Economic policy of the state

There are two directions in the state economic policy:

1) structural - use of such methods of influence on the economy as governmental support sectors of particular importance for the development of the entire economy of the country, production public goods, privatization, promoting competition and limiting monopoly.

2) stabilization– fiscal and monetary policy.

MONETARY (monetary) POLICY(monetarism) is politicsindirect regulationamount of money in the economy. It is carried out through the Central Bank. Monetary policy instruments - setting the discount rate, setting the required reserve ratio and operations on open market.

Tools		Result
1 .The discount rate is the rate of interest at which the Central Bank gives loans commercial banks	By raising or lowering the discount rate, the Central Bank makes the loan more expensive or cheaper.	1) if loans become more expensive, then the number of people willing to take them decreases - this leads to a decrease in money in circulation and helps to reduce inflation, but exacerbates the decline in production. 2) cheaper loans - stimulate economic activity and the rise in production, but an increase in the money supply in circulation leads to inflation
2 .Required reserve ratio - part of the funds of commercial banks (in% ), which they must hold in the form of reserves in the Central Bank in order to make payments to customers	An increase in the reserve requirement leads to a decrease in the money banks have to lend, which makes credit more expensive. Reducing the reserve ratio allows you to increase lending and makes loans cheaper
3. Open market operations	Sale and purchase by the state valuable papers	Sale - withdrawal of free money and reduction of the money supply. Buying - returning money to circulation and increasing the money supply

The founders of monetarism are David Hume (England, 18th century) and Milton Friedman (USA, 1976 - Nobel Prize in Economics).

BUDGET AND TAX (fiscal) POLICY- this is direct administrative influencestate on the economic life of the country. The main instrument is taxes and expenses.

1) Taxes

1) in conditions of inflation - the state increases taxes, reducing the money supply and reducing economic activity

2) in a recession - tax cuts, as a result of which firms have the means to produce, and consumers have the means to purchase.

2) Expenses

In crisis situations, the state increases spending on supporting sectors of the economy that are in particular need, expands public procurement of goods and services, stimulating manufacturers to develop production and reducing unemployment

Founders - John Keynes (England, 1883-1946)

The set of tools used in economic policy is almost identical in modern market economies. But the specific set of these instruments differs across countries, even if they have identical goals and accomplish similar tasks.

Tool selection problem economic policy much more difficult than it might seem at first glance. This is due not only to the aforementioned compatibility and incompatibility of many targets and instruments, but also to the fact that some instruments can act on several targets at the same time, often in the opposite direction. Thus, the strengthening of the ruble helps to reduce inflation in our country and make imports more accessible (with an expensive ruble, foreign goods in Russia become cheaper), improve the position of Russian exporters of capital (they can buy more foreign assets for the same amount of rubles), but at the same time lead to a deterioration in the situation Russian manufacturers (prices for their goods on Russian market become less competitive compared to the prices of foreign goods sold here) and Russian exporters of goods (their products on foreign markets rises in price when converted into foreign currency). In addition, the impact of some instruments may be unpredictable and/or it may manifest itself later (delayed effect), as happened, for example, in Russia after the reduction of the main rate of the unified social tax(went mainly to the Pension Fund of Russia) with 30% of the fund wages(i.e. of the total cost of a firm or organization for the remuneration of its employees) to 26% in 2006, resulting in pension fund the deficit began to grow rapidly (it is covered from federal budget) and this tax was renamed to insurance premiums with an increase in the main rate again to 30% from 2011. Finally, some instruments can weaken (or neutralize) the impact of other instruments. An example can be created in Russia in the past decade public corporations with their often monopoly position in a particular industry and area, and at the same time, an increasingly active antimonopoly policy pursued in Russia.

In a market economy, the instruments of monetary and fiscal policy are most actively used, primarily to ensure economic stability, especially to smooth out cyclical fluctuations.

The object of regulation of monetary policy is the money market and, mainly, the money supply and the interest rate. Monetary policy is most often carried out by the country's central bank, usually together with the ministry of finance (Table 4.2).

Table 4.2

Monetary policy of the Bank of Russia

Policy type	Restrictive monetary policy ("dear money" policy)	Expansionary monetary policy ("cheap money" policy)
	Reducing the money supply to fight inflation	Increasing the money supply for stimulus economic growth and reducing unemployment
Tools	Buying foreign currency Purchase of government securities	Sale of foreign currency Sale of government securities
Tools	Increase for banks norms mandatory reservation Increase interest rate on deposits of commercial banks Increase in the refinancing rate Increase in government account balances with the Central Bank Sale by the central bank of its bonds to commercial banks Reverse repurchase transactions*	Reducing the required reserve ratio for banks Reducing the interest rate on deposits of commercial banks with the Central Bank of the Russian Federation Decrease in the refinancing rate Decrease in balances on government accounts with the Central Bank Redemption of the Central Bank of the Russian Federation of its bonds from commercial banks Direct REPO operations*

* REPO repurchase agreement ) - transactions for the sale of securities with the obligation to repurchase them after a certain period but at a predetermined price (direct REPO) and transactions for the purchase of securities with the obligation to resell at a predetermined price (reverse REPO).

The main instruments of fiscal policy are budget spending(e.g. government purchases and social transfers) and budget revenues(mostly taxes). According to the way they affect the economy, fiscal policy instruments can be divided into discretionary policy instruments (for example, legislative changes in the amount of government purchases, tax rates and transfers) and automatic (built-in) stabilizers (see above). The latter are instruments, the value of which remains unchanged, but the very presence of which (embedded in the economic system) automatically stabilizes the economy, stimulating business activity during a recession and restraining it during "overheating". Automatic stabilizers primarily include income taxes (especially progressive ones), indirect taxes(primarily value added tax), unemployment benefits, poverty benefits.

Built-in stabilizers do not eliminate the causes of cyclical fluctuations, but limit their scope. Therefore, built-in stabilizers, as a rule, are combined with discretionary fiscal policy instruments aimed at ensuring full time resources. One of the features of built-in stabilizers is that they turn on (and turn off) automatically, i.e. they are characterized by the absence of a lag in time, but their effect is short-term. As for the effect of discretionary policy instruments, it is longer in time, but at the same time it is characterized by a lag due to the need to make a legislative decision to change fiscal policy.

We repeat that the state, as a rule, uses a set of different tools (a package of measures), which is most effective in the conditions of a particular country, but may not work at all or work worse in the conditions of another country. In addition, in economic policy, there is a constant danger of a slow reaction of the state to changing economic conditions that require a different set of tools, but this happens with a delay due to the lag between the adoption of a political decision to change the policy and its implementation.

Economic regulation system

The implementation of economic policy is possible only with the use of a set of measures, tools that form the mechanism of state influence on the economy. Knowledge of the structure of these measures is required to be able to use them rationally. Depending on the selected criteria, there are several options for their classification. In particular, according to the method of functioning, methods of direct and indirect influence on the economy are distinguished.

Methods of direct influence imply such regulation by the state, in which the subjects of the economy are forced to come to decisions based not on independent economic choice, but on the instructions of the state.

As an example, let's call tax law, legal rules in the field of depreciation, budgetary procedures for public investment. Direct methods often have a high degree of effect due to the rapid achievement of economic results. However, they have a serious drawback - the creation of obstacles to the market process.

Methods of indirect influence are manifested in the fact that the state does not directly influence the decisions made by the subjects of the economy. It only creates the preconditions for an independent choice economic decisions subjects gravitated toward those options that correspond to the goals of economic policy.

The advantages of these methods of influencing the economy are that they do not disrupt the market situation, do not introduce an unexpected imbalance into a state of dynamic equilibrium. The disadvantage is a certain time lag observed between the adoption of measures by the state, their perception by the economy and the resulting changes in economic results.

Let us now turn to another, very important classification of the considered methods. The approach criterion is organizational and institutional. This list includes: administrative, economic, institutional methods (Fig. 18.5).

Administrative measures

The set of administrative levers covers those regulatory actions that are related to the provision of legal infrastructure. The task of the measures taken in this case is to create the most reasonable legal framework conditions for the private sector. Their function is to provide a stable legal environment for business life, protect the competitive environment, preserve property rights and opportunities for free economic decision-making.

Rice. 18.5. System of economic policy instruments

Administrative measures, in turn, are divided into measures of prohibition, permission, coercion.

The degree of activity in the application of administrative measures may vary depending on the area of the economy. They are now manifesting themselves most persistently in the field of environmental protection, as well as in the field of social protection of the poorly provided sections of the population.

In the Russian economy in relation to administrative methods there are two trends:

As a result of the aggravated political confrontation between power structures, the effectiveness of administrative measures has significantly decreased;

The legacy of the era of the command economy led to a well-known setback in relation to administrative levers. The turn of the economy towards a market system gave rise to a natural desire to renounce them. As a result of the pendulum effect, the withdrawal turned out to be excessively strong.

Economic measures

Economic instruments include those actions of the state that are not so much prescriptive as influencing certain aspects of the market process. It may be about methods of influencing aggregate demand, aggregate supply, degree of centralization of capital, social and structural aspects of the economy. Economic measures include:

Financial (budgetary, fiscal) policy;

Monetary (monetary) policy;

Programming;

Forecasting.

The concept of "financial policy" is a capacious category. It reflects two approaches. On the one hand, it is a mechanism for implementing the goals of economic policy. On the other hand, the implementation of financial measures is one of the constituent elements of the general economic policy as such.

