• O. Chirkunov — Economic Miracle: Market and Culture

• Ch. Bessy, O. Favereau — Economics of Conventions and Institutionalism: The Outcomes of Interaction
• V. Vishnevsky, V. Dementiev — Innovations, Institutions, and Evolution
• O. Inshakov, D. Frolov — Economic Institutionalism: An Evolutionary Perspective

• V. Klinov — Peculiarities of Modern Dynamics of the Global Economy
• P. Mozias — China in the Period of Global Crisis: Beneficiary, Victim or Culprit?
• S. Agibalov, A. Kokorin — Copenhagen Agreement — A New Paradigm of Climate Problem Solving
• A. Tsvetkova — US Economic Development Policies: Current Trends and Reasons of Variations on the State Level

• L. Khodov — Piracy in Sea Trade Routes
• A. Vasiliev — Taxation in Fishery: Results of Evolution, Directions of Perfection

• In Memory of Academician A. Granberg

Abstracts

The article considers the current state of the world financial system. In particular it notes growing fiscal crisis and significant disbalance between monetary and budgetary policies in the leading developed countries. Such a situation can provoke strong movement of speculative capital in transition economies’ markets. This makes it necessary to accept a number of measures of financial and budgetary regulation in Russia. In the sphere of budgetary policy the authors suggest measures aimed at contracting public expenditures and their fixing in real terms; in the sphere of financial regulation — measures aimed at improving the quality of banking capital, increasing the level of liquidity and optimizing reserves.

Basing on the characteristics of economic branches of one of the RF regions (Perm Krai), the author discusses the issue of inefficiency of the Russian market model. The article critically analyzes the inconsistency of government’s actions toward the private sector as well as traditional cultural values that hinder successful development. The conclusion is made that the Russian economy has essentially remained the state one, and given the lack of stimuli (including cultural ones) to reduce the government sector, all hopes for an economic breakthrough remain groundless.

The article continues the analysis of economics of conventions presented in the first part of the paper (Voprosy economiki. 2010. No 7). In particular the authors pay attention to the problems of interdependence of macro- and microlevels of the economic system with respect to the formation of rules, conventions, and institutions. The examples of applied labor market research are provided which has been done in the spirit of the economics of conventions. Principles of institutional change and forms of interaction among rules, conventions, and institutions are also considered.

The article examines the features of the economic order that has been established in the former Soviet republics and impedes their innovative development. It is shown that this order, based on the family and clan private economic power, rejects the cooperation of economic actors that produce, select and inherit the «short rules» of interaction. It is proved that, in order to change it, it is necessary to create conditions for restricting private economic power through co-opetition, formation of organizational identification and «long rules» of interaction among economic actors.

The authors join a new discussion about Russian economic institutionalism, commenced by A. Moskovsky and continued by E. Popov and A. Sergeev. In the article the necessity of differentiation of concepts «institute» and «institution» is demonstrated, and the version of the set of basic categories is provided (institution, organization, institute and organ) which could be fundamental for institutional economic theory. Promising directions of institutional research are also discussed.

Rates and factors of modern world economic growth and the consequences of rapid expansion of the economies of China and India are analyzed in the article. Modification of business cycles and long waves of economic development are evaluated. The need of reforming business taxation is demonstrated.

This article analyzes new opportunities and challenges associated with China’s entry into the world economy against the background of the recent crisis. It is shown that China’s domestic macroeconomic disequilibria contributed heavily to the global disbalances which resulted in the global financial crisis. Extremely high rates of saving and investment, along with the huge trade surplus of China, are a mirror reflection of the US economic problems, such as negative gross saving rate, overdependence on consumer demand for economic growth, trade deficit and hefty inflows of foreign capital. China’s economic cycle broke even in late 2007 — early 2008 that was aggravated with the recession in the developed countries. Hence China’s economy met with unprecedented economic difficulties. China’s government stabilization policy was up to the mark, and the economy has accelerated again. But deepening institutional reforms is essential for harmonic economic growth.

Copenhagen summit results could be called a failure. This is the failure of UN climate change policy management, but definitely the first step to a new order as well. The article reviews main characteristics of climate policy paradigm shifts. Russian interests in climate change policy and main threats are analyzed. Successful development and implementation of energy savings and energy efficiency policy are necessary and would sufficiently help solving the global climate change problem.

The article looks into the dynamics of the US regional economic development policies in the last decades and tracks the transition from so-called "locational" to "entrepreneurial" strategies. It also documents existing variations in state economic development programs and explains the differences in approaches and current tendencies from both theoretical and practical standpoints.