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December 2022 (published: 12.12.2022)
Number 4(51)
Home > Issue > Key problems of functioning and interaction of the real and financial sectors of the Russian economy under the influence of external causes
Zueva O.A.
Many approaches to the study of the phenomenon of the economy, its structure (real and financial sectors), the essence and problems of the functioning of the real sector are presented by different scientists. Western scientists consider sectors autonomously to each other (J. Keynes, H. Minsky, J. Tobin) or in mutual influence (T. Palley). The phenomenon of the real sector is presented as a subsystem of the economy and includes production activities. Three main positions of domestic scientists represent the real sector as 1) the sphere of material production without taking into account services, scientific and commercial activities (A. Arkhipov, V. Kirichenko); 2) part of the economy associated with the stages of reproduction (production and consumption) and the formation of employment (S. Dyatlov, D. Miropolsky); 3) the totality of material production of goods and intangible services and the trade sector (A. Navoi, V. Cherkovets.) The author's position is to divide the domestic economy into real and financial sectors, functioning autonomously and in unity of sectors with the hegemony of the financial sector. Under the conditions of transformation, the real sector, as a subsystem of the Russian economy, is associated with the production of goods and non-financial services and needs to be revived. The research methodology, domestic and foreign practical experience made it possible to identify the inefficiency of the functioning of the real sector of the Russian economy due to the separation of sectors. The problems of functioning of the real sector under the influence of external causes are systematized: the decline in competitiveness, profitability and innovation potential; increasing technological backwardness. The problems are exacerbated under the influence of external factors: a slowdown in the growth of the world economy, a ban on access to the global capital market and technologies, global resource price dynamics, trade bans, the introduction of the ESG - agenda, etc. The external causes and problems of the inefficiency of the functioning of the real sector in Russia in the context of sanctions and the conflict in Ukraine are presented. Over the past twenty years, the inefficiency of economic policy has been noted due to the untimeliness and insufficiency of providing state assistance to agents of the real sector, the lack of interest of the subjects of the credit subsector to provide them with loans. This requires active state support for the revival of the real sector of the Russian economy in the framework of import substitution.
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Keywords: world economy, national economy, real sector, financial sector, technology, interaction, external causes.
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
UDC 330.101.541
Key problems of functioning and interaction of the real and financial sectors of the Russian economy under the influence of external causes
Many approaches to the study of the phenomenon of the economy, its structure (real and financial sectors), the essence and problems of the functioning of the real sector are presented by different scientists. Western scientists consider sectors autonomously to each other (J. Keynes, H. Minsky, J. Tobin) or in mutual influence (T. Palley). The phenomenon of the real sector is presented as a subsystem of the economy and includes production activities. Three main positions of domestic scientists represent the real sector as 1) the sphere of material production without taking into account services, scientific and commercial activities (A. Arkhipov, V. Kirichenko); 2) part of the economy associated with the stages of reproduction (production and consumption) and the formation of employment (S. Dyatlov, D. Miropolsky); 3) the totality of material production of goods and intangible services and the trade sector (A. Navoi, V. Cherkovets.) The author's position is to divide the domestic economy into real and financial sectors, functioning autonomously and in unity of sectors with the hegemony of the financial sector. Under the conditions of transformation, the real sector, as a subsystem of the Russian economy, is associated with the production of goods and non-financial services and needs to be revived. The research methodology, domestic and foreign practical experience made it possible to identify the inefficiency of the functioning of the real sector of the Russian economy due to the separation of sectors. The problems of functioning of the real sector under the influence of external causes are systematized: the decline in competitiveness, profitability and innovation potential; increasing technological backwardness. The problems are exacerbated under the influence of external factors: a slowdown in the growth of the world economy, a ban on access to the global capital market and technologies, global resource price dynamics, trade bans, the introduction of the ESG - agenda, etc. The external causes and problems of the inefficiency of the functioning of the real sector in Russia in the context of sanctions and the conflict in Ukraine are presented. Over the past twenty years, the inefficiency of economic policy has been noted due to the untimeliness and insufficiency of providing state assistance to agents of the real sector, the lack of interest of the subjects of the credit subsector to provide them with loans. This requires active state support for the revival of the real sector of the Russian economy in the framework of import substitution.
Read the full article
Keywords: world economy, national economy, real sector, financial sector, technology, interaction, external causes.
DOI 10.17586/2310-1172-2022-15-4-46-56