While analyzing the role of the state in the economy the author considers functions of the state at the stage of modernization, their priorities in economic policy in relation to the chosen model of modernization. The necessity of active structural policy and institutional reforms is noted. It is argued that during transition to post-industrial economy state intervention is becoming more limited.

     Comprehensive analysis of stabilization fund design and management as a macroeconomic tool is suggested. Restrictions on the use of windfall revenues, stemming from fiscal and monetary sustainability conditions are presented. It is stressed that additional spending of windfall revenues inevitably results in real appreciation of the ruble. According to medium-term macroeconomic projections, if current high export prices sustain, the use of windfall revenues may be gradually raised, but still spending money from the Stabilization Fund of RF will remain quite limited through the year 2008.

     The article analyzes the stages of transformation, present features and possible scenarios of the Russian oil and gas sector development. It argues that only due to the growth of budget expenses directed at the reproduction of mineral and raw materials base, implementation of advanced power and resource-saving technologies and development of the dominant energy market oil and gas orientation of the Russian economy can become the main factor of its growth.

     The article considers evolution of the global geopolitical structure in the second half of the 20th century using world-systems analysis elaborated by the author. On the basis of historical evidence the author makes a forecast of future development of the world economy and geopolitics for the following twenty years.

     Reasons of high inequality in the modern world are considered in the article. In developing countries it interacts with underdeveloped markets and inefficient government programs to slow growth, which in turn slows progress in reducing poverty. Increasing reach of global markets makes rising inequality more likely and deepens the gap between rich and poor countries. Because global markets work better for the already rich, we should increase the representation of poor countries in global fora.

     The article contains thorough analysis of major ecological and social problems that face the mankind now. The progress in their solution is traced. Some specific features of the sustainable development concept and its implementation on the global scale are emphasized. Particular features of fast development of China and India are outlined, which are quickly transforming into world powers. The state of the global meat industry, emerging nanotechnology market.and issues of biofuel consumption are considered.

     The article claims that access to energy, supply security, energy costs, environmental issues and social acceptance are subject not to trade-off, but to a hierarchy that underlies the importance of satisfying lower order needs before addressing the higher order ones. The following essay demonstrates the hierarchy with an "energy policy needs pyramid" based on historical evidence. The pyramid is used to analyze the viability of current items of the energy policy agenda.

     Exiting socialism by almost a third of the earth population appears to be the most prominent event of the late XX century. The author makes an attempt to formulate some challenges of this process and thus a theory of exiting socialism. First, he inquires into the concept of exiting socialism as it exists in the world. Then he analyzes real experiences in this field. The research enables the author to outline the main economic, governmental and social challenges of such exit — from municipal economy to science and culture.

     The article aims to explain the role of credible commitments as a factor of widening voluntary economic exchanges boundaries from the transaction economics perspective. It considers grounds and ways of credible commitments creation; correlation of promises in contracts, credible threats, on the one hand, and credible commitments, on the other. The author shows the importance of pledge and also correlation of addressee of promises and pledgee from the perspective of credible commitments provision.