The category "monetary policy" has a similar multifaceted character. Compared to financial measures, monetary measures are more of an indirect impact. This is due, for example, to the fact that the financial policy is carried out primarily by the Ministry of Finance - an integral part of the government. Monetary policy is implemented by the Central Bank, which, as a rule, has relative independence from the legislative and executive authorities.

In the conditions of the current market economy, it is customary, as a rule, to first consider the possibility of monetary measures, and then - financial ones. This is due to the fact that the use of monetary policy to a greater extent reflects the typical relationship between market and state principles in the economy. A mature national economy mainly involves the indirect impact of the state on economic entities. This preserves the freedom to make private economic decisions.

In the conditions of a transforming economy (or in the event of a crisis), the ratio of methods may be different. The financial (ie direct) aspect of regulation is sometimes brought to the fore.

Drawing up programs and forecasts mainly reflects the indirect version of state regulation. The programs are advisory in nature for the private sector. This process is focused mainly on providing the business community with important economic information. In both cases (when drawing up programs - in a more active form), the state can indirectly suggest and encourage entrepreneurs to take action. However, businessmen make their own decisions about them.

Institutional Measures

Describing the methods of state influence, one can also emphasize their organizational and institutional form.

The concept of "institutional" is relatively little used in domestic scientific circulation. It is perceived even weaker, unfortunately, by the economic thinking of the population. Meanwhile, the development of the economy in the market-legal version puts forward the need for a much more active use of this term. It reflects the fact that the phenomena of economic life in a developed legal state lose their random character. A network of certain legal, ethical, psychological, organizational norms and customs is, as it were, superimposed on the surface of economic reality. Economic policy itself is a system of organizationally formalized actions and traditions.

Such actions, associated with a relatively long-lived phenomenon, create the concept of "institution". According to W. Hamilton, institutions are a verbal symbol for the best description of a group of social customs. They signify the prevailing and permanent way of thinking or acting which has become a habit for some social group or a custom for a people. As an example, let's name: "institute of law", "institute of property".

Among the options for the dissemination of institutional forms in modern conditions note:

Formation of executive structures of state power, the immediate task of which is the practical implementation of the goals of the government;

Creation and maintenance of state property objects, i.e. public sector;

Preparation of economic programs and economic forecasts;

Support for economic research centers (having different forms of ownership), economic information institutions, chambers of commerce and industry, various economic councils and unions;

Ensuring the functioning of institutions of advisers, consultants, expert councils on economic problems;

Legal, informational support for business and trade unions, rational forms of their interaction;

Participation in the creation of forms of economic integration, organization of regular international meetings on economic issues(for example, representatives of the G7 group).

The institutional aspect of state regulation in Russia has always manifested itself with certain specifics. It was implemented in domestic practice mainly in the form of creating a large number institutions themselves and, to a lesser extent, legal institutions. Suffice it to recall that in the conditions of the USSR there were about 900 ministries, departments, and departments. AT present period there are changes in the former emphasis of the institutional approach.

Financial mechanism of economic policy

Finance is one of the most complex categories in economic science. In general, this is a set of cost flows associated with the distribution and use of monetary resources. In the traditional course of domestic economics by "finance" it was customary to understand, rather, the system of production relations, and not the movement of funds itself.

Functioning process financial system to fulfill certain goals at the state level is a financial policy. This concept is multifaceted. The regulation of macroeconomic equilibrium, the achievement of stabilization with the help of income and expenses is commonly called " fiscal policy". Using financial resources, the state also participates in solving other problems, for example, social distribution. A full range of of all tasks performed through public finances, forms the category " financial policy” (one of the elements of which, therefore, is fiscal policy).

What are government spending? Under this term, it is customary to understand the costs of the state for the acquisition of material goods and services related to the satisfaction of social needs. The main objective of spending policy is to influence aggregate demand. This effect is quite direct.

In economic theory, the question is posed: for the production and supply of what goods should the state spend money? Before answering, we should once again emphasize the socio-political idea on which the economy is based. The optimal production of goods is mainly ensured by the market system itself. And only in case of failure of the mechanism market system the state intervenes in the process. At the same time, the development of a market economy has formed the following pattern: the state spends funds on the creation of mainly public (public) goods (primarily of a social nature) and eliminates negative external effects arising from the consumption of a number of private goods (for example, by implementing measures to restore the environment) .

By “government revenues” it is customary to understand current money and property transfers (transfer) from the private sector to the state. The transfer of funds can be carried out on the basis of the receipt of counter services or without any reimbursement. The objectives of income policy can be summarized in two groups:

Collection of funds for the formation of a financial fund, with the help of which it is possible to influence the macroeconomic balance;

Achieving a regulatory effect through the very technique of withdrawing resources (for example, manipulating tax rates).

The practice of a developed market economy shows that the income policy has a stronger regulatory effect compared to the spending policy. The explanation is largely of a socio-psychological nature. A person perceives the fact of withdrawal more emotionally than the case of shortfall. A whip weighs more than a gingerbread!

Forms of receiving state revenues

There are various forms and methods of accumulation of state revenues. In the very general view collection financial resources usually divided into tax and non-tax tax income. The latter include fees and charges. The most developed form of compulsory withdrawal of funds (without opposition of a counter service) is represented by taxes. This is the most important source of state funds. Through taxes developed states mobilize from 18-21% of GDP in Japan and the USA, up to 37% in Sweden and up to 50% in Denmark.

Generally tax system as a set of forms and methods of fundraising is a complex phenomenon. It contains a deep contradiction: on the one hand, it is necessary to ensure the withdrawal of sufficiently solid financial resources from economic entities, and on the other hand, to prevent a decrease in their business activity. The solution to this paradox is carried out through a reasonable compromise.

The tax system achieves rationality, according to the German economist X. Haller, if the following conditions are met:

Taxation should be structured in such a way that the state's costs for its implementation are as low as possible (orientation to the so-called "principle of cheap taxation");

The collection of taxes should ensure that the taxpayer's costs associated with the payment procedure are as low as possible (the principle of cheapness in paying taxes);

The payment of taxes should be as little as possible a tangible burden for the taxpayer in order not to infringe on his economic activity (the principle of limiting the burden of taxes);

Taxation should not be an obstacle either to the "internal" rational organization of production, or to its orientation to the structure of needs, i.e. "external" rationality;

The process of obtaining taxes should be organized in such a way that it can contribute to the greatest extent (through the accumulated financial resources) to the implementation of the policy of the conjuncture and employment (opportunistic efficiency);

This process should influence the distribution of income in order to make it more fair (distributive efficiency);

In the process of determining the "tax solvency" of individuals and clarifying settlements with them, it should be minimally required to provide information affecting personal life citizens (respect for the private sphere);

It should be ensured that the combination of taxes forms single system in which each tax has its specific purpose. At the same time, neither mutual "overlapping" of taxes, nor the presence of "hatchholes" between them (internal isolation) should be allowed.

Stabilizing role of taxes

In a market economy, taxes automatically play an important stabilizing role. According to the definition of the German economist F. Neumark, the concept of “automatic stabilizer” (or “built-in flexibility”) is a counter-cyclical internal adjustment of the state budget, which manifests itself automatically, without any measures, and follows from the nature of certain incomes or expenses.

The process of countercyclical adjustment of taxes is as follows. In the event of an overheating of the conjuncture, there is an increase in the volume of national income. In the presence of a progressively constructed scale of taxation, the amount of payments to the budget increases, which has a restraining effect on further economic activity. In addition, the increased volume of the state budget allows, with the help of funds, social policy raise the level of consumption of low-income strata and thereby increase aggregate demand, bringing it closer to the increased aggregate supply. In conditions of falling market conditions, the opposite occurs.

However, in order for the process of automatic adjustment to take place, a prerequisite is a high degree of reaction of the tax system to the conjuncture. Different taxes have different degrees of market elasticity. In turn, this is due to the methods of constructing tax rates, the very basis (i.e., the object of taxation), as well as the technique of levying taxes.

Those taxes that automatically follow the course of the conjuncture, due to the basis on which they are built (income, turnover, profit, etc.) have increased anticyclical properties. Since in developed industrial countries the core of the tax system is taxes on income, profits and turnover, these tax systems have a high degree of market elasticity.

In connection with the above, in financial theory it is customary to use the indicator of elasticity of tax revenues. It is calculated as a ratio:

Percentage (or absolute) change in tax revenue / percentage (or absolute) change in national income *100

In the German economy, for example, the degree of tax response is 1.5. This means that a 1% increase or decrease in national income results in a 1.5% increase or decrease in tax revenue.

General conclusion: the degree of reaction of the entire tax system to the situation depends on the specific weight in it certain types taxes. It is believed that the system has an effective market-stabilizing effect when its elasticity level is equal to 1. This happens if the value of income and corporate taxes in the tax system is sufficiently high.

The regulatory possibilities of the tax system depend not only on the totality of their types, but also on the rationally found level of taxation rates. Let us give typical examples characteristic of developed countries (Table 18.1).

Table 18.1 Taxation rates in various countries OECD and in Russia (1997,%)

Speaking of influence tax policy on general economic indicators, one economic aspect should be taken into account. This is the so-called "lag effect". This phenomenon is expressed in the fact that certain time so that the intervention of financial policy can cause the expected change in the economy.

The degree of the regulatory role of taxes is affected - and rather ambiguously - by another circumstance. In the process of paying taxes, there are cases of economic entities avoiding taxation. Underpayment of taxes can occur in two ways: in legal and illegal forms. The legal option involves the use by the taxpayer of systems of benefits or a certain degree of conditionality of regulatory prescriptions (real life, as you know, is always more complicated than any prescription made in the form of a certain generalized scheme).

