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IMPORT SUBSTITUTION PROCESS IN THE RUSSIAN ECONOMY IN THE CONTEXT OF INTERNATIONAL SANCTIONS: ISSUES OF THEORY AND PRACTICE |
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| รหัสดีโอไอ | |
| Creator | L.E. Namyatova |
| Title | IMPORT SUBSTITUTION PROCESS IN THE RUSSIAN ECONOMY IN THE CONTEXT OF INTERNATIONAL SANCTIONS: ISSUES OF THEORY AND PRACTICE |
| Contributor | - |
| Publisher | TuEngr Group |
| Publication Year | 2562 |
| Journal Title | International Transaction Journal of Engineering, Management, & Applied Sciences & Technologies |
| Journal Vol. | 10 |
| Journal No. | 9 |
| Page no. | 10A09E: 1-13 |
| Keyword | High-tech investment, International sanctions, protectionism, Mechanisms of import substitution, Strategy of import substitution, Domestic technology development. |
| URL Website | http://tuengr.com/Vol10_9.html |
| Website title | ITJEMAST V10(8) 2019 @ TuEngr.com |
| ISSN | 2228-9860 |
| Abstract | The relevance problem of import substitution is explained with the practicability of using a systematic approach to analyze the real state of the Russian economy. This article provides a brief historical background on the origin of the idea of import substitution in the XVIII century and its further development. It considers its essence as a response to international sanctions imposed by the USA, the EU, and their allies. Noting that import substitution should be distinguished from protectionism, which is based on different aims. The mechanisms of import substitution by three main categories are indicated. There is a list of rules that must be followed when developing strategies for import substitution. The article highlights the negative effect of the sanction imposition, reflected on the Russian foreign trade in 2016?2017, compared to 2013, as well as on the supply of high-tech investment products. Also, it gives particular examples of the current situation in some spheres of economic activity and identifies threshold requirements in industrial production in the world practice and Russia. Focusing on the effective re-equipment of the Russian economy, it is necessary to manufacture competitive labour tools in a certain order: from the production of labour tools for the machine-tool industry to their production for the engineering industries and to the production for other sectors of the economy. Attention should be paid to the quality of the workforce capable of servicing advanced technologies and equipment. There are tasks whose introduction will contribute to a successful solution of the problem of import substitution. The aim of this article is to identify "bottlenecks" in the development of the Russian economy and suggest measures to eliminate them, focusing on its essential components. Particular measures to increase the real potential of the country are suggested. |
