• A. Auzan, K. Kelimbetov — Socio-cultural Formula for Economic Modernization
• V. Tambovtsev, M. Umbetaliev — Strategic Benchmarking of the Republic of Kazakhstan
• S. Afontsev, N. Zubarevich — Spatial Development as a Modernization Driver for the Republic of Kazakhstan

• A. Aganbegyan — Residential Construction as a Locomotive of Social and Economic Development of the Country

• OECD Economic Surveys: Russian Federation. December 2011. Overview
• V. Obolensky — Foreign Economic Relations of Russia: Some Lessons from the Global Crisis

• K. Tsygankov — The Role of the Double-Entry Bookkeeping in the Emergence of Capitalism
• T. Kuznetsova, I. Mozhaiskova — Scientific Testament of Ya. A. Kronrod (to the Centenary of His Birth)

• V. Klinov — Long-term Forecasting and Strategy of Development (On the Monograph by IWEIR RAS "Strategic Global Forecast 2030")

• T. Dianova — Some Specific Features of Electronic Trade: From the "Myths" to the "Effect of Sliding"

• Tsvetkov V. A. Corporate Business: Theory and Practice
• Golichenko O. G. Main Factors of National Innovation System Development: Lessons for Russia

• Abalkin Readings: Political Economy and Economic Policy


Abstracts

The article claims that modern economics is in the state of crisis, because the major macroeconomic theories are in fact based on the concept of rational expectations, and the main method of research is considered to be the model-building with models as "artificial worlds". Therefore it is supposed that the agents’ expectations are consistent with a theoretical model. Such constructs are often based on aprioristic assumptions and only after the model is built are they confronted with reality. The author defends an alternative view of science which is methodologically more pluralist and sees deductive model-building in need of being supplemented by other methods of inquiry suggesting that economic science abandons claims for universality of its conclusions.

JEL classification: A11, A12, B40, E00.
Keywords: global economic crisis, macroeconomic theory, rational expectations, economic methodology, economic models.

The article is a response to a polemical essay of J. Kay and his critique of macroeconomic modeling. The author shows that models are an indispensable instrument of economic analysis and that the only alternative would be the formulation and estimation of structural relationships between macroeconomic aggregates. But such a project is doomed to failure, because it does not account for the expectations of economic agents. However, as the author admits, the critique of rational expectations concept is justified. He shows possible directions that a more realistic analysis of ecpectation could take.

JEL classification: A11, A12, B40, C51, E00, E44, E66.
Keywords: global economic crisis, macroeconomic theory, rational expectations, economic methodology, economic models.

The latest world economic and financial crisis highlighted problems in macroeconomic policies pursued by developed economies as well as the necessity of searching for an effective regulatory framework. In particular, doubts have occurred in the indisputability of advantages of inflation targeting and its theoretical basis: the New Keynesian dynamic stochastic general equilibrium models. The reason for doubts lies mainly in the lack of confidence in the new neoclassical synthesis propositions which form the basis for the modern monetary theory and structural modelling. The article reveals close links between contemporary mainstream economics, inflation targeting and New Keynesian dynamic stochastic general equilibrium models, concentrates on controversial points of the theory which bring into question applicability of the monetary policy regime and the models, and finally, outlines further research agenda.

JEL classification: A11, A12, B40, C51, E00, E44, E50, E66.
Keywords: monetary policy, inflation targeting, macroeconomics, New Keynesian dynamic stochastic general equilibrium models, new neoclassical synthesis.

The social-cultural approach to economic modernization processes is studied in the article. It states that the specific country-based modernization formula is required for the successful modernization policy, which takes into consideration the informal rules of the concrete country and is based on the competitive advantages coming from the characteristics of social and cultural capital. This approach, being implemented to study Russia and Kazakhstan cases, allows to make some important conclusions: first, about the connection between long-term macroeconomic trends and features of the informal institutions; second, about the opportunity to define general directions for the modernization policy; third, about the possibility to design concrete normative structures based on specific features of social and cultural capital.

JEL classification: A13, D02, O57.
Keywords: social capital, cultural capital, economic modernization, Kazakhstan.

