The paper analyzes, first, the contribution of hydrocarbon sector to GDP, export proceeds, and budget revenues, and, second, the impact of volatility of international oil prices on the Russian economy. It is found that the importance of the oil and gas sector for the Russian economy adjusted for changes in oil prices is steadily declining since 2000. The potential impact of hydrocarbon prices volatility on the Russian monetary situation is weakening. It is demonstrated that 6% to 11% of GDP is shifted from the oil and gas sector to the trade sector via transfer pricing mechanism. Taking this fact into account alters crucially estimated tax burden for the hydrocarbon sector: it is found to be below that for the rest of the industry until 2001, and close to the latter subsequently. The contribution of oil and gas taxes to the budget does not differ much from the share of this sector in the GDP. Recent increase in the share of windfall oil revenues taken to the budget has not been supported with adequate fiscal policies. Current fiscal situation remains robust, but continuation of these trends may make the budget vulnerable to external volatility. The oil sector has played a critical role in the recent economic growth. Still the effect of favorable terms of trade on growth has not been significant, as its possible impact has been damped down with measures taken by the monetary authorities to smooth the effect of external volatility.

     The report examines the problems of private-public cooperation in launching "development institutions" that target fostering the innovation-based economic growth model. The analysis is focused on the experience of countries, which face comparable challenges - resource scarcity, market imperfection, and lack of industrial demand for innovations. Several lessons learnt from this experience are presented, as well as recommendations how to launch this policy mechanism in Russia.

     The questions of mutual relations of science, politics and religion are considered in the second part of the article. To the author's opinion religiousness is present in any act of economic decision-making as the science cannot answer the question "What for?". Nevertheless alternative calculus of probable effects of management should be based on scientific knowledge to a maximum degree. The author compares available alternative variants of globalization with "Prussian" and "American" ways of capitalism development in agriculture. The interest of liberals in marxism in modern Russia is connected with the search of means of ideological management of the citizens educated in the Soviet system.

     Making its socioeconomic structure more complex is among the most important tasks on the agenda in Russia. This is a necessary prerequisite of creating a modern market economy. A tandem of big financial capital acting reciprocally with the state, and regional markets is the foundation of such an economy. The more definite in this respect Russia's self-identification will be the sooner it will become the center of attraction for other CIS countries. In order to response adequately to the challenges of globalization the CIS countries have to ensure that radical domestic reforms be accompanied with the speed-up mutual integration of their economies.

     The main idea of the paper is to explain the essence of transformation of the Russian economy on the basis of the new institutional matrices theory developed by the author. The paper focuses on the objective process of self-organization of socioeconomic structure on the given stage of Russia's development. It concludes that centralized regulation of the process of economic development will strengthen; at the same time, market elements will ever more actively be infused and spread; the result will be the expanded liberalization of market together with strong state regulation but acting under a more strict, flexible and committed system of state control.

     Wage-levelling is an essential part of the Russian management system. It has always existed in different forms at different periods and spheres in Russia's life. Wage-levelling is not connected with any psychological features of the Russian people: it was elaborated by population as an instrument of counteraction against state mobilizing efforts.

     In the framework of broad philosophic and historical context the author conducts comparative analysis of the conditions for assimilating liberal values in leading countries of the modern world and in Russia. He defends the idea of inevitable forward movement of Russia on the way of rationalization and cultivation of all aspects of life, but, to his opinion, it will occur not so fast as the "first wave" reformers thought and in other ideological and sociocultural forms than in Europe and America. The author sees the main task of the reformist forces in Russia in consolidation of the society and inplementation of socially responsible economic policy.

     The article is devoted to the analysis of introduction of a common currency in the Union of the Russian Federation and the Republic of Belarus. The article discusses costs and benefits of the currency union and the existence of an optimal currency area between Russia and Belarus. Possible directions of the process of institutional integration are considered, description of state-of-the-art is presented, future prospects and current handicaps are analyzed.