Summing up the characteristics of the financial mechanism, we note that a high degree of built-in flexibility of the financial system is considered desirable for the economy. Built-in financial stabilizers have the positive aspect that they make an accurate diagnosis and forecast of the market situation not so necessary. At the same time, the advantages of built-in stabilizers should not lead to an overestimation of their capabilities. These stabilizers, as a rule, soften market fluctuations, but cannot completely prevent them.

Credit mechanism of economic policy

In the process economic regulation the state widely uses monetary measures. Like the financial mechanism, they have a dual aspect of expression. On the one hand, it is an integral part of the whole complex of economic policy. Simultaneously credit regulation acts as a tool government intervention into the economy.

In terms of its content, credit policy is a set of measures of the Central Bank in the field of money circulation and credit in terms of their impact on the macroeconomic process. The purpose of these measures acts as a partial refraction of the general state line aimed at ensuring an equilibrium and sustainable development of the economy.

The subject of credit policy is the Central Bank (CB). According to the law, it fulfills the goals of the government, but at the same time, as a rule, it is not a government institution. The Central Bank has a certain degree of independence. Such rights are given to him on the basis of the principle of separation of powers. As the experience of Western countries shows, this institution, which has relative independence, is not an uncomplaining executor of the will of the state. In a difficult economic situation, the government cannot demand from credit center decisions of their financial problems through the release additional amount money supply.

The set of tasks of the Central Bank in the implementation of economic policy contains two directions. The first is to provide the national economy with a full-fledged monetary system. A stable currency is an essential element of the market infrastructure. The second direction is related to the fact that Central bank the function of influence on lending activity private business (commercial) banks in the interests of macroeconomic policy. In the sphere of monetary circulation, the state pursues its policy, thus using cooperation with this accomplice of regulation. A kind of tandem is formed: "the state - the central bank." Practice shows the high efficiency of this cooperation.

Let's make a comparison: in the production sphere, the state does not have such an effective lever of influence. And this is no coincidence. This sector must have a high degree of freedom and independence, which is required by the very nature of the market. In this case, the state focuses on indirect ways of influencing - through monetary circulation, which is a kind of circulatory system of the economy.

Tools

Operating in the field of monetary circulation, the Central Bank uses a number of tools. Most of them have an indirect impact. This is an analogy to the general principles of the state's action in the economy. However, some operations of the credit center can also be carried out in a more direct way (a similar example is government subsidies).

In general, the structure of the measures taken by the Central Bank can be represented by the following scheme (Fig. 18.6).

Rice. 18.6. Credit policy of the Central Bank

The method of limiting the dynamics of lending lies in the fact that in some countries (England, France, Switzerland, the Netherlands) the Central Bank has the right to limit the degree of growth in credit investments of business banks in the non-banking sector. For this purpose, a percentage rate for the expansion of credit operations for a certain period of time is introduced. If the conditions are not met, the Central Bank applies sanctions: banks may be required to pay penalty interest or (as is customary in Switzerland) to transfer to an interest-free account of the Central Bank an amount equal to the amount of the excess loan.

Accounting (discount) policy refers to long-used methods of regulation. The Central Bank acts as a creditor in relation to business banks. Funds are provided subject to the rediscount of bills of banks and secured by their securities. Such funds obtained in the central credit link are called "rediscount" or "lombard" loans. Based on the law, the Central Bank has the right to manipulate the interest rate at which it issues loans to banks. The possibility of establishing the "price" of the loan acts as a method of influencing the credit system.

Resorting to such a type of regulation as "open market operations", the Central Bank buys and sells securities (for example, on the stock exchange). By selling them, the bank essentially withdraws excess balance sheet reserves of commercial banks. In macroeconomic terms, this means the withdrawal from circulation of a certain mass Money. The purchase of securities by the Central Bank contributes to the formation of additional balance reserves from commercial banks. The money supply in circulation increases. As a result, the opportunities for credit operations of business banks are expanding.

The minimum reserve policy enforces the mandatory retention of certain sums of money business banks on the accounts of the Central Bank. In this way, banks receive a certain element of insurance from the Central Bank when fulfilling their obligations. This method was first introduced in the US economy in 1933.

The set of regulatory measures is complemented by a system of so-called "voluntary agreements" concluded between the Central Bank and business banks. Such agreements are especially convenient when the Central Bank must make prompt decisions, act quickly and without much bureaucracy.

Problems of practical implementation of credit policy

The greatest effectiveness of the regulatory action of the Central Bank is manifested when the entire set of economic instruments is used, and in an appropriate sequence. In influencing macroeconomic regulation, the Central Bank must take into account both the interrelationships national economy within the global economy (according to currency line), and the interdependence of the links of the national economy. In particular, we are talking about the following problematic situations.

1. Accounting policy affects not only banks, but also other sectors of the economy. The negative impact of percentage fluctuations is manifested in relation to those areas National economy who are burdened with debt. These include: the public sector, capital-intensive industries (nuclear power plants, hydroelectric power plants), rail transport, households, and farming.

2. Interest policy leads to an increasing price effect. Economic entities tend to get out of the influence of the growing discount rate by shifting their costs onto the shoulders of clients (increasing, accordingly, the price of their securities). As a result, an additional difficulty is created for the state policy in the field of curbing inflation.

As part of Russian economy currently experiencing significant inflation problems, this side effect is especially painful. The private sector seeks to transfer to the buyer all the additional burden that falls on him as a result of regulatory measures. The possibility of such financial resourcefulness in Russia is higher, since the degree of market saturation and competition is weaker than it is in the developed countries of the West.

3. Administrative prescription of the level of interest "from above" is not a market-oriented action. The weakening of the market fundamentals of the economy leads to undesirable consequences. For example, the result may be the strengthening of elements of the shadow economy.

Conducting economic regulation with the help of a financial or credit mechanism raises an important question for economists: in what situation is this or that option more optimal? Another problem is this: what ratio of financial and credit measures is reasonable to practice in the economy?

The predominance of financial measures in the course of regulation is usually called the "Keynesian" option for conducting economic policy. Greater emphasis on the monetary mechanism was called "monetarism" in economic science. The practice of implementing economic policy in Western countries has shown that the most rational is a combination of both directions of regulation. However, within its framework, there is always an alternating fluctuation in the direction of strengthening one or another method, depending on the state of the economic situation.

Rice. 18.4. Achieving balance in the implementation of goals requires a complex combination of steps!

broken glass on the landings are striking and depressing examples for representatives of the developed countries of the market economy who come to Russia, who are accustomed to extreme frugality.

The second aspect of solving the problem of growth is the active use of economic dynamics to create new technologies that are less harmful to nature. It is also important to reorientate structurally towards the expansion of those types of production that are associated with the production of technical equipment for cleaning the environment.

The ratio of a number of other goals may be neutral. For example, in this ratio

are: maintaining price stability and protecting the environment, fair distribution of income and external economic balance. The simultaneous solution of such goals does not cause any special difficulties.

Finally, we note the most successful options for solving the target problem. This happens when the chosen landmarks mutually determine each other: the fulfillment of one goal helps the achievement of another. And it can be done at the same time. As an example, let us name a parallel increase in employment and economic growth rates.

All of the above leads to the conclusion: when forming a model of economic policy, it is necessary to maintain a certain balance in the ratio of targets (Fig. 18.4).

§ 4. Instruments of economic policy of the state

Economic regulation system

The implementation of economic policy is possible only with the use of a set of measures, tools that form the mechanism of state influence on the economy. For the ability to rationally use them, knowledge is required

Section III. Macroeconomics

measure data structures. Depending on the selected criteria, there are several options for their classification. In particular, according to the method of functioning, methods of direct and indirect influence on the economy are distinguished.

As an example, let's name the tax legislation, legal rules in the field of depreciation, budgetary procedures for public investment. Direct methods often have a high degree of effect due to the rapid achievement of economic results. However, they have a serious drawback - the creation of obstacles to the market process.

Methods of indirect influence are manifested in the fact that the state does not directly influence the decisions made by the subjects of the economy. It only creates the preconditions for subjects to gravitate toward those options that correspond to the goals of economic policy when they make their own choice of economic decisions.

Let us now turn to another very important classification of the methods considered. The approach criterion is organizational and institutional. This list includes: administrative, economic, institutional methods (Fig. 18.5).

Administrative measures

Chapter 18

ADMINISTRATIVE 11 ECONOMIC I INSTITUTIONAL

Financial mechanism Monetary mechanism

Goal: Achieving a balance between aggregate demand and aggregate supply


Keynesian version:		Monetary option:
impact predominantly		impact predominantly
on aggregate demand		on the total offer
POLITICS		POLITICS
GOVERNMENT EXPENDITURES		STATE REVENUE

		SOURCES
Transform	Subsidies	Homemade	tax
	subventions	farms
Transfer	Investments	Enterprises	Non-tax
	Loans	Territorial

corporations

Abroad

Rice. 18.5. System of economic policy instruments

protection of the competitive environment, preservation of property rights and opportunities for free economic decision making.

Section III. Macroeconomics

Administrative measures, in turn, are divided into measures of prohibition, permission, coercion.

