DOI: 10.33917/es-5.203.2025.52-57

The article examines conceptual foundations and practical aspects of improving institutional mechanisms aimed at strengthening the innovative component of economic growth and creating favourable conditions for a long-term increase of the profit rate in high-tech industries.

References:

1. Marks K. Kapital. Kritika politicheskoy ekonomii. T. 1. Protsess proizvodstva kapitala [Capital. Critique of Political Economy. Vol. 1. The Process of Capital Production]. Translated from German. Moscow, Politizdat, 1960, 784 ps.

2. Smit A. Issledovanie o prirode i prichinakh bogatstva narodov [An Inquiry into the Nature and Causes of the Wealth of Nations]. Translated from English. Moscow, Eksmo, 2007, 960 p.

3. Isterli V. V poiskakh rosta: Priklyucheniya i zloklyucheniya ekonomistov v tropikakh [In Search of Growth: The Adventures and Misadventures of Economists in the Tropics]. Translated from English. Moscow, Institut kompleksnykh strategicheskikh issledovaniy, 2006, 360 p.

4. Dement’ev V.V., Shcherbakov A.P. Pribyl’ i ekonomicheskiy rost [Profit and Economic Growth]. Terra Economicus, 2017, vol. 15, no 3, pp. 75–91.

5. Keyns Dzh. M. Obshchaya teoriya zanyatosti, protsenta i deneg [The General Theory of Employment, Interest and Money]. Translated from English. Moscow, Gelios ARV, 2011, 352 p.

6. Shumpeter Y.A. Teoriya ekonomicheskogo razvitiya: issledovanie predprinimatel’skoy pribyli, kapitala, kredita, protsenta i tsikla kon”yunktury [Theory of Economic Development: A Study of Entrepreneurial Profit, Capital, Credit, Interest, and the Business Cycle]. Translated from German. Moscow, Progress, 1982, 455 p.

7. Nort D. Instituty, institutsional’nye izmeneniya i funktsionirovanie ekonomiki [Institutions, Institutional Change and the Functioning of the Economy]. Translated from English. Moscow, Fond ekonomicheskoy knigi “Nachala”, 1997, 180 p.

8. Nayt F.Kh. Risk, neopredelennost’ i pribyl’ [Risk, Uncertainty and Reward]. Translated from English. Moscow, Delo, 2003, 360 p.

DOI: 10.33917/es-5.203.2025.44-51

The article examines options for recovery of the Russian economy, its civilizational role in relation to continuit y of the advanced thought and Russian society’s traditions, associated with moral purification, freedom and social justice, universally significant spiritual values, ideals of humanism and patriotism, characteristic of Russian economic life. It is proposed to consider consumer-value relations as an alternative paradigm of socio-economic development, which may well meet the requirements of a sovereign route, focusing on spiritual-moral foundations and values. The author notes that consumervalue relations take into account a historic unique character of the national economic system. Proposed methodological approach can serve as a starting point for the national liberation of modern Russia both from the shackles of capitalist orders and from injustice towards a human being.

References:

1. Dementyev V.V., Scherbakov A.P. Profit and Economic Growth. Terra economicus, 2017, vol. 15, no 3, pp. 75–91.

2. Makarova I.V. Sistema prioritetov razvitiya Rossii [The System of Priorities for the Development of Russia]. Nauchno-analiticheskiy zhurnal “Aktual’nye problemy sotsial’no-ekonomicheskogo razvitiya Rossii”, 2014, no 1, pp. 57–60.

3. Dubrovskiy A.V. Razmyshleniya o strukturno-tekhnologicheskikh preobrazovaniyakh i liberal’nykh al’ternativakh ekonomicheskogo razvitiya Rossii [Reflections on Structural and Technological Transformations and Liberal Alternatives for Economic Development in Russia]. Ekonomika ustoychivogo razvitiya, 2020, no 2(42), pp. 82–87.

4. Lenchuk E.B., Filatov V.I. Rossiyskaya ekonomika: poisk effektivnoy strategii [Russian Economy: Search for an Effective Strategy]. Mir novoy ekonomiki, 2018, pp. 6–21.

