Modernization of the Economy: Theoretical Aspect

The article is devoted to exploring the theoretical fundamentals of understanding the nature of the social and economic modernization and to the rationale for its role in ensuring the sustainable economic development of Ukraine. The categorical apparatus and the evolution of theoretical ideas on the economic modernization are analysed. A better understanding of the aims, nature and significance of modernization processes is an indispensable condition of political decision-making. If we are undertaking on best practices and the experience of other countries, which completed a primary upgrading and now are in the process of implementing a secondary modernization, any attempt to modernize the economy could end up at best, nothing, and at the worst - result with the adverse consequences for all the people due to unsuccessfully performed transformation. At the same time, that we always bear in mind is the strategies that have successfully helped developed countries today to achieve economic success cannot work in the current context of increasing uncertainty and low predictability. Definite is only the fact that the path of these countries has been for decades, and sometimes centuries, based on the formation, protection and development of their dynamic sectors of the processing industry, on which, obviously, we must bet in Ukraine.