Subject. The article addresses the concept of import substitution, its functional and institutional aspects. Objectives. The purpose is to systematize factors affecting the effectiveness of import substitution, and to develop methodological approaches to assessing the effectiveness of import substitution. Methods. The study employs methods of systems, comparative, and institutional analysis. Results. We developed a theoretical model of import substitution enabling to assess its functional and institutional aspects. The paper offers a methodology to assess the import substitution policy effectiveness in various industries. Conclusions. The findings of the study can be applied in the analysis of economic policy in the context of external restrictions. The prospects for research are associated with the development of models for assessing the long-term impact of import substitution on the economic growth and technological independence of the Russian industry.
Keywords: import substitution, economic policy, functional aspect, institutional aspect, industry
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