In Search of a Lost Balance Between Government Regulation and Market Uncertainty

Abstract

ABSTRACT This article describes Russia’s current model of economic development and considers why recent attempts to upgrade this model have proved unpromising. The main goal of medium-term economic development should be to create a relatively independent national economic system (in terms of critical technologies) to ensure national sovereignty from the global economy. It is concluded that the Russian economy requires greater strategic management by using the potential of the market mechanism as a counterweight to the excessive reliance on market methods with fragmented elements of indicative planning, as is currently the case.