Home  Journals  National Interests: Priorities and Security  23(308) - 2015 June

Sanctions and Russia's foreign economic strategy through the prism of the Washington and Beijing Consensus

Vol. 11, Iss. 23, JUNE 2015

Article PDF Version

Available online: 24 June 2015

Subject Heading: THREATS AND SECURITY

JEL Classification: 

Pages: 48-58

Importance The ways and methods Russia will choose to enter the global economic system are still an interesting and relevant matter for researchers. In the 1990s, international institutions imposed their policy for rapid opening the national market and liberalizing foreign trade. The policy was called the Washington Consensus. It caused irreparable damage to the Russian economy. New global challenges require analyzing and adjusting Russia's foreign trade strategy on an ongoing basis.
     Objectives The research pursues adding new priorities to the Russian development strategy, drawing upon the experience of the China People's Republic under the 1989-1993 international sanctions. The research also analyzes the dynamics and structure of Russia's foreign trade before and after the sanctions imposition.
     Methods The research is based on the dialectical, historical and systems approaches, statistical analysis, synthesis and comparison, induction and deduction.
     Results As the study of the China's crisis management measures under the 1989-1993 sanctions shows, the Chinese policy called the Beijing Consensus contributed to successful development of the economy due to reasonable and sound domestic reforms and diversification of foreign relations and ties. Analyzing the dynamics and structure of the foreign trade with Russia within 2010-2014, I identify that foreign trade indicators before and after the sanctions slightly vary, but China maintained the former percentage of export of raw materials and import of finished products. The results may be useful for federal agencies involved in updating and effectuating the Russian development strategy.
     Conclusions and Relevance To tackle and counter the anti-Russian sanctions, I suggest substituting the borrowed policies of the Washington Consensus with the individual development model, namely, the Moscow Consensus, so to strengthen the national security and ensure Russia's progressive integration into the global economic system.

Keywords: sanctions, foreign trade, foreign economy strategy, Russia, China, USA

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