In the Russian economy, there are two trends in relation to administrative methods:

- as a result of the aggravated political confrontation between the power structures, the effectiveness of administrative measures has significantly decreased;

- The legacy of the era of the command economy led to a certain soreness in relation to administrative levers. The turn of the economy towards a market system gave rise to a natural desire to renounce them. As a result of the pendulum effect, the withdrawal turned out to be excessively strong.

Economic measures

Economic instruments include those actions of the state that are not so much prescriptive as influencing certain aspects of the market process. We can talk about methods of influencing aggregate demand, aggregate supply, the degree of centralization of capital, social and structural aspects of the economy.

To economic measures include:

- financial (budgetary, fiscal) policy;

- monetary(monetary) policy;

- programming;

- forecasting.

The concept of "financial policy" is a capacious category. It reflects two approaches. On the one hand, it is a mechanism for realizing the goals of economic policy. On the other hand, the implementation of financial measures is one of the constituent elements of the general economic policy as such.

The category "monetary policy" has a similar multifaceted character. Compared to financial measures, monetary measures are more of an indirect effect. This is due, for example, to the fact that the financial policy is carried out primarily by the Ministry of Finance - an integral part of the government. Monetary

Chapter 18

the policy is implemented by the Central Bank, which, as a rule, has relative independence from the legislative and executive authorities.

In the conditions of the current market economy, it is customary, as a rule, to first consider the possibility of monetary measures, and then - financial ones. This is due to the fact that the use of monetary policy to a greater extent reflects the typical relationship between the market and state principles in the economy. A mature national economy basically involves the indirect impact of the state on economic entities. This preserves the freedom to make private economic decisions.

In the conditions of a transforming economy (or in the event of a crisis), the ratio of methods may be different. The financial (i.e., direct) aspect of regulation is sometimes brought to the fore.

The preparation of programs and forecasts mainly reflects an indirect version of state regulation. The programs are advisory in nature for the private sector. This process is focused mainly on providing the business community with important economic information. In both cases (when drawing up programs - in a more active form), the state can indirectly suggest and encourage entrepreneurs to take action. However, businessmen make their own decisions about them.

Institutional Measures

Describing the methods of state influence, one can also emphasize their organizational and institutional form.

The concept of "institutional" is relatively little used in domestic scientific circulation. Unfortunately, it is perceived even weaker by the economic thinking of the population. Meanwhile, the development of the economy in the market-legal version puts forward the need for a much more active use of this term. It reflects the fact that the phenomena of economic life in a developed state of law lose their random character. A network of certain legal, ethical, psychological, organizational norms and customs is, as it were, superimposed on the surface of economic reality. Economic policy itself is a system of organizationally formalized actions and traditions.

Section III. Macroeconomics

Such actions, associated with a relatively long-lived phenomenon, create the concept of "institution". According to W. Hamilton, institutions are a verbal symbol for the best description of a group of social customs. They signify the prevailing and permanent way of thinking or acting which has become the habit of some social group or the custom of a people. As an example, let's name: "institute of law", "institute of property".

Among the options for the distribution of institutional forms in modern conditions, we note:

- the formation of executive structures of state power, the immediate task of which is the practical implementation of the goals of the government;

- creation and maintenance of objects of state property, i.е. public sector;

- preparation of economic programs and economic forecasts;

- support for economic research centers (having different forms of ownership), economic information institutes, chambers of commerce and industry, various economic councils and unions;

- ensuring the functioning of institutions of advisers, consultants, expert councils on economic problems;

- legal, informational support for business and trade unions, rational forms of their interaction;

- participation in the creation of forms of economic integration, organization of regular international meetings on economic issues (for example, representatives of the G7 group).

The institutional aspect of state regulation in Russia has always manifested itself with certain specifics. It was implemented in domestic practice mainly

in the form of creating a large number of institutions themselves and, to a lesser extent, legal institutions. Suffice it to recall that in the conditions of the USSR there were about 900 ministries, departments, and departments. In the present period, there are changes in the former emphases of the institutional approach.

Financial mechanism of economic policy

Finance is one of the most complex categories in economics. In general, this is a set of value flows associated with the distribution and use of cash

Chapter 18

resources. In the traditional course of domestic economic science, it was customary to understand “finance” as a system of production relations, rather than the movement of funds itself.

The process of functioning of the financial system to fulfill certain goals at the state level is a financial policy. This concept is multifaceted. The regulation of macroeconomic equilibrium, the achievement of stabilization with the help of revenues and expenditures is commonly called "fiscal policy". Using financial resources, the state also participates in solving other problems, for example, social distribution problems. The full range of all tasks carried out by means of public finances forms the category of "financial policy" (of which, therefore, fiscal policy is one of the elements).

What are government spending? By this term it is customary to understand the costs of the state for the acquisition of material goods and services related to the satisfaction of social needs. The main objective of spending policy is to influence aggregate demand. This effect is quite direct.

AT economic theory raises the question: on the production

and the supply of what goods should the state spend money on? Before answering, it should be emphasized again socio-political idea on which the economy is based. The optimal production of goods is mainly ensured by the market system itself. And only in case of failure of the mechanism of the market system, the state intervenes in the process. At the same time, the development of a market economy has formed the following pattern: the state spends funds on the creation of mainly public (public) goods (primarily of a social nature) and eliminates negative external effects arising from the consumption of a number of private goods (for example, by implementing measures to restore the environment) .

By “government revenues” it is customary to understand current money and property transfers (transfer) from the private sector to the state. The transfer of funds can be made on the basis of the receipt of counter services or without any reimbursement. The objectives of income policy can be summarized in two groups:

Section III. Macroeconomics

- collection of funds for the formation of a financial fund, with the help of which it is possible to influence the macroeconomic equilibrium;

- achieving a regulatory effect through the very technique of withdrawing resources (for example, manipulating tax rates).

Forms of receiving state revenues

There are various forms and methods of accumulation of state revenues. In the most general form, the collection of financial resources is usually divided into tax and non-tax revenues. The latter include fees and charges. The most developed form of forced withdrawal of funds (without opposition of a counter service) is represented by taxes. This is the most important source of state funds. Through taxes, developed countries mobilize from 18-21% of GDP

in Japan and the USA, up to 37% in Sweden and up to 50% in Denmark.

AT In general, the tax system as a set of forms and methods of fundraising is a complex phenomenon. It contains a deep contradiction: on the one hand, it is necessary to ensure the withdrawal of sufficiently solid financial resources from the subjects of the economy, and on the other hand, to prevent a decrease in their business activity. The solution to this paradox is carried out at the expense of a reasonable compromise.

The tax system achieves rationality, according to the German economist X. Haller, if the following conditions are met:

- taxation should be structured in such a way that the state's costs for its implementation are as low as possible (orientation to the so-called "principle of cheap taxation");

- the collection of taxes should ensure that the taxpayer's costs associated with the payment procedure are as low as possible (the principle of cheapness in paying taxes);

- the payment of taxes should be as little as possible a tangible burden for the taxpayer in order not to infringe on him

Chapter 18

economic activity (the principle of limiting the tax burden);

- taxation should not be an obstacle either to the "internal" rational organization of production, or to its orientation to the structure of needs, i.e. "external" rationality;

- the process of obtaining taxes should be organized in such a way that it can contribute to the greatest extent (through the accumulated financial resources) to the implementation of the policy of the conjuncture and employment (opportunistic efficiency);

- this process should affect the distribution of income

With the purpose of making it more fair (distributive efficiency);

- in the process of determining the “tax solvency” of individuals and clarifying settlements with them, the presentation of information affecting the private life of citizens should be minimally required (respect for the private sphere);

- care should be taken to ensure that the combination of taxes forms a single system in which each tax has its own specific purpose. At the same time, neither mutual "overlapping" of taxes, nor the presence of "hatchholes" between them (internal isolation) should be allowed.

Stabilizing role of taxes

AT In a market economy, taxes automatically play an important stabilizing role. According to the definition of the German economist F. Neumark, the concept of "automatic stabilizer" (or "built-in flexibility") is a counter-cyclical internal adjustment of the state budget, which manifests itself automatically, without any measures, and arising from the nature of certain income or expenses.

The process of countercyclical adjustment of taxes is as follows. In the event of an overheating of the conjuncture, there is an increase in the volume of national income. In the presence of a progressively constructed scale of taxation, the amount of payments to the budget increases, which has a restraining effect on further economic activity. In addition, the increased volume of the state budget makes it possible, with the help of social policy means, to raise the level of consumption of the low-income strata and thereby increase aggregate demand, bringing it closer to the increased aggregate demand.

Section III Macroeconomics

offer. In conditions of falling market conditions, the opposite happens.

However, in order for the process of automatic adjustment to take place, a precondition is necessary in the form of a high degree of reaction of the tax system to the conjuncture. Different taxes have different degrees of opportunistic elasticity. In turn, this is due to the methods of constructing tax rates, the very basis (i.e., the object of taxation), as well as the technique of levying taxes.

Those taxes that automatically follow the course of the conjuncture, due to the basis on which they are built (income, turnover, profit, etc.) have increased anticyclical properties. Since the core of the tax system in developed industrial countries is taxes on income, profits and turnover, these tax systems have a high degree of market elasticity.

In connection with the above, in financial theory it is customary to use the indicator of elasticity of tax revenues. It is calculated as a ratio:

percentage (or absolute) change in tax revenue percentage (or absolute) change in national income

In the German economy, for example, the degree of tax response is 1.5. This means that a 1% increase or decrease in national income results in a 1.5% increase or decrease in tax revenue.

