Home  Journals  National Interests: Priorities and Security  12(345) - 2016 December

External impact on macroeconomic conditions of national development in the first quarter of the twenty-first century

Vol. 12, Iss. 12, DECEMBER 2016

Article PDF Version

Received: 21 July 2016

Received in revised form: 18 August 2016

Accepted: 26 September 2016

Available online: 23 December 2016

Subject Heading: ECONOMIC POLICY OF THE STATE

JEL Classification: E60

Pages: 72-84

Importance The article focuses on external political and economic factors that were engendered by the U.S. globalization strategy in the global economy in the first quarter of the 21st century, their impact on macroeconomic conditions for reproduction in Russia, and the strategic model of economic development of the Russian Federation in the long run.
Objectives The research determines the form and substance of the Western economic aggression against the Russian Federation, consequences of sanctions for Russia and other countries.
Methods The research points out areas and sectors of national economy that are the most crucial from macroeconomic perspectives, constituting the basis for the development model in line with various global scenarios.
Results The western liberal scholars conclude that transaction costs rise and economic efficiency falls if natural economy is managed on a centralized basis. These conclusions cannot endure any criticism since these are stringent regulations, ongoing control over budgetary spending that actually bolster production during sanctions, crisis and austerity measures. In the mean time, the development model requires new sources and points of growth by activating capabilities of market mechanisms.
Conclusions and Relevance In the current circumstances, it is reasonable to embark on developing priority (high-tech) production, which would bring import substitution into being during various sanctions or embargo, and improve the entire efficiency of the economy. This would be unfeasible without proactive infrastructure and industrial policies, profound transformation of cultural, educational, scientific, social and spiritual aspects of social life, i.e. without strategic mobilization of the nation.

Keywords: economic warfare, macroeconomics, sanctions, crisis, import substitution

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