Russian Economy and the State in the Eyes of a Foreign Economist. Part 2
Khanin Grigory
DOI: 10.17212/2075-0862-2020-12.2.2-231-259
Annotation:

The article analyses the book written by the English economist Thane Gustafson “Wheel of Fortune: The Battle for Oil and Power in Russia”. The author of the book is known for his deep works on the oil industry of the USSR and the state of economy of post-Soviet Russia. In a peer-reviewed book, Gustafson analyzes Soviet and post-Soviet Russian society through the prism of the Russian oil industry. The author of the article supplements Gustafson’s analysis with his own assessments of the state of the oil industry of the USSR and the Russian Federation, taking into account the replacement cost of fixed assets. Gustafson, paying tribute to the achievements of the Soviet oil industry, shows the inevitability of its crisis in the 80s due to defects in the command economy. Thane Gustafson analyzes the crisis of the oil industry of the late 80s and early 90s as a consequence of the weakness of state power, the capacity of which in Russia he assesses as the most important factor in its economic development. He considers the privatization of the oil industry, with all its shortcomings, as a condition for the beginning of the revival of the oil industry. Another factor, he believes, is the attraction of foreign capital, technology and Western management practices. The strengthening of state power with the advent of Putin and the successful operation of private oil companies, along with rising world oil prices, ensured a rapid increase in oil production in the Russian Federation, which allowed Gustafson to assess the period 2001-2004 as an oil miracle. He associates the subsequent slowdown in oil production with the depletion of old oil fields with poor development of new ones. At the same time, Gustafson attaches considerable importance to this slowdown in the nationalization of the oil industry and the growing hostility in Russia towards foreign capital in general and the West in particular. The author supplements this analysis with calculations showing the limited financial resources of oil companies and their poor use. Gustafson predicts a crisis in the Russian oil industry and recommends liberalization of the industry and increased integration of the Russian oil industry into the global economy.

Venture Industry in Russia: Specific Features and Prospects for Development
Baranov Aleksander,  Muzyko Elena
DOI: 10.17212/2075-0862-2020-12.2.2-260-278
Annotation:

The paper is devoted to the peculiarities of the venture capital industry in the Russian Federation. The authors analyze statistical indicators of Russian private equity and venture capital market and reveal its key features. Statistical data provided by the Russian Venture Capital Association (RVCA) was used. The analysis demonstrates that in the private equity and venture capital market in Russia, investments in companies at the late stages (expansion, restructuring) predominate, and innovative companies at the earlier, so-called “venture stages” (sowing, start-ups, initial stage), remain underfunded. Among the funds involved in investing in companies at the venture stages (sowing, initial stage, and, in some cases, expansion), i.e. VC funds, the largest share is accounted for private funds.

The largest volume of venture capital investments in Russia is made in the sector of information and communication technologies. Venture investments in the so-called “real sectors of economy” (in the terminology of the RVCA), which produce tangible and intangible products, occupy the smallest share in the industry preferences of venture capital funds. In other words, innovative projects in these sectors of the national economy remain underfunded. It is concluded that VC funds with the participation of state capital are the dominant source of venture capital investments for non-IT companies: the largest share of these funds is focused on venture capital investments in real sectors or have mixed industry preferences. The analysis of the venture capital market in the Russian regions shows that most venture capital investments are directed to the Central Federal District. The remaining regions do not take an active part in the formation of the national venture environment.

The authors make recommendations for improving the infrastructure of venture financing of innovative projects at the regional level. It is concluded that at present the activities of various structures that provide assistance to the innovation process at the level of the regions of the Russian Federation are not coordinated. It is necessary to create a single center coordinating innovation in a specific region, including activities related to attracting venture capital funds and investing their resources in the projects of this region.

Analysis of Strategic Concordance of Factors of Socio-Economic Development at the Sub-Regional Level
Sevastyanova Anastasiya
DOI: 10.17212/2075-0862-2020-12.2.2-279-296
Annotation:

The rationale for the sustainable development strategies of the subjects of the Russian Federation with vast territories should include monitoring of the state and socio-economic analysis of the development factors not only of the regions as a whole, but also of territories of lower hierarchical levels of these systems. Often, groups of municipalities have common essential features and characteristics of economic development, similar interests. It is necessary to form a subregional approach to the analysis of the problems of such territories and forecasting their further development. Involving the mechanisms of spatial and inter-territorial interaction requires the correct solution of problems of strategic goals coordination and the ways to achieve them.

