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Industrial Policy Priorities of Russia in the Context of Challenges of the Fourth Industrial Revolution. Part 2

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  • Olga Romanova

Abstract

The article emphasizes the relevance of the digital economy development as one of the most important directions of the fourth industrial revolution. It is significant for a breakthrough in science and technology, social and economic development. I prove that the industrial policy is a reliable instrument for supporting digital economy. The following factors define the priorities of industrial policy: the level of socio-economic development of the country, the existing model of economic development, an image of the country’s future. I consider the evolution of the industrial policy priorities in Russia. In current situation, the essentially new priority is the support of digital economy. I find that pro-active digital economy formulation and management in collaboration of all branches of the government as well as the development of digital economy together with sector programmes and programmes of innovative development, etc. are of great importance. I have suggested steps, which could make the Industry Development Fund to support the new priorities connected with digital economy development. Furthermore, I have developed proposals on adjusting provisions, which define the possibility to apply special investment contracts for stimulating the digital economy development. I have defined the main directions of staffing the digital economy. The article emphasizes that «digital transformation of the industry» radically changes the idea targets and subjects of industrial policy. So-called related industries, as the association of goods, individuals, and technologies within the industrial system, the structures based on such special type of business models as technological platforms and the human needs become a new targets of the industrial policy. During the fourth industrial revolution, a system of interaction between federal and regional authorities and various business associations as well as civil society institutions becomes the main subject of industrial policy. This predetermines a multi-actor character of the industrial policy. The requirements to leaders of the state and business structures have increased. Therefore, their responsibility for preventing negative social and ethical consequences of the implementation of new technology solutions.

Suggested Citation

  • Olga Romanova, 2018. "Industrial Policy Priorities of Russia in the Context of Challenges of the Fourth Industrial Revolution. Part 2," Economy of region, Centre for Economic Security, Institute of Economics of Ural Branch of Russian Academy of Sciences, vol. 1(3), pages 806-819.
    • Handle: RePEc:ura:ecregj:v:1:y:2018:i:3:p:806-819
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    References listed on IDEAS

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    1. Popov, V., 2014. "Industrial Policy - How to Choose Industries that Should Be Supported," Journal of the New Economic Association, New Economic Association, vol. 22(2), pages 186-190.
    2. Grigori Feiguine & Julia Solovjova, 2014. "ICT investment and internationalization of the Russian economy," International Economics and Economic Policy, Springer, vol. 11(1), pages 231-250, February.
    3. Sergey Kortov & Dmitry Shulgin & Dmitrii Tolmachev & Anastassiya Yegarmina, 2017. "Technology Trends Analysis Using Patent Landscaping," Economy of region, Centre for Economic Security, Institute of Economics of Ural Branch of Russian Academy of Sciences, vol. 1(3), pages 935-947.
    4. N. G. Kurakova & L. A. Tsvetkova & V. G. Zinov, 2016. "Russian Patent Landscape, Created By The Residents Of The Country: Analysis Of The Identified Issues," Economics of Science, Delo Publishing house, vol. 2(1).
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    Cited by:

    1. Pupentsova Svetlana V. & Gromova Elizaveta A., 2021. "Risk Management in Business Valuation in the Context of Digital Transformation," Real Estate Management and Valuation, Sciendo, vol. 29(2), pages 97-106, June.
    2. Xueyang Wang & Xiumei Sun & Haotian Zhang & Chaokai Xue, 2022. "Digital Economy Development and Urban Green Innovation CA-Pability: Based on Panel Data of 274 Prefecture-Level Cities in China," Sustainability, MDPI, vol. 14(5), pages 1-21, March.
    3. E.V. Popov, 2021. "Drivers of the Economy in the Context of the Coronavirus Pandemic," Journal of Applied Economic Research, Graduate School of Economics and Management, Ural Federal University, vol. 20(1), pages 5-30.
    4. Viktor Dementiev, 2019. "Productivity Paradox in Regional Dimension," Economy of region, Centre for Economic Security, Institute of Economics of Ural Branch of Russian Academy of Sciences, vol. 1(1), pages 43-56.
    5. N. V. Novikova & E. V. Strogonova, 2020. "Regional aspects of studying the digital economy in the system of economic growth drivers," Journal of New Economy, Ural State University of Economics, vol. 21(2), pages 76-93, July.

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