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The Global Crisis and Contemporary Russia’s Economic Policy Challenges.
Vladimir Mau1, Alexey Ulyukaev2.
Authors affiliation: 1 Russian Presidential Academy of National Economy and Public Administration (Moscow, Russia);2 Ministry of Economic Development of Russian Federation (Moscow, Russia).
Global crisis forms new economic policy agenda which raises new questions for economic theory and economic thinking. The paper deals with these new intellectual challenges. Among them: growth theory and ricks of secular stagnation, unconventional macroeconomic policy and risk of financial stability, inequality and growth, new welfare state, prospects of globalization vs. deglobalization, and prospects of reindustrialization in advanced economies.
Based on the analysis of global trends the paper discusses roots and features of current Russian economic problems, compares 2008–2009 and 2014–2015 crises, factorizes the last one on three main components. The analysis includes the effects of sanctions against Russia on the current economic situation and structural problems that slow economic growth. Special attention is paid to examples of medium-term and long-term steps that can provide sustainable development of Russian economy.