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Institutional conditioning for the diversification process of economy

Author

Listed:
  • Galina Nemchenko
  • Yuriy Tokarev

Abstract

Despite numerous appeals, since the beginning 1987, to diversify the economy of Russia, the aim is not achieved. The article argues that the diversification as a process lacks adequate institutional conditioning. Path-dependency provided stability to economic growth while the structure of economy remains mainly unchanged. Global financial crisis gives an opportunity to stir up discussion on diversification as driving factor of innovative development. The author believes that methodology and theory of constructing sustained and diversified productions is mechanically imported from foreign sources, regardless institutional realities of Russian market. Considering all this, the paper suggests creating institutional framework capable to manage processes of economy diversification.

Suggested Citation

  • Galina Nemchenko & Yuriy Tokarev, 2009. "Institutional conditioning for the diversification process of economy," Perspectives of Innovation in Economics and Business (PIEB), Prague Development Center, vol. 3(3), pages 29-31.
    • Handle: RePEc:pdc:jrpieb:v:3:y:2009:i:3:p:29-31
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    More about this item

    Keywords

    Diversification of economy; institutional transformation; path-dependency; organizations.;
    All these keywords.

    JEL classification:

    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes

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