General conclusion: the degree of reaction of the entire tax system to the conjuncture depends on the specific weight of certain types of taxes in it. It is believed that the system has an effective market-stabilizing effect when its elasticity level is equal to 1. This happens if the value of income and corporate taxes in the tax system is sufficiently high.

Speaking about the impact of tax policy on general economic indicators, one economic aspect should be taken into account. This is the so-called "lag effect". This phenomenon is expressed in the fact that it takes a certain time for the intervention of financial policy to be able to cause the expected change in the economy.

Chapter 18 State and Economic Policy

Table 18.1

Taxation rates in various OECD countries and in Russia (1997, %)


	Income tax
			corporations
	minimal	maximum	maximum	normative


Germany

The degree of the regulatory role of taxes is influenced - and quite ambiguously - by one more circumstance. In the process of paying taxes, there are cases when economic entities avoid taxation. Underpayment of taxes can occur in two ways: in legal and illegal forms. The legal option involves the use by the taxpayer of systems of benefits or a certain degree of conditionality of regulatory prescriptions (real life, as you know, is always more complicated than any prescription made in the form of a certain generalized scheme).

Summing up the characteristics of the financial mechanism, we note that a high degree of built-in flexibility of the financial system is considered desirable for the economy. Built-in financial stabilizers have the positive aspect that they make an accurate diagnosis and forecast of the market situation not so necessary. At the same time, the advantages of built-in stabilizers should not lead to overestimation of their capabilities. These stabilizers, as a rule, soften market fluctuations, but cannot completely prevent them.

Credit mechanism of economic policy

AT in the process of economic regulation, the state widely uses monetary measures. Like the financial mechanism, they have a dual aspect of expression. From one

Section III. Macroeconomics

On the other hand, it is an integral part of the whole complex of economic policy. At the same time, credit regulation acts as a kind of instrument of state intervention in the economy.

The subject of credit policy is the Central Bank (CB). According to the law, it fulfills the goals of the government, but at the same time, as a rule, it is not a government institution. The Central Bank has a certain degree of independence. Such rights are given to him on the basis of the principle of separation of powers. As the experience of Western countries shows, this institution, which has relative independence, is not an uncomplaining executor of the will of the state. In a difficult economic situation, the government cannot demand that the credit center solve its financial problems by issuing an additional amount of money supply.

The set of tasks of the Central Bank in the implementation of economic policy contains two directions. The first is to provide the national economy with a full-fledged monetary system. A stable currency is an essential element of the market infrastructure. The second direction is related to the fact that the Central Bank is assigned the function of influencing the lending activities of private business (commercial) banks in the interests of macroeconomic policy. In the sphere of monetary circulation, the state pursues its policy, thus using cooperation with this accomplice of regulation. A kind of tandem is formed: "the state - the central bank." Practice shows the high efficiency of this cooperation.

Chapter 18

Tools

Operating in the sphere of monetary circulation, the Central Bank uses a number of instruments. Most of them have an indirect impact. This is an analogy to the general principles of the state's action in the economy. However, some operations of the credit center can also be carried out in a more direct way (a similar example is government subsidies).

In general, the structure of the measures taken by the Central Bank can be represented by the following scheme (Fig. 18.6).

The method of limiting the dynamics of lending is that in some countries (England, France, Switzerland, the Netherlands) the Central Bank has the right to limit the degree of growth in credit investments of business banks in the non banking sector. For this purpose, a percentage rate for the expansion of credit operations for a certain period of time is introduced. If the conditions are not met, the Central Bank imposes sanctions: banks may be required to pay penalty interest or (as is customary in Switzerland) to transfer to an interest-free account of the Central Bank an amount equal to the amount of the excess loan.

Accounting (discount) policy is one of the long used methods of regulation. The Central Bank acts as a credit

Credit policy

Direct methods Indirect methods


Restrictions	Accounting (discount
speakers	naya) policy
lending	Operations on
	open market
	Politics mini
	small reserves
	Voluntary
	agreements

Rice. 18.6. Credit policy of the Central Bank

Section III. Macroeconomics

tora in relation to business banks. Funds are provided subject to rediscounting of bank bills and secured by their securities. Such funds received in the central credit link are called "rediscount" or "lombard" loans. Based on the law, the Central Bank has the right to manipulate the interest rate at which it issues loans to banks. The possibility of establishing the "price" of the loan acts as a method of influencing the credit system.

Resorting to such a type of regulation as "open market operations", the Central Bank buys and sells securities (for example, on the stock exchange). By selling them, the bank essentially withdraws excess balance sheet reserves of commercial banks. In macroeconomic terms, this means the withdrawal of a certain amount of money from circulation. The purchase of securities by the Central Bank contributes to the formation of additional balance reserves from commercial banks. The money supply in circulation increases. As a result, the opportunities for credit operations of business banks are expanding.

The policy of minimum reserves ensures the obligatory storage of certain sums of money of business banks in the accounts of the Central Bank. In this way, banks receive a certain element of insurance from the Central Bank when fulfilling their obligations. This method was first introduced in the US economy in 1933.

The set of regulatory measures is complemented by a system of so called “voluntary agreements” concluded between the Central Bank and business banks. Such agreements are especially convenient when the Central Bank must make prompt decisions, act quickly and without much bureaucracy.

Problems of practical implementation of credit policy

The greatest effectiveness of the regulatory action of the Central Bank is manifested when the entire set of economic instruments is used, moreover, in an expedient sequence. In influencing macroeconomic regulation, the Central Bank must take into account both the interrelationships of the national economy within the framework of the world economy (along the currency line) and the interdependence of the links of the national economy. We are talking, in particular, about the following problem situations.

1. Accounting policy affects not only banks, but also other sectors of the economy. The negative impact of

Chapter 18

cent fluctuations is manifested in relation to those areas of the national economy that are burdened with debts. These include: the public sector, capital-intensive industries (nuclear power plants, hydroelectric power plants), rail transport, households, and farming.

2. Interest policy leads to a growing price effect. Economic entities tend to get out of the influence of the growing discount rate by shifting their costs onto the shoulders of clients (increasing, accordingly, the price of their securities). As a result, an additional difficulty is created for the government's policy in the field of curbing inflation.

In the context of the Russian economy, which is currently experiencing significant problems with inflation, this side effect is especially painful. The private sector seeks to transfer to the buyer all the additional burden that falls on him as a result of regulatory measures. The possibility of such financial resourcefulness in Russia is higher, since the degree of market saturation and competition is weaker than it is in the developed countries of the West.

Conducting economic regulation with the help of a financial or credit mechanism raises an important question for economists: in what situation is this or that option more optimal? Another problem is the following: what ratio of financial and credit measures is reasonable to practice in the economy?

The predominance of financial measures in the course of regulation is usually called the "Keynesian" version of economic policy. Greater emphasis on the monetary mechanism was called "monetarism" in economic science. The practice of implementing economic policy in Western countries has shown that the most rational is a combination of both directions of regulation. However, within its framework, there is always an alternating fluctuation in the direction of strengthening one or another method, depending on the state of the economic situation.

Section III. Macroeconomics

Review questions

1. What is the evolution of the mutual influence of the state and the market? What is it due to? Is this evolution uniform?

2. What patterns in the development of a modern market economy follow, in your opinion, to take into account for a more accurate understanding of the possibilities of state regulation?

3. When was the concept of "state economic policy" formed? What caused it? Does the practical side of economic policy differ from the scientific side?

4. What can you say about the opinion of the German economist

AT. Eucken: “More or less statehood - such a formulation of the question passes by the problem. This is not a quantitative, but a qualitative problem. How intolerable in the era of industry, modern technology of large cities and crowds of human masses to let the formation economic order just as the state itself is incapable of directing the economic process.”

(Hint for answer: the production process can and should be regulated by a self-adjusting economic mechanism. The state should look after the creation of this mechanism, and then - for its serviceability).

5. Why does the system of economic policy objectives have a rather complex structure?

6. Russian society is objectively subjected under the conditions of a market economy to ever greater stratification, i.e. more and more social strata and population groups are formed. Does this process lead to a more complex goal structure? Is this a factor that enhances the effectiveness of economic policy or, on the contrary, weakens it?

7. Governments of developed countries market economy in their programs, they usually put forward not the achievement of the main goal (the welfare of society), but the fulfillment of subordinate tasks. In the programs of the governments of the socialist countries, the main goal was noted mainly. Try to explain this difference.

8. One of the most important tasks of the state is the creation of infrastructure. What aspects of infrastructure do you consider important for the functioning of the market? Do you limit the concept of infrastructure to only material components?

9. What is the basis for understanding economic priorities? What is the mechanism for their determination? Should priority be determined by public interest or private interest?

10. How would you answer the rhetorical question that V. Eucken poses in his book: “Is it really possible to develop principles of economic policy that would something other than an ideology associated with certain interests?

11. Human society in its development has tried various options for its institutional structure. However, economic policy is implemented, as a rule, in any case. What, in your opinion, is the specificity of the conduct of economic policy in a capitalist, socialist, fascist economy? What are the similarities and what are the differences?

12. According to the German economist W. Eucken, economic policy in different countries until 1914 had a certain uniformity, which later disappeared. Each country began to actively implement various regulatory concepts and implement its own experiments. hallmark there was an emphasis on improvisation. In most cases, the experiments were not thought out in advance in detail. But whatever the real impact of each experiment, the positive value of them was that they allowed to accumulate a vast experience in the implementation of economic policy. What is your opinion on this matter?

13. Do you think that an ideal economic policy is possible?

14. What is the objective basis for dividing state regulation methods into direct and indirect ones? In this connection, the state tends to use, as a rule, both options?