The article presents a brief overview of approaches to the analysis of regional processes. We chose the SWOT-analysis as the main tool for research. It allows us to identify and systematize the factors that contribute to the achievement of the chosen goals of the long-term socio-economic development of the territory. Special attention is paid to the integrative function of this technique.

We performed the analysis of strategic compliance of the available domestic resources and opportunities with external conditions and influence factors for one of the eastern subregions of Russia - the central economic zone of the Republic of Sakha (Yakutia). The integrative function of the SWOT-analysis and cognitive modeling allowed to reflect the interaction between the factors and to assess the degree of their influence on the feasibility of the strategic development targets of the territory.

Managing actions aimed at stimulating the development of industry and infrastructure, at eliminating the lag in social development, at using integration opportunities and weakening the role of negative effects for the region caused by corporate policies and the federal center, have the greatest impact on the achievement of the strategic goal. The results of an aggregate estimate of the effectiveness of actions confirmed the assumption that the formation of the favorable institutional environment and the inflow of financial and investment resources to the territory may be most significant.

The Level of Human Capital as a Factor of Digital Economy Development in Russia
Stukalenko Elena,  Mosina Veronika
DOI: 10.17212/2075-0862-2020-12.2.2-297-321
Annotation:

The article is devoted to the problem of the development of human capital in the conditions of the Fourth Industrial Revolution 4.0 for the development of international trade of the Russian Federation. The authors consider the impact of human capital on improving the competitiveness of Russia in world markets in the digital economy. The development of the digital economy is directly related to the educational process. Great attention has to be paid to training personnel that will contribute to the development of infrastructure. Without quality staffing, development is impossible. The components of human capital were chosen as the object of study.

The article analyzes the dynamics of the level of development of human capital of the Russian Federation, relative to other countries. The authors describe the significance of investments in the components of human capital. The theoretical and methodological materials of this article are the legislative acts and normative documents of the Russian Federation, domestic and foreign publications and publications on the subject under study. HSE statistical compilations, data from the Federal State Statistics Service and the World Bank Data, information materials published in periodicals and posted on the Internet were used as a database.

The research results are based on the results of statistical analysis, which confirm the availability of an extensive review of the literature and a comparative analysis of international indicators and indices. Study period: 2000s –2018s.

Russian Economy and the State in the Eyes of a Foreign Economist Part 1
Khanin Grigory
DOI: 10.17212/2075-0862-2020-12.1.2-295-318
Annotation:

The article analyses the book written by the English economist Thane Gustafson “Wheel of Fortune. The battle for oil and power in Russia”. The author of the book is known for his deep works on the oil industry of the USSR and the state of post-Soviet Russia. In a peer-reviewed book, Gustafson analyzes Soviet and post-Soviet Russian society through the prism of the Russian oil industry. The author of the article supplements Gustafson’s analysis with his own assessments of the state of the oil industry of the USSR and the Russian Federation, taking into account the replacement cost of fixed assets. Gustafson, paying tribute to the achievements of the Soviet oil industry, shows the inevitability of its crisis in the 80s due to defects in the command economy. Thane Gustafson analyzes the crisis of the oil industry of the late 80s and early 90s as a consequence of the weakness of state power, the capacity of which in Russia he assesses as the most important factor in its economic development. He considers the privatization of the oil industry, with all its shortcomings, as a condition for the beginning of the revival of the oil industry. Another factor, he believes, is the attraction of foreign capital, technology and Western management practices. The strengthening of state power with the advent of Putin and the successful operation of private oil companies, along with rising world oil prices, ensured a rapid increase in oil production in the Russian Federation, which allowed Gustafson to assess the period 2001-2004 as an oil miracle. He associates the subsequent slowdown in oil production with the depletion of old oil fields with poor development of new ones. At the same time, Gustafson attaches considerable importance to this slowdown in the nationalization of the oil industry and the growing hostility in Russia towards foreign capital in general and the West in particular. The author supplements this analysis with calculations showing the limited financial resources of oil companies and their poor use. Gustafson predicts a crisis in the Russian oil industry and recommends liberalization of the industry and increased integration of the Russian oil industry into the global economy.