5. Putin V.V. Zasedanie diskussionnogo kluba “Valday” [Meeting of the Valdai Discussion Club]. Ofitsial’nyy sayt Prezidenta RF, available at: http://www.kremlin.ru/events/president/news/75521

6. Dubrovskiy A.V. Formirovanie sovremennoy paradigmy ustoychivogo ekonomicheskogo razvitiya [Formation of a Modern Paradigm of Sustainable Economic Development]. Ekonomika i predprinimatel’stvo, 2020, no 3(116), pp. 872–877.

7. Shcherbakov V.N., Dubrovskiy A.V. Diskussionnye problemy tsennosti i stoimosti v otsenke ekonomicheskikh effektov [Controversial Issues of Value and Cost in Assessing Economic Effects]. Vestnik Altayskoy akademii ekonomiki i prava, 2024, no 5-2, pp. 353–357.

8. Pososhkov I.T. Kniga o skudosti i bogatstve [A Book about Pover ty and Wealth]. Moscow, Ekonomicheskaya gazeta, 2011, 415 p.

9. Sorokin D.E. O sposobnosti Rossii k sotsial’noekonomicheskim transformatsiyam [On Russia’s Ability to Undergo Socio-economic Transformations]. Ekonomicheskoe vozrozhdenie Rossii, 2019, no 1(59), pp. 23–28.

10. Amzhrdzhanyants F., Sis’kov V., Gubanov S., Ivanova N. Potrebitel’no-stoimostnaya sistema sotsialisticheskogo khozyaystvovaniya i obespecheniya kachestva produktsii [Consumer-cost System of Socialist Management and Quality Assurance of Products]. Moscow, Izd-vo standartov, 1990, 240 p.

DOI: 10.33917/es-5.203.2025.40-43

From mid-2023 inflation began to rise sharply and was remaining high for a long time despite the Central Bank raising its key rate to a record high. The article examines the impact of key rate and rouble exchange rate on consumer price changes. It is concluded that in Russia the rouble exchange rate plays a more significant role in inflation dynamics than the key rate.

References:

1. Shirov A.A., Gusev M.S., Nekrasov F.O. Priroda inflyatsii v sovremennoy rossiyskoy ekonomike i ee vliyanie na ekonomicheskiy rost [The Nature of Inflation in the Modern Russian Economy and its Impact on Economic Growth]. Problemy prognozirovaniya, 2025, no 2, pp. 5–19.

2. Opros: pochti 60% rossiyan ne imeyut sberezheniy [Poll: Almost 60% of Russians have no Savings]. TASS, 2019, 16 sentyabrya, available at: https://tass.ru/ekonomika/6889653

3. Bol’shinstvo rossiyan okazalis’ bez sberezheniy v krizis [Most Russians Found Themselves without Savings During the Crisis]. RBK, 2020, 31 marta, available at: https://www.rbc.ru/economics/31/03/2020/5e7dd7c59a7947c7f63c1e66

4. Vakhitova G. Bolee poloviny rossiyskikh grazhdan ne imeyut sberezheniy [More than Half of Russian Citizens have no Savings]. Rossiyskaya gazeta, 2023, 16 yanvarya, available at: https://rg.ru/2023/01/16/suhoj-ostatok.html

5. Ershov M.V. Rossiyskaya ekonomika v usloviyakh novykh sanktsionnykh vyzovov [Russian Economy in the Context of New Sanction Challenges]. Voprosy ekonomiki, 2022, no 12, pp. 5–23.

