Perspectives of Innovations, Economics and Business

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Volume 3
Issue 3
Online publication date 2009-12-07
Title Institutional conditioning for the diversification process of economy
Author Galina Nemchenko, Yuriy Tokarev
Despite numerous appeals, since the beginning 1987, to diversify the economy of Russia, the aim is not achieved. The article argues that the diversification as a process lacks adequate institutional conditioning. Path-dependency provided stability to economic growth while the structure of economy remains mainly unchanged. Global financial crisis gives  an opportunity  to stir up discussion on diversification as driving factor of innovative development. The author believes that methodology and theory of constructing sustained and diversified productions is mechanically imported  from foreign sources, regardless institutional realities of Russian market.  Considering all this, the paper  suggests creating institutional framework capable to manage processes of economy diversification. 
Keywords Diversification of economy, institutional transformation, path-dependency, organizations.
Pages 29-31
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