15. What is the effectiveness of indirect methods of regulation? Why are they more consistent with the nature of the market economy?

16. Explain the logic of dividing state measures into administrative, economic and institutional ones.

17. What phenomena in economic reality predetermine the possibility and expediency of introducing the concept of "institutional methods"? In the development of economic theory in the United States, the direction of “institutionalism” has developed, using various kinds of social, psychological, legal, ethical, technical and other phenomena, including customs, to interpret economic processes (see: Economic encyclopedia. Political Economy. - M., 1975. T. 2. S. 28). Is there, in your opinion, a connection between the concepts of "institutional methods" and "institutionalism"?

18. What does the concept of "financial economy" include? How does it differ from the concept of "finance", "financial system", "financial science"?

19. The American economist R. Musgrave names allocation, redistribution, and stabilization as functions of the financial economy. In domestic economic literature, it is customary to call the distributive and control function of finance (see: Finance / Under the editorship of V.M. Rodionova. - M., 1993. P. 21-25). Comment on this difference, state the content of the functions.

20. What is the initial contradiction of the budget itself as a financial institutional phenomenon?

21. Why does the system of subsidies (subventions) contradict the market mechanism?

22. Which component of public finance (expenditure or revenue) has a stronger regulatory effect? How can you explain it?

23. Why are tax revenues the predominant form of budget receipts compared to non-tax revenues?

24. List the principles of the tax system.

25. What types of tax classifications do you know?

26. Should income tax be progressive or regressive? What is the current income tax scale in Russia?

Section III. Macroeconomics

27. Why is it so controversial current situation with the tax system in Russia? What, in your opinion, are the reasons for the difficulties in forming the tax system in Russia?

28. The Central Bank (CB) plays a significant role in maintaining the foundations of a market economic system. What exactly does this manifest itself in?

29. What factors predetermine the degree of development of the regulatory role of the Central Bank?

30. Which methods of the Central Bank are more market oriented and which are not? Which operations are tougher and which are softer?

31. What are the effective qualities accounting policy, on the one hand, and disadvantages, on the other?

32. What problematic situations related to credit regulation can you name?

33. How do you rate this method? monetary regulation in Russia as a currency band? What are its pros and cons?

34. What toolkit mainly focuses on the economic policy of the Keynesian direction? What do neoliberals (neoconservatives) place particular emphasis on? What are your reasons for answering these questions?

35. What circumstances determine the periodic change of regulation models?

36. What is the peculiarity of the interaction of financial and monetary policy in Russia?

37. The state operates with a set of direct and indirect methods of regulation. The relatively independent Central Bank uses the same approach. Try to compare indirect

and direct impact options undertaken, on the one hand, by the state, and on the other hand, by the Central Bank.

38. American economist L.L. Malabre, in What is Modern Economics (1989), notes that the inability to any of the existing schools of economic science to propose a development strategy that allows you to get rid of recessions and inflation does not mean that you should abandon further attempts to unravel the secret of the self-propulsion of a market economy. After all, despite setbacks, the US economy has come a long way and certainly has significant potential for further growth.

Can you find certain analogies when considering the formation of the course of domestic economic policy?

Approximate lecture plan

1. The economic policy of the state as a result of the development of a market system.

2. Subjects of economic policy.

3. Goals of state regulation of the economy.

4. Tools for the implementation of economic policy.

Chapter 18

Questions for discussion at the seminar

1. Factors that determine the strengthening and weakening of the role of the state in the economy at various stages of market development.

2. The problem of interaction of targets for various subjects of economic policy.

3. The problem of resolving target conflicts in the implementation of state regulation measures.

4. Financial and monetary mechanisms for the implementation of economic policy. Problems of compatibility of "Keynesian" and "monetary" tools.

LITERATURE

Amanzhaev T.G. The role of the state in the transition to a market economy / / Bulletin of Moscow University. Series 6. "Economics". 1996. No. 2.

Andrianov A. State regulation and self-regulation mechanisms in a market economy. World experience and Russia // Questions of economics. 1996. No. 9 (Economist. 1996. No. 5).

Atkinson E., Stiglitz J. Lectures on the economic theory of the public sector / Per. from English. - M., 1995.

World history of economic thought. Volume 5. Theoretical and practical concepts of the developed countries of the West. - M., 1994.

The State in a Changing World // Questions of Economics. 1997. No. 7. GalbraithJ. Economic theories and goals of society / Per. from English. -

Dolin EJ. Money, banks and monetary policy / Per. from English - St. Petersburg, 1994.

Dolan EJ. Macroeconomics / Per. from English. - SPb., 1994. Illarionov A. The burden of the state // Questions of Economics. 1996. No. 9. Inflation and monetary order// Political economist. Russian-German

Russian Journal of Economic Theory and Practice. 1996. No. 2.

Katz I. The role and tasks of state regulation of the economy / / The Economist. 1996. No. 9.

Keynes D. General theory of employment, interest and money / Per. from English. In the book: J.M. Keynes. Selected works. - M., 1993.

Keynesian system. In the book: Blaug M. economic thought in retrospect / Per. from English. - M., 1994.

Kopeikin M. State and institutional reforms in Russia // Problems of theory and practice of management. 1996. No. 4.

Course of economic theory / Ed. M.N. Chepurina, E.A. Kisele howl - Kirov, 1997. Ch. 15, 17, 19, 20.

Lampert X. Social market economy. The German way, / Per. with him. - M., 1994.

McConnell K, Bru S. Economics: Principles, problems and politics. - M., 1992.

Section III. Macroeconomics

The mechanism for regulating the German economy: how does it function and what does it teach? Ed. V.P. Tutkin. - M., 1995.

ki administration of the US / / USA: economics, politics, ideology. 1998. No. 1 1 .

Samuelson P. Economics / Per. from English. - M., 1992.

Smith A. Research on the nature and causes of the wealth of peoples / Per. from English. In book. In: Anthology of economic classics. W. Petty, A. Smith, D. Ricardo. - M., 1993.

Stiglitz J. Economics of the public sector / Per. from English. - M., 1997.

Tanzi N. The evolution of the role of the state / / World economy and international relations. 1998. No. 10.

Heine P. Economic way of thinking / Per. from English. - M., 1991. Shvyrkov Yu. State regulation of the economy / / Ekono

mist. 1996. No. 8.

Shenaev V.N., Naumchenko O.V. The Central Bank in the process of economic regulation. Foreign experience and possibilities of its use in Russia. - M., 1994.

Economy. Textbook / Ed. A.S. Bulatov. - M., 1994. Ch. 21, 22, 23.24.

Erhard L. Welfare for all / Per. with him. - M., 1991.

INTERNATIONAL

ECONOMIC

RELATIONS

§ 1. Internationalization of the economy as the basis for the formation of the world economy

World economic relations and the position of Russia

International economic relations are one of the most dynamically developing areas of economic life. Economic relations between states have a long history. For centuries, they existed mainly as foreign trade, solving the problem of providing the population with goods that the national economy produced inefficiently or did not produce at all. In the course of evolution foreign economic relations outgrew foreign trade and turned into a complex set of international economic relations- world economy. The processes taking place in it affect the interests of all states of the world.

One of the most important tasks for Russia in the economic sphere is the need to determine its place in the world economy, corresponding to its scale and potential. Being an integral part Soviet economy, the Russian one was focused on participation in the international division of labor, mainly among the CMEA member countries. A feature of this integration grouping was the planned centralized regulation of foreign economic relations. This made it possible to protect national economies from the "storms of the world market", but at the same time protected from the need to objectively assess the competitiveness of manufactured products. A natural consequence of such "hothouse" conditions is lagging behind world integration processes, weak built-in

into the system of the international division of labor, international trade and international monetary and financial relations.

The transfer of reference points in the foreign economic sphere from the tasks dictated by the state plan to the requirements and demands of the world market, in the face of a severe crisis in the domestic market, is an extremely difficult task. It has to be solved in the conditions of the collapse of the former foreign economic relations. But the need to find ways of active interaction with the world economy is beyond doubt. Our difficulties once again emphasize the need to carefully study world experience. Moreover, many countries of the world, including those that are currently leaders in world economic development, had to go through the path from a closed economy to an open economy at different times.

The world community: the differences between its constituent states

The world community includes more than 160 national, formally independent and independent economic entities. All countries have their own historical-geographical, national, religious and socio-political specifics, which are reflected in the most diverse forms in the socio-economic features of the development of a given country.

One of the laws of the world economy has been and remains uneven economic development. As a result, there is a great differentiation of countries according to the level of socio-economic development. Some of the countries are usually referred to the center, while others - to the periphery of the world economy. Accordingly, the degree of economic and political influence of these countries on the processes taking place in the world economy is different. Classification of the countries of the world community is made on the basis of various criteria. Until recently, in our literature, the world community was divided into the world of socialism, the world of capitalism, and the third world. The essentially confrontational division was also supported by the thesis about the main content of the era - as a period of transition from capitalism to socialism. The rejection of the ideological differentiation of the world, of the "struggle of the two systems" does not remove the problem of the heterogeneity of the countries of the world community.

Chapter 19. International Aspects of Economic Development

With the most general approach to the classification of the countries of the world community, three groups of states can be distinguished in accordance with the specifics of economic systems: countries with a developed, developing market economy and countries with a non market economy; three groups according to the degree of development (low, medium, highly developed); the newly industrialized countries (NIEs) of Southeast Asia and Latin America; highly profitable oil exporters (Saudi Arabia, Kuwait, etc.); least developed countries (LDCs), including the poorest countries in the world (Chad, Bangladesh, Ethiopia); various regional unions and integration groupings.

