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Overcoming the COVID-19 Crisis: Reindustrialization of Modern Russia

Vakarev Aleksander Alekseevich

ORCID: 0000-0002-2151-3142

Doctor of Economics

Professor, Department of Applied Economics and Management, Volga Institute of Economics, Pedagogy and Law

404111, Russia, Volgogradskaya oblast', g. Volzhskii, ul. Sovetskaya, 6

management@viepp.ru
Other publications by this author
 

 
Vinogradov Valerii Valerievich

ORCID: 0000-0001-8627-8641

PhD in Law

Associate Professor, Department of Theory and History of State and Law, Municipal Budgetary Educational Institution of Higher Education Volga Institute of Economics, Pedagogy and Law

404111, Russia, Volgogradskaya oblast', g. Volgograd, ul. Lodygina, 6, of. 10

12000102@mail.ru
Burdyugova Ol'ga Mikhailovna

ORCID: 0000-0002-1895-0237

PhD in Economics

Associate Professor, Department of Applied Economics and Management, Municipal Budgetary Educational Institution of Higher Education Volga Institute of Economics, Pedagogy and Law

404111, Russia, Volgogradskaya oblast', g. Volzhskii, ul. Sovetskaya, 6

burdugova@yandex.ru
Ievleva Natal'ya Vladimirovna

ORCID: 0000-0001-5124-7079

PhD in Economics

Associate Professor, Department of Economics and Management, Volga Polytechnic Institute (branch) of the Federal State Budgetary Educational Institution of Higher Education Volgograd State Technical University

404111, Russia, Volgogradskaya oblast', g. Volzhskii, ul. Engel'sa, 42 A

ievleva@mail.ru
Other publications by this author
 

 
Sycheva Aleksandra Vasil'evna

ORCID: 0000-0001-9671-438X

PhD in Economics

Associate Professor, Department of Applied Economics and Management, Municipal Budgetary Educational Institution of Higher Education Volga Institute of Economics, Pedagogy and Law

404111, Russia, Volgogradskaya oblast', g. Volzhskii, ul. Engel'sa, 21, of. 32

Al75-06@ya.ru

DOI:

10.7256/2454-0668.2022.1.37339

Received:

18-01-2022


Published:

15-03-2022


Abstract: The current COVID-19 crisis signaled the need to change the paradigms of the development of the world economy from financial to industrial. This is most clearly realized at present in the USA, a world leader country that has been actively engaged in solving its enterprises in the real sector of the economy for several years. Against this background, Russia already has some lag, having almost not yet begun the revival of its once powerful industry. In addition, even the few industrial projects that are being implemented are mainly aimed at the development of extractive industries and the production of primary processing products. This state of affairs needs correction, which should be based on a wide range of scientific, organizational and technological measures, affecting not only the Russian Federation, but also integrating a large number of allied and neighboring countries. In order to overcome the existing problems, therefore, it is possible to make some recommendations that would be advisable to implement: - to implement a system of full-scale study of the dialectics of financial and industrial paradigm shifts; - to develop clear concepts of financial and industrial socio-economic development; - to develop a unified state program for the reindustrialization of the country, taking into account its implementation on the domestic raw materials base; - to form a strategy for integrating the economies of the CIS countries to increase their competitiveness; - to form an effective system for stimulating real production based on tax optimization and the development of public investment; - to create a logistics system for the supply of domestic products or products of the alliance formed on the basis of the Shanghai Cooperation Organization; - to define the concept of ownership of the production capacities of the real sector of the economy by the Russian state and business; - create a system for the development and use of Russia's innovative potential, including in its regions; - create a system for regulating inflationary processes in the interests of the real sector of the economy.


Keywords:

industry, reindustrialization, the real sector of the economy, production aspect, financial aspect, investment, degree of redistribution, backshoring, niashoring, outsourcing

This article is automatically translated.

