TY - GEN

T1 - The Year 2022: The Economic Policy In The New Reality

AU - Altunyan, Armen

AU - Kotcofana, Tatiana

N1 - Conference code: #22

PY - 2022

Y1 - 2022

N2 - Research background: The modern model of the economy, with its glaring inequalities in the distribution of income and wealth, a bet on the development of the financial sector, a high level of consumption with a low level of production, has put society in the face of fundamental challenges that require the development of a model adequate to the new reality. The current world order in the context of financial turmoil is particularly painful for countries whose financial markets are among thedeveloping ones.Purpose of the article: The main purpose of this article is to analyse the problems faced by developing countries (for example, Russia) in the modern economic model, and ways to solve these problems.Methods: To conduct the study, we used official statistics data, the analysis of which allowed us to determine the degree of mutual influence of key parameters of economic development.Findings & Value added: Determining the directions of implementation of the new economic policy, it seems important to build a two-circuit model of economic management based on the compatibility of the planned system and private interest. Such a model should combine two components. The first component is the mobilization, administrative and command economy, aimed at ensuring its stability in the face of external challenges and priority support for strategic industries. The second component is a market economy, where private entrepreneurship woulddeal with the problems of saturation of the domestic market due to import substitution.

AB - Research background: The modern model of the economy, with its glaring inequalities in the distribution of income and wealth, a bet on the development of the financial sector, a high level of consumption with a low level of production, has put society in the face of fundamental challenges that require the development of a model adequate to the new reality. The current world order in the context of financial turmoil is particularly painful for countries whose financial markets are among thedeveloping ones.Purpose of the article: The main purpose of this article is to analyse the problems faced by developing countries (for example, Russia) in the modern economic model, and ways to solve these problems.Methods: To conduct the study, we used official statistics data, the analysis of which allowed us to determine the degree of mutual influence of key parameters of economic development.Findings & Value added: Determining the directions of implementation of the new economic policy, it seems important to build a two-circuit model of economic management based on the compatibility of the planned system and private interest. Such a model should combine two components. The first component is the mobilization, administrative and command economy, aimed at ensuring its stability in the face of external challenges and priority support for strategic industries. The second component is a market economy, where private entrepreneurship woulddeal with the problems of saturation of the domestic market due to import substitution.

KW - economy policy

KW - model of the economy

KW - finance system

KW - emerging markets

M3 - Conference contribution

SN - 9788081543326

T3 - SHS Web of Conferences

SP - 11

EP - 18

BT - Globalization and its Socio-Economic Consequences

PB - EDIS-Zilina University publisher

CY - Zilina

T2 - The 22th International Scientific Conference Globalization and its Socio-economic Consequences 2022

Y2 - 12 October 2022 through 13 October 2022

ER -