Factors and Ways of Enhancing the Investment Attractiveness of the Region
Litvinceva Galina,  Goldobina Alina
DOI: 10.17212/2075-0862-2019-11.4.2-243-266
Annotation:

Investments are the resource which is necessary for economic development on the micro-, meso- and macro-levels. The investment attractiveness of the region is of special importance now when the Russian Federation entities are implementing important programs of social and economic development. Enhancing investment attractiveness and the intensification of investment activity in the region are indispensable prerequisites for increasing its competitiveness. Economists from various schools have repeatedly been studying this problem.

Theoretical and practical aspects of forming and analyzing the investment attractiveness of the Russian Federation entities are successively considered in the paper. The focus is made on the Siberian Federal District and the Novosibirsk Region. The time period of the analysis is 2006–2017. Official information of the Federal State Statistics Service is used.

The authors summarize the most significant characteristics of the region investment attractiveness and show the relation of this notion with such categories as an investment potential and risk as well as investment climate.

They identify the main applied methods of assessing the investment attractiveness of the region, which are based on both functional and organizational groups.

The authors modified the approach evaluating the investment attractiveness of the Siberian Federal District regions. This approach includes the calculation of annual and average rates of risk-free returns on fixed capital investments for the period under review. Special attention was given to the District industrial regions.

The Novosibirsk Region as an administrative center of the Siberian Federal District attracts particular attention. Therefore the authors studied the investment attractiveness of this region and factors influencing it, basing on the correlation-regression analysis. As a result the most significant factors which prevent enhancing the investment attractiveness of the region are identified.

The paper considers the peculiarities of government regulation of investment attractiveness on the regional level. The authors describe the measures to raise it specified in the District program documents. Basing on the calculations made and documents analyzed, the authors formulate additional measures to promote the investment attractiveness of the Novosibirsk Region and thus to increase its competitive advantage in the long run.

The Curse of Cashlessness and “Money Partisans”: The Repressive Function of Technologically Advanced Money
Khaustov Dmitry
DOI: 10.17212/2075-0862-2019-11.4.2-267-291
Annotation:

The article provides an overview of current works on the nature of money in the modern world; considers the problems of the essence of money and their functions on the example of the main topics of the books by F. Martin “Money: The Unauthorized Biography” and K. Rogoff's “The Curse of Cash”. The author formulates the key contradictions of the “money” category based on the argument that money is a social agreement or a solid amount of the precious metal discussed in the book by F. Martin. In particular, the money of “primitive peoples” can be highly abstract and inconvenient for accumulation - fiduciary money, stimulating trust. This thesis is illustrated by the monetary system of the Yap Islands in the Pacific Ocean. William Laundhes, the secretary of the English treasury at the end of the 17th century, believed that Money is a system of credit accounts and debt repayment, in which cash plays the role of a vivid illustration of the state of an individual account of a member of society. O. Spengler wrote that money is a function, a force, which value lies in its action, not mere presence. The article considers local monetary systems, money with a demurrage, negative interest rates, and a possible waiver of cash circulation. The experience of the so-called “monetary partisans” - local payment systems that operate in parallel with the official monetary circulation is rather interesting. There are possible explanations for the abandonment of paper money in favor of metal in medieval China. The practice of Khubilai’s financiers, perhaps, was one of the factors in the fall of the Yuan dynasty. The double currency circulation was probably used for the first time in history as a repressive economic mechanism on such a large scale. The introduction of significant negative interest rates can stimulate a variety of social practices that can be described as “corruption”. It is concluded that there is a categorical dichotomy in the structure of the concept “money” - money as a commodity and as a tool for the transit of debts. The author supposes that technologically advanced forms of money can perform a repressive function. The author believes that we can talk about a kind of monetary cyberpunk, by analogy with cyberpunk - the science fiction genre, describing the decline of human culture against the background of technological progress in the computer age. The repressive function of money in many cases is latent for monetary circulation as a social institution.

On the Approach to a Priori Estimation in Financial Problems
Alekseev Egor,  Serga Lyudmila,  Ryzhkov Oleg
DOI: 10.17212/2075-0862-2019-11.4.2-292-301
Annotation:

In the process of financial management, there regularly appear tasks of making decisions about the importance of a particular value in the conditions of uncertainty. For such decisions, statistical methods are actively used, but in many cases the initial information is insufficient and / or subjective.

