Russia’s Market Economy: Development Vectors and Trends

Abstract

The aim of the study is to analyze, systematize and summarize the institutional, legal and innovative components of the vectors and trends in the development of the market economy of post-Soviet Russia under uncertainty, digitization and the COVID-19 pandemic. In order to achieve this objective, the potential of modern methodological tools for understanding the phenomenon of a market economy from the standpoint of ensuring its social orientation, the interrelationship between the market and the law, and the development of a sustainable market economy, an efficient and competitive business environment is exploited. The article pays particular attention to the applied (practical-oriented) issue of the development of a market economy in Russia and a number of foreign countries, including the republics (regions) of the post-Soviet area. In particular, it is possible to use external levers with market and nonmarket methods on the market conditions; to expand the practice of intervention by injecting scarce resources from the government reserve funds; implementation of a set of measures to constitutionalize economic relations including elimination of informal opportunistic institutions; objective measurement of the real consequences of the long-term pandemic risks.
Among the conclusions of the study, it is justified that at present the Russian market economy needs to improve socio-legal and social control and to identify the vectors and trends of its precise and effective «tuning» in the short and long term. Suggestions for identifying new effective forms of interaction between the government and business, internationalization of the market and development of information technology solutions, simplification of information products and optimization of the interface, introducing innovative solutions and innovative forms of management into business segments and investment are presented.