Pushkinskaya st. 43. office 10
Rostov-on-Don, Russia
e-mail: info@hjournal.ru 
tel. +7(863) 269-88-14

cubsEN (2)

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.

  • Amsden Alice H. (2001). The Rise of «The Rest»: Challenges to the West from Late-Industrializing Economies. Oxford, Oxford University Press, 414 p.
  • Andreev O. S. (2011). Import substitution as an important part of structural reforms of the domestic economy. Economic and Law Issues, no. 9, pp. 71-75. (In Russian).
  • Athukorala P. and Rajapatirana S. (2000). Liberalization and industrial transformation: Lessons from the Sri Lankan experience. Economic Development and Cultural Change, April, pp. 543-572.
  • Baer W. (1972). Import Substitution and Industrialization in Latin America: Experiences and Interpretations. Latin American Research Review, vol. 7, no. 1, pp. 95-122.
  • Barsukovа S. Yu. (2010). «Economic patriotism» at food markets: import-substitution and realization of export potential (taking the example of meat, juice and grain markets). Journal of Institutional Studies, vol. 2, no. 2, pp. 118-134. (In Russian).
  • Barsukovа S. Yu. (2012). Russia's Food Security Doctrine: experts' opinion. TERRA ECONOMICUS, vol. 10, no. 4, pp. 37-46. (In Russian).
  • Belokrylov К. A. (2013). Theory and practice of institutional modernization of economy (the example of the south of Russia). TERRA ECONOMICUS, vol. 11, no. 2-2, pp. 9-14. (In Russian).
  • Belokrylova O. S. (2014). Institutional modernization of economic development strategy in the conditions of coercion to import substitution. Journal of Economic Regulation, vol. 5, no. 3, pp. 6–13. (In Russian).
  • Belokrylova O. S. (2016). Public procurement system in stimulating import substitution programs. Intellectual Resources - Regional Development, vol. 1, no. 1, pp. 29-33. (In Russian).
  • Bruton H. J. (1998). A Reconsideration of Import Substitution. Journal of Economic Literature, no. 36, pp. 903-936.
  • Chang Ha-Joon (2002). Kicking Away the Ladder. Development Strategies in Historical Perspective. London, Anthem Press, 196 p.
  • Ipatova А. V. and Vaskina М. V. (2015). On the directions of the modernization of the state's economic policy in the context of forced import substitution // Institutional Mechanism to Overcome the Recession. The Collective Monograph Based on the Results of XIII International Scientific and Practical Internet Conference, 11-20 September 2015. Rostov-on-Don, Publ. House of Fund «Assistance - XXI Century», pp. 106-114. (In Russian).
  • Kashnikova T. V. (2014). Mechanisms modernization of public institutions to support small businesses in an unstable economy // The State Regulation of the Economy: the Laws and Contradictions. Collective Monograph. Rostov-on-Don, Publ. House of Fund «Assistance - XXI Century», pp. 140-146. (In Russian).
  • Kostin А. A., Borzov V. N. and Ovchinnikov V. N. (2011). Formation of the institutional environment neoindustrialization the agrarian sector of the regional economy. Economic Sciences, no. 9, pp. 22-26. (In Russian).
  • Matveeva L. G. and Chernova O. A. (2016). Import substitution in Russia under «new normality». TERRA ECONOMICUS, vol. 14, no. 2, pp. 127-138. (In Russian).
  • Matveyeva L. G., Mikhalkina Y. V. and Chernova O. A. (2015). The possibilities of the Russian regions capacity increasing under the external threats. Economy of Region, no. 1(41), pp. 96-104.
  • Razzaque Mohammad and Raihan Selim (2008). Trade-Development-Poverty Linkages: Reflections from Selected Asian and SubSaharan African Countries / Volume 1: Country Case Studies, CUTS International.
  • Report on the Goals and Objectives of Ministry of Industry and Trade of Russia for 2016 and the Main Results of Operations for 2015. (http://minpromtorg.gov.ru/common/upload/files/docs/doklad_mpt_072016.pdf - Access Date: 20.09.2016). (In Russian).
  • The Competitiveness of National Economies and Regions in the Context of the Global Challenges of the World Economy (2016). Collective Monograph. Ed. by Mikhalkina E. V., Voronina T. V. Rostov-on-Don, Publ. House of Southern Federal University, 346 p. (In Russian).
  • Tsedilin L. (2014). Protectionism in Russian economic policy: institutional historical experience. Moscow, pp. 49-50. (In Russian).
Publisher: Ltd. "Humanitarian perspectives"
Founder: Ltd. "Humanitarian perspectives"
Online ISSN: 2412-6047
ISSN: 2078-5429