6. Trinadtsat’ tezisov ob ekonomike. Etyud 11. Inflyatsiya: kratkiy obzor [Thirteen Theses on Economics. Study 11. Inflation: A Brief Overview]. Tsentr makroekonomicheskogo analiza i kratkosrochnogo prognozirovaniya, 2025, 14 iyulya, available at: http://www.forecast.ru/

7. O chem govoryat trendy: Makroekonomika i rynki [What the Trends Say: Macroeconomics and Markets]. Bank Rossii, 2025, no 1(76), available at: https://cbr.ru/Collection/Collection/File/55064/bulletin_25-01.pdf

DOI: 10.33917/es-5.203.2025.130-137

The article presents the social role of education in the modern world. The author investigates biblical Gnosis of «ground» education which opposes global “road”, pragmatic and narrowly traditional education. The author investigates Aristotelian paradigm of free education forming subjects who can not only use thoughts, but also be able to create them. The author investigates the holistic picture of education created by A.S. Pushkin. The poet singled out the Secret Gnosis through which the educational work of eternity is carried out. Its subjects, creators and products are geniuses and talents that create semantic matter for reason, consciousness, will and fantasy. There is Gnosis that oversees public education designed to educate, rear Russian citizens, nurture teachers, state, military and people’s figures. This folk gnosis should be based on comprehensive education since even the highest truth without education can become an instrument of crime. The modern world of Russia and mankind puts an ultimatum: the central and leading figure of social evolution should be the Teacher and not a politician, not a military, not a technocrat, not an administrator.

References:

1. Lenin V.I. O vospitanii i obrazovanii [About Upbringing and Education]. Moscow, Prosveshchenie, 1973.

2. Aristotel’. Soch. [Works]. V 4 t. T. 4. Moscow, Mysl’, 1984.

3. Pushkin A.S. Poln. sobr. soch. [Complete Works.]. V 10 t. T. 7. Leningrad, Nauka, Leningr. otd-nie, 1958.

4. Ermakov A. Pushkin v roli ministra obrazovaniya [Pushkin as Minister of Education]. Pravoslavie.Ru, 2011, 11 fevralya, available at: https://pravoslavie.ru/44697.html

5. Moiseev N.N. Trudy po voprosam sovremennogo obrazovaniya [Works on Issues of Modern Education]. Moscow, Akademiya MNEPU, 2012.

6. Shulevskiy N.B., Zotova E.S. Shkola i obrazovanie — memorial’naya ontologiya Rossii [School and Education are the Memorial Ontology of Russia.]. Filosofiya khozyaystva, 2022, no 4, pp. 55–63.

DOI: 10.33917/es-5.203.2025.34-39

The article identifies characteristics and development trends of the stock markets of the EAEU member countries in the context of the digital economy’s development. It outlines the main challenges facing the development of the stock markets of the EAEU countries. The author substantiates the importance of harmonizing national legislation and creating a common digital architecture to improve the efficiency of risk management and to strengthen integration of the stock markets of the EAEU member countries. It is concluded that digital transformation is a key factor in overcoming differences in the development of stock markets in the EAEU countries.

References:

1. Terenichenko A.A. Sravnitel’no-pravovoy analiz razvitiya rynka tsennykh bumag stran — uchastnits Evraziyskogo ekonomicheskogo soyuza [Comparative Legal Analysis of the Development of the Securities Market of the Countries Participating in the Eurasian Economic Union]. Agrarnoe i zemel’noe pravo, 2017, no 3(147), pp. 42–46.

2. Kulakova E.V. Vozmozhnosti i perspektivy integratsii EAES v finansovoy sfere [Opportunities and Prospects for Integration of the EAEU in the Financial Sector]. Mir novoy ekonomiki, 2017, no 2, pp. 38–45.

3. Shvaygert D.V. Institutsional’noe razvitie integratsii infrastrukturnykh organizatsiy fondovykh rynkov SNG i EAES [Institutional Development of Integration of Infrastructure Organizations of Stock Markets of the CIS and the EAEU]. Human Progress, 2015, vol. 1, no 4, pp. 60–79.