- to form a strategy for the integration of the economies of the CIS countries to increase the competitiveness of the economies of all participants in this integration. The union of the countries of the Shanghai Cooperation Organization (SCO) can be taken as a basis. At the same time, it is necessary to consider the creation of stable technological chains of the type that existed in the Soviet period. To develop a concept and institutional framework for investment of enterprises of these technological chains by the Russian state and business in such a way that these investments bring effect primarily to Russia, and are included in the complex of ensuring the national security of the Russian Federation;

- to form an effective system of stimulating real production based on the optimization of taxation and the development of public investment projects for the production of real products of advanced scientific and technical level;

- to create a logistics system for the supply of domestic products or products of the alliance formed on the basis of the SCO (hereinafter the alliance – the authors) to each other and to other countries. Moreover, this logistics system should also include commodity flows of electricity, hydrocarbons, etc. For example, electricity supplies from Tajik hydroelectric power plants to Afghanistan and Pakistan;

- to define the concept of ownership of production capacities of the real sector of the economy by the Russian state and business, both on the territory of Russia and on the territories of the alliance countries, taking into account the unconditional priority of Russia's economic security;

- to develop and use a system to stimulate the development of the real sector of the Russian economy across the entire spectrum of factors of such stimulation, including reducing the refinancing rate of the Russian Central Bank and creating conditions for long-term investment of production projects;

- to create a system for the development and use of Russia's innovative potential, including in its regions. As one of the most important elements of such a system, to create a network of innovative banks as mechanisms for the accumulation of intangible assets, information and financial support for entrepreneurs in the implementation of capital investments of advanced technical level;

- to create a system of regulation of inflationary processes in the whole country, taking into account the involvement of financial market mechanisms with a clear definition of thresholds for financial warming up and stabilization of business activity in the development of the real sector of the economy.

Of course, the proposed set of recommendations is very voluminous. But this is as it should be, since it concerns, as already noted, the regulation of tectonic processes, whose development has already been caused by the current COVID-19 crisis. And this crisis should be used as a contributing factor that will make it easy to abandon the old obsolete and move to a new progressive – a production concept that, as has happened many times, will create conditions for our country in which we benefit.

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The subject of the article is the changes taking place in the global economy due to the change of technological patterns and the protracted financial crisis, which were superimposed by the coronavirus pandemic. All this necessitated a change in the prevailing paradigm, when the main engine of economic development was recognized as the financial sector, capital flows from industry to industry, from country to country, a developed stock market that flexibly reacts to changes in the market conditions on the part of consumers of products. The dominance of the financial sector was seen as a sign of the transition to a post–industrial economy, the predominance of the value of intangible assets over tangible ones, therefore, the movement of material production from developed countries to the countries of the so-called third world was considered the key to rapid economic growth and prosperity of the countries - economic leaders. However, as we have already noted, this paradigm has been refuted, and therefore the formation of other approaches to the creation of economic growth factors is required. The research methodology is based on the analysis of three interrelated facts – the change in the dominance of financial assets by tangible or intellectual assets, the process of deindustrialization of Russia during market reforms and the transition to a commodity economy, as well as the policy of reindustrialization of the United States. The author argues for the close interrelation of these processes, analyzes the dynamics of macroeconomic trends, as well as the indicators of modern non-financial companies both in Russia, China and the USA. At the same time, in our opinion, reducing all the diversity of economic development only to the financial sector and material production, the author overlooks the intellectual sector, which in modern conditions has turned into the largest producing sector of the world economy, and without which it is impossible to carry out the reindustrialization of the economy. Behind every modern material production there are intellectual assets – patents, inventions, R&D, the cost of which sometimes exceeds the cost of material production. The relevance of the study lies in the need for the Russian economy to flexibly respond to these problems, which in our case are also burdened by the sanctions regime, which are especially painful in terms of the technological dependence of our economy. As the author shows, the large projects currently being implemented in Russia almost all relate to the extraction, primary processing and transportation of resources, and it is no secret that many of the technologies on which they are based have to be purchased from Western companies. Under these conditions, the economic growth opportunities of the Russian economy are significantly limited. The scientific novelty of the study is due to the identification of two dominant paradigms of the world economy, the study of the reasons for their change in modern conditions and the argumentation of the need for the Russian economy to implement a policy of reindustrialization, but in a much broader aspect than it is happening now. As we have already noted, the author, in our opinion, must also take into account the critical importance of developing the intellectual capital of the country, creating conditions for supporting science and scientific research, which are necessary for the development of modern industries. The content of the article is presented in a scientific style, the material is well structured and illustrated with tables and graphs that provide a better understanding of its main provisions. At the same time, we note that there are two references in the article, but perhaps this is the result of some kind of technical malfunction. The bibliography of the study includes 15 sources, however, the design of the sources in some cases, as it seems to us, does not fully comply with GOST and requires adjustments. In addition, news materials predominate among the sources, as well as there are no foreign sources, which, in our opinion, also requires correction and expansion of the list of references. Despite the comments made, the article is worthy of publication, it is of interest to researchers and employees of relevant government agencies.