms based on market-fundamental ideology of «Washington consensus»). According to the key conclusion from the authors’ comprehensive analytics this model reveals inability to guarantee to the above countries the macroeconomic dynamics which they need for doing away with the historically inherited economic and social semi-marginality; what’s worse, European economic integration bears serious risks for the CEE countries as economically weak members of the EU. The positive summary of the article is as follows: the aim of enabling the economies for a fast, sustainable and qualitative growth requires of the CEE nations to reform the integration model, which has lost under the new circumstances the formerly hardly qualified effectiveness. They will have to do their best to reduce dependence on West European capital, diversify exports, boost innovation process as a driving force of competitiveness, and switch from import of technologies to the domestic generation thereof. Should the key tasks fail to be solved, the CEE countries (EU-11) will hardly attain the economic growth rates, which, at least in the long term, will secure breaching the economic gap between them and the developed countries of Europe (EU-15).

Key words

Central and East European countries (CEE), systemic (post-socialist) transformation, European Union, Eurointegration, Eurointegration model of transformation, Washington consensus ideology, Maastricht criteria, European debt crisis, beta-convergence phenomenon, DFI impact on the economies of CEE countries, adaptive institutional reforms.

 

 «STOLEN KNOWLEDGE» OR MUCH ADO ABOUT NOTHING (CONCERNING ASSERTIONS ABOUT EXISTENCE OF NEOCLASSICAL BORROWINGS FROM CLASICAL POLITICAL ECONOMY)

Author

Lyubinin A.B., ScD (Economics), Professor

Abstract

The article was published within the framework of discussion on post-soviet destinies of political economy and its teaching at higher educational institutions; more specifically, along the line of the major plotlines of discussion linked with the past, the present and the future of relationships of classical (including Marxist) political economy and neoclassical political economy (economics). Proceeding from his assumption, substantiated in the previous publications in Rossiisky Ekonomichesky Zhurnal, on «two political economies» radically differing in terms of methodological approaches and theoretical results, the author counters the discourse in A.V. Buzgalin and A.I. Kolganov article «Stolen knowledge» (concerning neoclassical borrowings from classical political economy) published in the journal № 4 for 2016. Hence, the authors conclude as follows: the assertions that «economics» had stolen and appropriated something specific from the Marxist political economy, developed by it alone, are both not serious and not only fail to improve the authority of Marxism but also, and sooner, undermine it.

Key words

classical political economy, neoclassical political economy (economics), Marxist political economy, political economy teaching at higher educational institutions, K. Marx, F. Engels, V.I. Lenin, A. Marshall, J. Keynes, F. Hayek, Tsagolov school, E.V. Ilienkov.

 

MANAGEMENT OF INTEGRATED BUSINESS: THEORETICAL AND METHODOLOGICAL ASPECTS (CONCLUDING REMARKS TO THE BOOK)

Author

Vinslav Yu.B., ScD (Economics), Professor, deputy head of mineral resources sector department of Russian State Geological Prospecting University

Abstract

In presenting the book, authored by Professor Yu.B. Vinslav, one of the leading Russian experts in the theory of management of integrated organizations «Management of integrated business» (Moscow, TsentrLitNefteGas Publishing House, 2017), wrapping up multiyear studies reflected in particular in Rossiisky Ekonomichesky Zhurnal publications, the editors offer the author’s concluding remarks to the book. Judging from them, the book highlights a set of problems and ways of improvement of management of big integrated corporate structures (ICS) being the main factor of modern industrial innovative development. In summing up, in terms of integration, the foreign and national (post-soviet) experience in establishment and development of big corporations sector, the author deals with the key principles of ICS management, systematically describing the specifics of economic management and corporate policy in business groups made up of diverse production, trade and financial organizations as well as science and education institutions. Substantiated is a conclusion according to which management of big integrated entities constitutes a specific and current direction of management science. The book is intended for a wide audience of managers and professionals in the field of economic management working in big business, scientific, educational and consulting organizations as well as for college professors, post- and under-graduate students.

Key words

integrated corporations, integrated corporation entities, corporate management, business groups, financial and industrial groups, holdings, strategic alliances, integration of production, science and education, government regulation of industrial development, industrial policy, macroeconomic planning.

 

INVINCIBLE CHAMPION OF FREEDOM AND JUSTICE (IN CONNECTION WITH FIDEL CASTRO DEATH)

Author

Batchikov S.A., PhD (Economics), head of Centre at International Management Research Institute, vice-president of Russian Society of Friendship with Cuba

Abstract

The article author, being receptive to the death of the leader of Cuban revolution, formulates the main «Cuban questions»: how did it turn out that a small island state (103rd place in terms of area, and 78th place in terms of population) has, for over half of century, reigned over the hearts and minds of millions of people all over the world? What was the reason for love and deep respect of some and an incessant spite, fierce hatred of others towards the legendary person embodying this state? Why, in the now far-off 1960’s, the soviet people received, with unaffected joy and enthusiasm, the revolution in the country so differing from the USSR in terms of ethnic structure, culture, history, economy? Why had physical destruction of the Cuban leader become a fixed idea of American security services? And the last question: why, following Fidel Castro death, does western public opinion come down on even the condolences with the departure from life of the 90-year old politician? The gist of the author’s response to all these (and related) questions is as follows: in the Cuban revolution there is a humanistic project for the entire humankind, and it, just like the soviet project, is absolutely unacceptable for the liberal global messiahship of the United States with its cult of hard cash and imposition of consumption models subordinated to the tasks of self-expansion of value, maximization of corporate profits. In stating the fact that Fidel managed to live up to the moment when it became clear that Cuba – thanks largely to the qualities of its distinguished national leader – held out, that the Cuban revolution got a second wind, and that the Cubans have again gained grounds to feel confident about the future, the author raises an issue of our «best monument to the invincible champion of freedom and justice». He believes that it would take the form of a return (certainly with the necessary adjustments for the lost time) to the systemic plans, surely advantageous for Russia too, of revival and development of bilateral (and multilateral – with participation of other post-soviet republics) interaction, which were drawn up and made public by enthusiastic professionals as far back as the 1990s (including those published in Rossiisky Ekonomichesky Zhurnal). The plans deal with the development of not only mutual trade but also technological and investment cooperation including establishment of a network of Russian-Byelorussian-Cuban transnational corporations.

Key words

Cuban revolution, Fidel Castro Rus, Raul Cstro Rus, soviet-cuban economic relations, intergovernmental protocol on Russia’s supply to Cuba of oil in exchange of cane raw sugar, Latin American left-wing patriotic turn, N. Maduro, academician Yu.A. Ovchinnikov, S.Yu. Glaziev.