The question of gaining strategic goals of the country’s development during the process of economic modernization is studied in the article. To evaluate and proof the goals performability the benchmarking method is used. Being applied to Kazakhstan case, it demonstrates that for the midterm goals Oman and the United Arab Emirates can be stated as the benchmarks, and for the long-term goals — Norway, Australia and Canada. On the whole, the analysis shows the great potential of the strategic benchmarking method to work out the modernization policy for relevant countries.

JEL classification: O10, O15, O57.
Keywords: benchmarking, Kazakhstan, goals of development, cluster analysis, index of human potential development, index of economic freedom.

The questions of spatial development as a modernization driver (the Kazakhstan case) are considered in this article. The analysis of the regional economic differences makes possible to work out the development guidelines, based on the advantages combination of the basic goods specialization and the policy of transferring growth impulses from the raw materials sector to the industry and service ones. Current challenges and opportunities, which face the Kazakhstan economy, the questions of economic diversification drive up the importance of the connection between spatial development and the cluster priorities. The analytical scheme of macro-regions and diversification through the dynamic focal networks can settle up these challenges.

JEL classification: J20, J24, R11.
Keywords: Kazakhstan, spatial development, modernization, dynamic focal networks, diversification.

The article assesses the role of residential construction in Russia’s social development, notes insufficient provision of population with comfort accommodation in comparison with a number of developed and developing countries. The data on the availability of housing in Russia and other countries are presented. The article shows that acceleration of residential construction can lead to higher rates of economic growth in Russia. The conditions and factors of future residential construction development are considered, the accent should be made on construction of low-rise buildings. The necessity of simultaneous reforming of the communal sphere, its transferring on the market path is stressed. The assessments of required investments in the field are presented.

JEL classification: E2, O18, R31.
Keywords: residential construction, housing provision, investments.

In recent years Russian leaders have emphasised the importance of modernising the economy, stressing the need to reduce the dependence on oil revenues and diversify the economy. The process of accession to the OECD, which was the context for the preparation of the 2011 Survey, dovetails closely with this agenda. It takes stock of the evolution of Russia’s convergence towards OECD outcomes and policies, identifying both progress and areas where the gaps are still large. Across a range of macroeconomic and social indicators and measures of policy settings, Russia is found to be within the range of OECD countries. Nevertheless, the gap with them in a number of areas remains wide. In particular, the Survey notes that the business climate is very poor in Russia, and offers recommendations for its improvement. It also makes recommendations to improve energy efficiency, another area where Russia lags well behind the most advanced countries. The assessment of the macroeconomic framework is generally positive, but scope for improvement remains, and the Survey offers a number of recommendations to that end.

JEL classification: E52, E58, E61, E62, H1, K20, L5, L32, L33, P2, P3, Q4, Q5.
Keywords: Russia, OECD, modernization, structural reform, business climate, corruption, rule of law, fiscal policy, monetary policy, energy efficiency.

The article deals with the influence of the global crisis on the Russian foreign economic relations and their effects on the national economy. The crisis has made it evident that it is necessary to change the character of Russia’s participation in the world division of labor. Russian export should rise on the base of development of the manufacturing industry. Also cardinal improvement of the investment climate and certain correction in the rouble exchange rate management are needed.

JEL classification: E00, F10.
Keywords: Economic crisis, Russian economy, world economy, foreign trade.

The article describes the differences between the early capitalism and pre-capitalist modes of production. It also considers the thesis advanced by W. Sombart on the double-entry bookkeeping as a necessary prerequisite of the emergence of capitalism. The author suggests the definition of capitalism as a management system aimed at maximizing capital. He also develops a hypothesis that the double-entry bookkeeping and capitalism originated in the Roman Empire and were just resuscitated in the Middle-Ages Italy.

JEL classification: N23, N83, М41.
Keywords: capital, profit, capitalis, "the spirit of capitalism", bookkeeping, Sombart.

The article is devoted to the memory of a prominent Soviet economist Ya. Kronrod. His views on the drawbacks of the Marxist doctrine of social development are presented. The reconstruction of Kronrod’s reflections on the fates of the socialist idea, democracy and civil society allows to better understand social processes in present-day Russia.

JEL classification: B0; B5; B51; N01.
Keywords: Ya. A. Kronrod, socialism, democracy, civil society.