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Innovation as process of movement of capital and key to upgrade the Russian economy

Available online: 21 February 2013

Subject Heading: INNOVATION POTENTIAL

JEL Classification: 

The status and trends of Russian high-technology and science-intensive complex development over last 10 years are examined and comparative assessments of the current complex condition with the tendencies of global high-technology sector development are given. This analysis serves to clarify Russia failure in building of efficient innovation economy. To provide theoretical explanation on that failure hypothesis was put forward that formation of high-technology industries, national innovation systems and modernization processes are common in nature and based on the emergence and development of capital new forms. Therefore it is necessary to distinguish between "innovation" as emergence and development of new industries (the definition of Schumpeter) and "innovation" as cycle of capital extended development which uses new technology as permanent resource for its growing. Thus the key challenges of Russian economic modernization should be the reintegration of the institutional structure of the national economy and reindustrialization of country.

Keywords: innovation, high-technology, national innovation system, economic modernization, capital cycles, Russian economy, science

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ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

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