RuEn

Journal section "Socio-economic development strategy"

Institutions of Catching-up Development (On the Project of a New Model for Economic Development of Russia)

Polterovich V.M.

5 (47), 2016

Polterovich V.M. Institutions of Catching-up Development (On the Project of a New Model for Economic Development of Russia). Economic and Social Changes: Facts, Trends, Forecast, 2016, no. 5 (47), pp. 34-56. DOI: 10.15838/esc.2016.5.47.2

DOI: 10.15838/esc.2016.5.47.2

Abstract   |   Authors   |   References
The article shows that institutional trajectories of catching-up development in successful countries including similar interim institutions; this similarity is explained by common technological, institutional and cultural limitations which need to be taken into account and overcome. Corporatism, indicative planning, the availability of the “general” development agency with broad mandate, undervalued exchange rate – these and some other mechanisms provide the countries of the “economic miracle” with an opportunity to initiate and maintain rapid economic growth despite the low level of human capital, underdeveloped civic culture and market failures. Institutions of catching-up development contributed to the formation of collaborative relations between the government, business and society. They eased the limitations and were gradually modified, providing a transition to modern democracies with efficient market economy. The conducted analysis helps outline a plan for an institutional reform taking into account Russia’s institutional features. The principles of administrative reform are considered. The author also sets the objective of forming a “hybrid” system of national planning which includes indicative planning and program budgeting. A combination of public-private partnership and program financing is proposed for the financing of the planned projects. The author proposes to use Japanese experience of promoting temporary association of companies for the development of modernization projects. The principles of reforming the systems of state property and science management are discussed

Keywords

public-private partnership, democratization, interim institution, social values, national planning, assimilation of technology, project financing

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