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Economic Policy of Import Substitution: Institutional Conditions and Imperative of Efficiency

Economic Policy of Import Substitution: Institutional Conditions and Imperative of Efficiency

Journal of Economic Regulation, , Vol. 8 (no. 1),

The paper describes the theoretical and applied aspects of the economic policy of import substitution, the imperatives of its effectiveness, institutional conditions and prospects for the policy of import substitution in the Russian economy. Modern approaches to the policy of import substitution, which reflect the real macroeconomic processes and have a scientific and advisory capacity for forward movement of the national economic system and economics allow us to consider import substitution as an element of national economic development strategy, which shows the internal processes of production, consumption and state regulation mechanisms within certain trajectory of economic dynamics. The paper shows that the key to the implementation of the import substitution policy is to analyze the structural and institutional conditions that will ensure high rates of economic and social growth of the national economy. The main functions of the state policy in the implementation of import substitution are stimulating domestic demand and private investment in the modernization of national import-substitution industries, the formation of conditions for sustainable long-term development of domestic industrial complex as an alternative raw material economy. Determination of the economic policy of import substitution vector is an actual, complex problem that requires both structural management decisions, as well as new theoretical justification process of import substitution as an effective long-term national development strategy.


Keywords: economic policy of import substitution; protectionism; economic crisis; structural limitations of import substitution; stimulating domestic demand; public and private investment; sectoral import substitution.

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