New Industrialisation and Economic Revival of Russia: The Eastern Road

The paper proves the need to develop a programme for Russia's new industrialisation as a strategic objective for implementation in the long run. It emphasises the necessity of a radical reform of the current economic model, because key problems of economic growth cannot be resolved by simple improvement and correction of the stabilisation policy. The author states that it is of great importance for Russia not to confine national development to the objective of financial stabilisation and reduction of inflation. Combining economic reforms with an active industrial policy in the direction of import substitution and new industrialisation seems to be obviously crucial. The author explains the reasons behind the need for drawing up and launching the programme of systemic reforms, arguing that it will enable the country to overcome existing imbalances and speculative distortions. For Russia, this programme could become a prerequisite for economic diversification and country's switching to the path of sustainable development. In line with this, the author suggests a programme for socialisation of finance designed to significantly limit the scope of speculative financial activities. Moreover, the paper attracts attention to the important role played by the eastern regions of the country in the programme of the new industrialisation. These regions possess all the required production potential, historical traditions and resources.