4. Dogovor o Evraziyskom ekonomicheskom soyuze (podpisan v g. Astane 29 maya 2014 g.) (red. ot 25 maya 2023 g.) (s izm. i dop., vstup. v silu s 24 iyunya 2024 g.) [Treaty on the Eurasian Economic Union (signed in Astana on May 29, 2014) (as amended on May 25, 2023) (as amended and supplemented, entered into force on June 24, 2024)]. Konsul’tant, available at: https://www.consultant.ru/document/cons_doc_LAW_163855/

5. Principles of the trading system. WTO, available at: https://www.wto.org/english/thewto_e/whatis_e/tif_e/fact2_e.htm

6. Prilozhenie N 17 k Dogovoru o Evraziyskom ekonomicheskom soyuze (Protokol po finansovym uslugam) [Appendix No. 17 to the Treaty on the Eurasian Economic Union (Protocol on Financial Services)]. Konsul’tant, available at: https://www.consultant.ru/document/cons_doc_LAW_163855/6e98d66c53206813800fdef7b3692dbc90f83c79/#dst103788

7. Prilozhenie N 1 k Protokolu po finansovym uslugam [Appendix No. 1 to the Protocol on Financial Services]. Konsul’tant, available at: https://www.consultant.ru/document/cons_doc_LAW_163855/823373b5e42b9e5d815887166f0f639070b50f13/#dst103974

8. Kontseptsiya formirovaniya obshchego finansovogo rynka EAES [The Concept of Forming a Common Financial Market of the EAEU]. EEK, available at: https://eec.eaeunion.org/comission/department/dofp/conception.php

9. Rasporyazhenie Soveta Evraziyskoy ekonomicheskoy komissii ot 23 noyabrya 2020 g. N 27 “O plane meropriyatiy po garmonizatsii zakonodatel’stva gosudarstv — chlenov Evraziyskogo ekonomicheskogo soyuza v sfere finansovogo rynka” [Order of the Council of the Eurasian Economic Commission of November 23, 2020 No. 27 “On the Action Plan for the Harmonization of the Legislation of the Member States of the Eurasian Economic Union in the Financial Market”]. EEK, available at: https://www.consultant.ru/document/cons_doc_LAW_371826/1c69fbe37d5087eb211e769dda5826d3b35fba97/

DOI: 10.33917/es-5.203.2025.122-129

Based on archival primary sources, first of all – Soviet intelligence documents from the personal archive of I.V. Stalin, the article proves an important postulate. Behind the collapse of Paris and Moscow’s attempts to create a European system of collective security, known in foreign historiography as the “Eastern Pact,” among other things, was hidden the secret activities of Poland, Germany and Japan aimed at unleashing war against the USSR in 1935. To prevent the threat of war in May 1935 the Soviet leadership created a small collective security system, consisting of France, the USSR and Czechoslovakia – an international legal mechanism that prevented the outbreak of anti-Soviet intervention at the end of that year.

References:

1. Mackinder H.J. Democratic Ideals and Reality. A Study in the Politics of Reconstruction. London, Constable and Company Ltd, 1919, 273 p.

2. Dostoevskiy F.M. Polnoe sobranie sochineniy [Complete Set of Works]. Vol. XXVI. Leningrad, Nauka, 1984, 520 p.

3. Ovsyanyy I.D. Tayna, v kotoroy voyna rozhdalas’ [The Mystery in which the War was Born]. Moscow, 1971, 319 p.

4. Sipols V.Ya. Sovetskiy Soyuz v bor’be za mir i bezopasnost’. 1933–1939 [The Soviet Union in the Struggle for Peace and Security. 1933–1939]. Moscow, 1974, 427 p.

5. Istoriya diplomatii [History of Diplomacy]. Pod red. akad. V.P. Potemkina. Vol. III. Moscow, 1945, 884 p.

6. Rak K. Polska — niespełniony sojusznik Hitlera. Warszawa: Bellona, 2019. 500 s.

7. Jeziorny D. To Avoid Incurring All Uncertain and Ill-Defined Responsibilities. Poland and the Eastern Pact of Mutual Assistance (1934–1935). The International History Review, 2024, 1–17, Published Online: 2024-10-22, available at: https://doi.org/10.1080/07075332.2024.2418575

8. Dokumenty vneshney politiki SSSR [Documents of the USSR Foreign Policy]. Pred. komis. po izdaniyu diplomatich. dokumentov A.A. Gromyko. Vol. XVI. Moscow, Politizdat, 1970, 920 p.

