THE PHENOMENON OF THE MARKET ECONOMY

Subject. Investigations carried out and scientific forums related to the problems of the holistic theoretical and methodological insight into socially oriented grounds of the market economy phenomenon in the post-Soviet period are matters of top priority for a large part of the Financial University researchers. Intrinsic, methodological and theoretical problems underlying this phenomenon are considered in the context of research findings obtained by members of the 5th International Scientific and Practical Conference “The Market Economy Phenomenon: From the Origins into Our Days” held by Financial University in cooperation with Kuban State University. Particular attention is paid to the analysis of historical, economic, institutional, reproductive and transformation aspects of the phenomenon of the market economic system. Purpose. Investigation into a wide range of up-to-date debatable methodological and theoretical problems of the market economy phenomenon. Identification of “bottlenecks” in the modern mainstream of the theoretical economic knowledge. Demonstration of the spheres of “the impotence of market mechanisms” subject to overcoming by the scientific and practical community. Methodology. The research is based on the historical and economic approach along with using methods of evolutionary and interdisciplinary analytical tools. Results. Notwithstanding permanent attempts of domestic and foreign economists to provide a conceptual justification of the non-alternative nature of the market organization of the economy, the current theoretical concepts of economic growth have not yet turned into applied tools of the market economy and the economic policy. As the research shows, the only actor able to make the transition of the Russian economy to a new technological tenor is still the state capable of running its investment activity. Conclusion. The key concern of the modern scientific economic community of Russia is to provide the basis for socially oriented theoretical and reformatory programs of the market economy regulation that would ensure the improvement of management practices and promote crisis-free, efficient and progressive socioeconomic development. Since the state investing can ensure only point breakthroughs rather than the overall socio-economic development of the country, due to considerable inherent systemic constraints, the development of investment activity of the Russian business sector should become the main driver of the economic development.

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