The last decades of the XX century. are characterized by a deepening of the socio-economic differentiation of the countries of the world community, primarily in terms of the level of development. A relatively small group of newly industrialized countries (NIEs) continue to grow and converge with the level of development of industrialized countries. Least developed countries (LDCs) in Africa, Asia and Latin America are increasingly lagging behind even the averages for developing countries as a whole. The average per capita GNP in the LDC countries (and, according to the current UN classification, there are more than 40 countries with a population of more than 400 million people) is 4 times less than in the developing world, and 50 times less than in the developed world. And all this diversity is pulled together into unity by the force field of mutual economic dependence.

At the same time, interdependence does not remove intercountry contradictions. They manifest themselves in relations between regional groupings of countries, such as the Asian, European and American regions, and in relations between industrialized countries, such as the rivalry between the United States, Western European countries and Japan. Confrontation of interests is also present in relations between developed and developing countries. The latter believe, sometimes not without reason, that they, in cooperation with developed countries, remain an object of exploitation and pumping out super profits.

Autarky or interdependence?

The question naturally arises: “Is it worth orienting the national economy towards the regime open economy, i.e. to a situation where a country depends on world trade, and exports

Section IV. International economic relations

and imports make up a significant share of the national income, or should the economy be closed when foreign economic relations do not have a significant impact on its condition? » Answering this question, one can point out that the world is familiar with situations when the aggravation of intercountry contradictions sometimes leads to political demarcation. As a result, in order to maintain the national economic security, falsely understood national-state interests, the country finds itself in a dead end of economic isolation. Repeatedly made in the past (for example, under totalitarian regimes) attempts to live independently from the world community did not lead to success. In modern conditions, when mutual dependence is strengthened by the deepening internationalization of economic ties, the all-encompassing nature of the scientific and technological revolution, and the fundamentally new role of the media and communications, it is impossible for the economy to function effectively in conditions of autarky - national economic self-sufficiency. Under these conditions, tendencies towards isolationism, towards national or group autarky, no matter how noble political slogans are covered, are hopeless.

Indicators characterizing the degree of a country's involvement in world economic relations, its role in the world economy, can be such as the export quota - the ratio of the value of exports to the value of gross domestic product (GDP), the volume of exports per capita, the structure of exports and imports, the volume external debt in relation to GDP, volume foreign investment etc. On their basis, one can judge not only the degree of "openness" of the economy, but also the level of economic development of the country.

Globalization of the world economy

World economic relations originate in world trade, which has gone from single foreign trade transactions to long-term large-scale trade and economic cooperation, when deliveries are carried out within the framework of industrial cooperation carried out by international corporations. The foreign trade exchange of goods is the most important component of world economic relations.

At the same time, the rapid growth of world economic ties falls on a period when the mobility of factors of production increases - capital outgrows national borders,

Chapter 19. International Aspects of Economic Development

the migration of labor is intensifying, the processes of formation of the international division of labor are accelerating. This indicates that the internationalization of economic relations is largely due to the logic of the development of productive forces, which, outgrowing the national framework, objectively lead first to the need for the internationalization of production, and then lead to the globalization of the world economy, when the boundaries between internal and external are blurred. factors of economic growth, and production itself begins to act as a "single world conveyor" - international production that creates an international product. National economies, while remaining completely independent economic entities, increasingly unify the forms and rules of international interaction in the economic sphere. Moreover, such unification is manifested in the interaction of all subjects of the world economy, which include:

- national economies;

- regional associations and unions of states;

- international trade, financial and other organizations;

- international and transnational corporations.

International division of labor

The objective basis for the formation of the world economy is the social division of labor. world economy took shape as an integral system at the turn of the 19th and 20th centuries. The history of its formation is inseparable from the history of the industrial revolution. Before the machine stage, the international division of labor was based on its natural basis - differences in the natural and climatic conditions of countries, in their geographical position, resources and energy sources. Starting from the machine stage, the dependence of specialization and cooperation on a natural basis is greatly reduced. The stage of industrial growth is characterized by the dependence of specialization on the development of the actual technological factor.

From the industrial stage begins the process of gradual shifting of the center of gravity of world economic relations from the sphere of circulation to the sphere of production. And as a consequence, it is now difficult to find a large branch of the national economy that would not depend on international conditions of production. Sphere of the international division of labor

Section IV. International economic relations

directly covers all the structural components of the social division of labor. International exchange mediates a general division of labor between large sectors of the economy (industry, Agriculture), private - between the areas of these areas and the individual, deepening the subject, technological and detailed specialization. The division of labor at the international level is deepening and shows greater promise than at the national level.

Integration and transnational facts of economic rapprochement

The transition in the 60-80s of the developed countries to a new technological base, with the predominance of pervasive information technologies, was accompanied by a rapid growth in world economic relations. The internationalization of reproduction processes has intensified, and in both its forms - both integration (through rapprochement, mutual adaptation of national economies) and transnational (through the creation of interethnic production complexes).

Thus, throughout the world there is a steady trend towards regional intercountry integration. In the most developed European integration community (EU), in the near future, it is planned to complete the creation of a “single economic space”, within which free movement of goods, services and labor will be carried out.

The United States, Canada and Mexico are aiming to create a North American common economic space. Andean Common Market Bolivia, Vene Zuela, Colombia, Peru are considered as prospects. The strengthening of interstate integration is typical for the countries of Southeast Asia, the Arab world, Africa and Central America.

The internationalization of production is deepening even more intensively as a result of private capitalist interstate integration tendencies. To the share of transnational corporations, perhaps the most common market structures in the world economy in the 80s, accounted for more than 1/7 of the global production of goods and services. Transnational reproductive structures in many ways contribute to the strengthening of the globalization of the world economy, uniting national economies not so much geographically (common borders), but on the basis of deeper reproductive ties.

Chapter 19. International Aspects of Economic Development

Q Structure of the world economy

The most important forms of world economic relations are as follows:

- international trade in goods and services;

- movement of capital and foreign investments;

- labor migration;

- intercountry cooperation of production;

- exchange in science and technology;

- monetary and credit relations.

Approximately in the same sequence: from trade to the export of capital, the formation of international production and the world financial market - the formation of the world economy went on. Moreover, the forms that appeared earlier than others act as the basis for the development of the following ones and themselves change under the influence of the forms of international economic relations that arise in the course of the evolution of the world economy. Thus, the export of capital now often paves the way for the export of goods and the like.

Although various forms of international economic relations develop in interaction, the implementation of each of them has its own specifics, which allows us to speak of them as components of the structure of the world economy. The structure of the world economy includes world markets for goods and services, capital, labor, international monetary system, international credit and financial system, the sphere of exchange in the field of science, technology and information, international tourism, etc.

World Infrastructure

The ever-increasing movement of goods, labor, and financial resources across national borders is accelerating the development and improvement of the world's infrastructure. Along with the extremely important transport system(sea, river, air, rail transport), the global network of information communications is becoming increasingly important for the development of the world economy. It is hardly possible to overestimate the importance of the information infrastructure already due to the fact that one of the root causes of the radical transformations in the world community that the scientific and technological progress brings with it was the emergence of automated systems processing, storage and transmission of information. Combination of microprocessors, electronics, computer systems using communication satellites and sophisticated software

Section IV. International economic relations

led to revolutionary changes in the economic and social life of society: from commercial computer networks, which, being connected to computers, allow customers to use credit cards, carry out non-cash purchases and conduct banking operations at a distance, to intercontinental telecommunications networks. The process of forming a single scientific and information space is becoming more and more significant.

International exchange is increasingly shifting from forms of relations materialized in goods (“visible trade”) to non-materialized ones, i.e. to an increase in the exchange of scientific and technical achievements, production and management experience, and other types of services (“invisible trade”). UNCTAD estimates that services account for 46% of global GNP. Their volume is also growing noticeably in international exchange, in particular, such a component as “intangible” information capital: databases, software, organizational knowledge, etc.

The development of information infrastructure depends on the level of industrial development. But the competitiveness of the industry itself is increasingly determined by the information component. The information situation in the country, the connection to the channels of the world information communication networks began to largely determine the role and place of the country in the international division of labor and in the world economy.

Scientific and technical progress and structure of exports

The deepening of the international division of labor is based on intense competition, in which one of the most important arguments is the comparison of the scientific potentials and technological capabilities of the parties involved. It is no coincidence that R&D accounts for 1/5 of all investments in the United States, and up to 40% of the entire manufacturing industry is produced in a complex of knowledge-intensive industries. Japan ranks second in the world in terms of R&D spending after the United States.

The modern world order is largely determined by the existing division of technological power. And as a result, the reality of international specialization is such a division of labor, when the export of science-intensive goods (in which R&D costs are high)

Chapter 19. International Aspects of Economic Development

developed countries. In the export of resource-, labor- and capital-intensive goods, the manufacture of which often pollutes the environment, specialize developing countries, and some of them still remain in the conditions of monocultural raw material specialization.

It is known that such specialization is often associated with the fact that raw materials are one of the few types of products that can be competitive even at a technically backward level of production. Since the structure of Russian exports is currently dominated by commodities, it should be noted that income from the export of raw materials is extremely unstable. One reason for this volatility is that the demand for these goods is inelastic, whereby its fluctuations lead to changes in prices and incomes.