9. Dokladnaya zapiska narkoma po inostrannym delam SSSR M.M. Litvinova I.V. Stalinu po voprosu o zaklyuchenii Vostochnogo pakta s prilozheniem proekta zayavleniya NKID SSSR ministru inostrannykh del Frantsii P. Lavalyu. 17.02.1935 [Report of the People’s Commissar for Foreign Affairs of the USSR M.M. Litvinov to I.V. Stalin on the Issue of Concluding the Eastern Pact with the Attachment of a Draft Statement of the People’s Commissariat of Foreign Affairs of the USSR to the Minister of Foreign Affairs of France P. Laval. 17.02.1935]. RGVA. F. 33987. Op. 3a. D. 760. L. 5–9.

10. Sistemnaya istoriya mezhdunarodnykh otnosheniy. 1918–2000 [Systemic History of International Relations. 1918–2000]. Vol. 2. Moscow, 2000, 243 p.

11. Myunkhenskoe soglashenie 1938 goda: istoriya i sovremennost’: Materialy mezhdunarodnoy nauchnoy konferentsii. Moskva, 15–16 oktyabrya 2008 g. [The Munich Agreement of 1938: History and Modernity: Proceedings of the International Scientific Conference. Moscow, October 15–16, 2008.]. IVI RAN. Moscow, 2009, 420 p.

DOI: 10.33917/es-5.203.2025.28-33

In 2024, the Nobel Prize was awarded to American economists Daron Acemoglu, Simon Johnson, and James Robinson (new institutional economics). The article contains a critical analysis of theoretical approaches and anti-Russian statements of the new Nobel laureates. Contrary to their optimistic expectations, the socio-economic development of a number of A frican countries after the “Arab Spring” is characterized by acute problems and economic indicators of the leading countries of “democratic” Europe remain relatively weak for a long period of time. The ar ticle also examines current trends and forecasts in foreign direct investments (FDI). High levels of uncer tainty in the global economy and new tariffs imposed by the United States in 2025 are creating a lot of new risks for global value chains and foreign direct investments. In these circumstances, the author suggests recalling some of the ideas of past Nobel laureates Paul Krugman, Simon Kuznets, V.V. Leontief and Jan Tinbergen on the role of economic, industrial and migration policies, as well as policy in the sphere of foreign direct investments and economic integration. The article also offers some recommendations for economic policy in Russia.

References:

1. Adzhemoglu S., Robinson D. Pochemu odni strany bogatye, a drugie bednye. Proiskhozhdenie vlasti, protsvetaniya i nishchety [Why Nations Fail. The Origins of Power, Prosperity, and Poverty]. Moscow, AST, 2024, 668 p.

2. The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2024: Press Release. The Nobel Prize, available at: https://www.nobelprize.org/prizes/economic-sciences/2024/press-release/

3. Biggest Support Package to Ukraine So Far Increases Swedish Support to SEK 29.5 Billion for 2025. Government Offices of Sweden, available at: https://www.government.se/press-releases/2025/03/biggest-support-package-to-ukraine-so-far-increases-swedish-support-to-sek-29.5-billion-for-2025

4. Tatuzov V.Yu. Ogranichitel’naya monetarnaya politika — prepyatstvie dlya pryamykh inostrannykh investitsiy [Restrictive Monetary Policy — an Obstacle to Foreign Direct Investment]. Vestnik Moskovskogo universiteta. Seriya 6. Ekonomika, 2024, no 4(59), pp. 49–65, DOI: https://doi.org/10.55959/MSU0130-0105-6-59-4-3

5. Global Investment Trends Monitor, 2025, no 48, UNCTAD, available at: https://unctad.org/publications-search?f%5B0%5D=product%3A6096.

6. Handbook of Statistics — 2024. UNCTAD, available at: https://unctad.org/system/files/official-document/tdstat49_en.pdf

7. UNCTAD Trade and Development Foresights 2025: Under Pressure — Uncertainty Reshapes Global Economic Prospects. Geneva, UNCTAD, 2025, 55 p.

