Home  Journals  National Interests: Priorities and Security  3(372) - 2019 March

The innovative system of Russia on the verge of the sixth Long Kontratieff Cycle: Opportunities and restrictions

Received: 22 November 2018

Received in revised form: 10 December 2018

Accepted: 30 December 2018

Available online: 15 March 2019

Subject Heading: ECONOMIC POLICY OF THE STATE

JEL Classification: E65, F63

Pages: 509–520

https://doi.org/10.24891/ni.15.3.509

Subject Things change rapidly in all sectors of the economy, causing that advanced economies lag behind those economic entities which neglect innovative S&T ideas, their completion, slowly adapt to new circumstances, being reluctant to ensure a smooth, flexible and mutually beneficial interaction of economic agents. Currently, Russia demonstrates such trends and sluggish development.
Objectives The research identifies issues and restrictions in setting up the innovative system of Russia.
Methods The research employs methods of synthesis and statistical data analysis, comparison, formalization and specification.
Results I identified and analyzed issues and restrictions of the national innovative development and suggested how they should be solved.
Conclusions and Relevance Currently, there exist factors hampering the progressive economic growth, given the existing productive forces and consumption. To address such issues, the State should increase respective expenditures, expand loan facilities for the public, and use reserves the State has accumulated. This should contribute to higher purchasing power, revitalize the economic activity. The findings can be used to determine measures for stimulating the national economic development.

Keywords: innovation, economic development, long economic cycle, world economy

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