The article considers the problem of assessing financial values in the conditions of absence, insufficiency or inapplicability of statistical data. The authors describe an approach to a priori estimation, based on the formation of an undistorted assessment basis with the inclusion of the maximum number of acceptable alternatives and the application of a statistical-game approach to estimation. The assessment obtained using the proposed approach is stable and reproducible and it minimizes the expected absolute estimation error. The proposed approach shifts the emphasis in the work of specialists from the actual performance of the calculations to the search and analysis of the feasibility of alternatives, i.e. on the formation of a complete, comprehensive and reasonable basis for the assessment. Also, the authors discuss the possibility of applying this approach to the organization of financial management accounting at the university.

The article considers the tasks of the system of financial management accounting at the university, determines the financial values used in management accounting, for the assessment of which the a priori approach can be applied with the greatest efficiency.

The Role of Cognitive Technologies in the Implementation of the Idea of “New Horizon” in Management Strategies
Brylina Irina
DOI: 10.17212/2075-0862-2018-4.2-181-192
Annotation:

The article analyses the potential of cognitive management strategies in emerging society of knowledge. The author states that intellectual capital as the source and development mechanism of society under the conditions of emerging society of knowledge failed to stand the test of time and was replaced by knowledge in terms of its functions. The importance and urgency of the issue makes it necessary to address to several problems, among which the following ones may be mentioned:

  • The investigation of structural components of technology as an instrumental approach of rational action, the investigation of knowledge and knowledge-based emerging technologies as the foundation of knowledge society;
  • The investigation of the role of cognitive technologies in management activity as a management strategy of innovative type. The formation of this strategy is a response to the challenges of emerging society of knowledge.
During the investigation of above mentioned problems the author uses the potential of comparative method and possibility of an integrative approach and comparative methodology. The article reveals the specificity of quantitative management strategies and defines the potential of cognitive management technologies. Knowledge management is presented as a multi-disciplinary approach to the achievement of organizational goals through the most effective usage of knowledge and cognitive technologies. The use of cognitive technologies is seen by the author as the basis of competitive advantages of an organization, where management process is carried out through the usage of knowledge arrays and knowledge technologies. The process of knowledge management is presented as a complex of interrelated practices, aimed at the development and optimal management, manifesting the potential through the influence on behaviour, mental structures, values and beliefs.

The Paradigmal Context of the Development of the Robust Control of Economic Systems
Tropin A.A.,  Freydina E.V.,  Alekseev Mikhail
DOI: 10.17212/2075-0862-2018-4.2-160-180
Annotation:

The development of methodological and theoretical aspects of robust management of economic systems is correlated with the evolutionary concept of management in the continuum of paradigms: subject-object, subject-subject and subject ─ poly-subject environment. The introduction of robust management means the transition within each paradigm from the concept of equilibrium to the concept of robust stability of economic systems. The article considers management of the economic systems interaction within the paradigm "subject ─ poly-subject environment", as well as the establishment of the coherence of the models of behavior of economic entities with the internal organization of their knowledge of reality in the continuum of management paradigms, so it is possible to obtain a reasonable assessment for the input of robust management in the space defined by each paradigm. Poly-subject environment of the economic systems operation is presented as a self-developing system having a certain hierarchy of levels of its formation. The research is focused at the primary level of development – "initial self-regulation", which includes the market (or business) environment represented by a variety of elementary organizational structures "subject – subject" and environmental elementary structures – business situations, characterized by chaos and uncertainty. Chaos is considered as the behavior of subjects which generates information with some measure of uncertainty. As a result, to order the chaos of the poly-subject environment the research is aimed at developing a typology of "suppliers" of information on the level of its uncertainty. Six types of information providers are identified and for each type the information generating uncertainty is determined. The natural continuation of the ordering of the poly-subject environment of the selected hierarchical level is the systematization and disclosure of the essence of the models of consumer information behavior, different internal organization of knowledge: from realism to rationalism and, consistently deepening the methods of knowledge, to cognitivism and constructivism. Depending on the internal organization of knowledge, which is attributed to the consumer of information, its immersion takes place in the context of a certain management paradigm. As a generalizing knowledge the matrix map of the connectivity of the models of behavior of economic subjects with the internal organization of knowledge about their actions in the context of the evolutionary representation of management paradigms is presented. The created structure of knowledge allows us to come to the statement: at the present stage each of the fundamental paradigms presented to the scientific community occupies a certain space with moving borders in the management of economic systems, which is also a guide for the development of the mechanism of robust control