8. Leontief W. Domestic Production and Foreign Trade; The American Capital Position Re-Examined. Proceedings of the American Philosophical Society, 1953, no 4(97), pp. 332–349.

9. Kuznets S., Rubin E. Immigration and the Foreign Born. New York, NBER, 1954, 107 p.

10. Kuznets S. Population, Capital and Growth. London, Neineman, 1974, 342 p.

DOI: 10.33917/es-5.203.2025.20-27

The article examines transformation of the international financial settlement system, catalyzed by anti-Russian sanctions. Formation of a new global financial system is facing resistance from the beneficiaries of the existing world order, but there are ways to bypass the barriers being erected. Fur ther development will require complete replacement of Western financial instruments and institutions in the markets and jurisdictions of non-Western countries.

References:

1. Ageev A. I. Smena gegemona: voyna i ekonomika [The Change of the Hegemon: War and Economics]. Moscow, INES, RUBIN, 2016, 184 p.

2. Glaz’ev S.Yu. Poslednyaya mirovaya voyna. SShA nachinayut i proigryvayut [The Last World War. The USA Starts and Loses]. Moscow, Knizhnyy mir, 2016, 512 p.

3. Dalio R. Principles for Dealing with the Changing World Order: Why Nations Succeed and Fail. Avid Reader Press/Simon & Schuster, 2021, 576 p.

4. Dolya dollara i evro pri raschetakh za rossiyskiy eksport upala nizhe 20% [The Share of the Dollar and Euro in Settlements for Russian Exports Fell Below 20%]. RBK, 2024, 17 avgusta, available at: https://www.rbc.ru/finances/17/08/2024/66bf2e639a7947944b318a70

5. Major Foreign Holders of Treasury Securities, available at: https://ticdata.treasury.gov/Publish/mfh.txt

6. Kakie strany vladeyut bol’shey chast’yu dolga SShA? [Which Countries Own the Most US Debt?]. USAFacts, 2024, 1 avgusta, available at: https://usafacts.org/articles/which-countries-own-the-most-us-debt/

7. Gold Demand Trends Full Year 2022. World Gold Council, 2023, January 31, available at: https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-full-year-2022

8. China Gold Reserves. Trading Economics, available at: https://tradingeconomics.com/china/gold-reserves

9. RBI Moves 100 Tonnes Gold from UK to Its Vaults in India. Times of India, 2024, May 31, available at: https://timesofindia.indiatimes.com/business/indiabusiness/rbi-brings-back-over-100-tonnes-of-gold-from-uk-to-its-reserves-report/articleshow/110497346.cms

10. RMB Tracker. March 2025, available at: https://www.swift.com/sites/default/files/files/rmb-tracker_march-2025.pdf

11. Babaev K.V., Sergienko E.E., Van Tszinvey, Li Fen, Sazonov S.L. Internatsionalizatsiya yuanya v ramkakh initsiativy “Poyas i Put’” [Internationalization of the Yuan within the Framework of the Belt and Road Initiative]. ETAP: Ekonomicheskaya Teoriya, Analiz, Praktika, 2024, no 1, pp. 75–90.

12. The First China-UAE Gas Deal in Yuan: A New Blow to Dollar Dominance. The Cradle. 2023. April 6, available at: https://thecradle.co/articles/the-firstchina-uae-gas-deal-in-yuan-a-new-blow-to-dollar-dominance

13. Reuters: neftyanye sdelki Rossii s Indiey podryvayut gospodstvo dollara [Reuters: Russia’s Oil Deals with India Undermine the Dollar’s Dominance]. TASS, 2023, 8 marta, available at: https://tass.ru/ekonomika/17219603?utm_source=rfinance

14. Chast’ krupnykh bankov Kitaya perestala prinimat’ platezhi iz Rossii [Some Major Chinese Banks Have Stopped Accepting Payments from Russia]. RBK, 2024, 17 aprelya, available at: https://www.rbc.ru/business/17/04/2024/661f4a3c9a7947ce48d663ca