However, the need to adapt to the changing needs of the world market, to be included in the system of the international division of labor is a non-alternative development option. And when the disadvantages of the international division of labor outweigh the advantages in one country or another, the task is to find ways to resolve the emerging contradictions, to find ways to adapt national economies to the trends of the world economy, in particular, to develop and implement a reasonable export strategy.

Export strategy and goals of Russia

Many countries have gone through the process of restructuring their export structure. At the end of the XIX century. the bulk of US exports were cotton, wheat, and other agricultural commodities. By the beginning of the First World War, the country had already mainly exported finished products, while remaining a major supplier of raw materials. The most striking example is provided by the post-war development of Japan, which has turned in a relatively short time from a post-feudal country into a technological giant. But, perhaps, more importantly, its path, in turn, is followed by the NIS of Southeast Asia and Latin America - from labor-intensive products (textiles) to material-intensive products (metals), then to manufacturing products and science-intensive goods. Yes, in the 70s South Korea exported textiles, other labor-intensive goods and simple machinery to the United States. And by the beginning of the 90s, this country accounted for 3% of sales in the US car market (for comparison, Japan's share was 19%, Western Europe's 4-5%).

The purpose of studying the topic

Learn the features of the institutional foundations of the economic policy of the state.

Main questions

1. State institutions of economic power.

2. Institutional factors government controlled economy.

3. Institutional and legal support for the transformation of the Ukrainian economy.

Program annotation

Institutionalism as a challenge of the times. Increasing role of institutional factors of economic development. Transformation of the meaning and role of personal factors of production. Methodological aspects of institutional factors of economic development. Institutional approach to the study of economics. Institutional aspects of the transformation of the post-socialist economy. Modification of state functions under the influence of institutional factors. The mechanism of the influence of institutional factors on economic policy. The relationship of economic relations and legal principles. Institutional and legal support for the transformation of the Ukrainian economy. Economic strategy and tactics. Choice of economic model of development of Ukraine.

State institutions of economic power

The transition from a directive economy to a market economy and an analysis of the main directions of institutional reforms proves that both in the first and in the second cases, state regulation of these processes is extremely necessary. Especially since we are talking about the formation of new institutions and changes in the government itself. their functioning should be analyzed under market relations, and the influence of the state - through certain institutions: state property, state regulation, social institutions, control of the non-state sector of the economy, the state budget, regional budgets, foreign economic activity. The analysis involves identifying positive and negative signs of influence on the economy, as well as the grounds and conditions for the formation of new institutions of power - a state or mixed form of existence.

Based on the principled position on the role of the state in the modern economy, it should be considered that the state has its own institutions through which it exercises its economic power. These institutions include:

o the institution of state property, constitutes the public sector of the economy and provides guarantees for its own entrepreneurship;

o the institution of state regulation of the economy, which extends its influence to non-state structures in a single mechanism with market levers of regulation;

o institution of control, including the non-state sector of the economy;

o the institute of the tax system and fiscal policy, concentrates the state budget; municipal governments that exercise economic power through a subordination structure;

o institution of municipal (regional) authorities;

o institute externally economic activity;

o institute of the social sphere;

o the institution of political and ideological power, which provides both the legal field of economic power and the ideological interpretation of the political and economic actions of the state;

o institute of information - by at least something that monopolizes certain information.

The legitimacy of this approach should be recognized at least in the fact that in fact the power of these institutions is quite tangible. First, one cannot deny the growing influence of the state on modern economic life, which even neoclassicalists do not deny. Secondly, along with signs of strengthening the regulatory role of the state, everything is deepening entrepreneurial activity state, which today is not limited to the so-called public goods. Thirdly, the political authorities in recent times, including in Ukraine, are increasingly persistently interfering in economic life. Fourthly, foreign economic relations are increasingly subordinate to the state as almost the only body for their regulation and control.29 Each of these areas of economic activity of the state in modern conditions acquires the status of institutional ones. Such a position can be represented by a diagram (Fig. 4.1).

Rice. 4.1.

The figure shows that the actions of the state in various areas of the exercise of its power may indicate the formation of certain institutions that increase their significance on the way to post-industrial society. Let's try to consider in more detail these institutions of the economic power of the state.

The first institutional unit is the public sector of the economy, based on the formational approach, the historical logic of creating state property, expanding its scope is considered, and based on the civilizational approach, the content of modern concepts of state property and its further evolution towards the formation of corporate property is revealed. It should also be added here that state property realizes itself only within the framework of the state sector of the economy.

The formation of the institution of the public sector in Ukraine can be traced for the following reasons. First, the genetic reason, since the previous economic structure was formed on the principles of its almost complete nationalization. Second, the reverse process of rejection economic role state at the initial stage of transition to market relations of management. Thirdly, the simultaneous destruction of even those state institutions which, by definition, must be public.

However modern development economic systems requires an ever greater centralization of resources and their management, at least according to the needs of the country's national and economic security, its defense capability, a stable social sphere, and an increase in economic efficiency. It is these processes that are manifested in the need to ensure the operation of the levers of prediction and the weakening economic crises, smoothing the cyclical nature of economic development, eliminating the so-called "market failures". The main goal of the existence and functioning of the public sector of the economy should be socio-economic efficiency and improving the welfare of the population.

Thus, the existence of the public sector of the economy can be recognized as an objective process of modernity, since, firstly, the influence of the market environment on the public sector is inevitable, and secondly, the development of the public sector should take place in the direction of forming a system of education, healthcare, culture and art, social insurance etc., thirdly, the monetary and tax systems, budgetary and fiscal policy are mainly the prerogative of the state, however, market relations leave their mark on them. Thus, the features of the functioning of the public sector in a market environment are due both to the presence of a two-sector structure of the national economy and to the global experience of activity. state enterprises and other government institutions.

The institution of state power as a regulation of the economy is considered based on the fact that the fact of combining state and market levers in a single mechanism for regulating the economy is proven. The main task of regulation is to establish proportionality and balance of economic development. Since in modern conditions such a balance can only be achieved by the coexistence of the market and state economic policy, it should be noted that the state should preside over this, since it is the state that has to create such an institution of power that would be able to quickly respond to problems, which will certainly occur in economy and find ways to overcome them.

If an institution, according to the accepted definition, is a set of formal, fixed in law, and informal, fixed in customs, traditions, boundaries (frameworks) that structure the relationship of individuals in the economic, social and political environment, then it is the set of methods and levers for regulating the actions of economic entities from the outside states can be considered as a certain institution. And since we are talking, on the one hand, about the economy (the object of regulation), and on the other hand, about the state (the subject of regulation) in a certain way, this is the state institution of economic power.

The implementation of state control in both the state and non-state sectors of the economy is a proven fact. This can be evidenced not even by the presence of control bodies in all countries of the world, but by the objectivity of their functioning and in market conditions management. In Ukraine, a certain system of state control over the activities of various areas economy, which is carried out by several specially created bodies with their own powers.

The state institution of the social sphere can be considered from the point of view that every society requires the so-called social regulation, which is usually understood as ensuring social justice and social security of the country's population. In a circle of directions state activities in this area, such main ones as providing every able-bodied member of society with a place of work and decent wages, care for the incapacitated population should be included.

Obviously and unique Institute of economic power of the state is the state budget. It is a complex that absorbs the balance of interests of various social strata of the country's population, since the state budget expenditures perform the functions of economic, social and political regulation of public relations. The main goal of budgetary policy, by definition, is the stabilization, consolidation and adaptation of economic policy to changing conditions. Based on this, the specific goals of the expenditure part of the budget should be to provide social budget items that are designed to mitigate the significant differentiation of the social strata of the population by income; subsidies to certain sectors of the economy; spending on the country's defense capability; optimal provision of the administrative and managerial apparatus; expenses related to reimbursement of internal and external public debt. It is also important revenue side budget, the main instrument of filling which are taxes. fiscal policy state, which must, on the one hand, provide funding public spending, on the other hand, to serve as an instrument for regulating the economy, that is, it is at the same time such a mechanism that significantly affects the behavior of all subjects economic activity. Any state pays careful attention to the tax system of the country. A significant role is played by the mechanism of correlation between fiscal and transfer policy, built on the basis of the budget, in the redistribution of GDP in order to increase the efficiency of the entire national economy.

Further analysis of state institutions of economic power reveals one more of them - municipal (local, regional) power. The question of whether it can be considered should be decided depending on how the system of its subordination to the central authorities is built and how the system is built. local government. If local authorities have a fairly wide range of their own actions regarding the regulation of the region's economy, then indeed it turns into a certain institution of economic power.

One of the main factors influencing the status of the municipal government is the financial resources that it can dispose of in the region. To date, disputes continue about what part of the resources accumulated by the region should be transferred to the state budget, and what part should be left in the region. They are conducted precisely for the fact that local authorities have become an institution of economic power. Calculations should be based on the place and role of a particular region in the country's economy. Thus, if we consider the state institutions of economic power as a whole, then one should not exclude such of them as municipal authorities, even when it is not yet an institution, but it is only being formed.

The foreign economic policy of the state can be considered as an institution of its economic power under any conditions - the existence of a state monopoly on it or its replacement with only state control. The point is that almost all government levers influence on the country's economic process significantly affect its foreign economic relations, in particular the tax system, changes in the discount rate, investment incentives, and the like. First, the investment climate in the country depends on them; secondly, export-import operations should contribute to the production of domestic goods and services, the movement of national capital, efficient use scientific and technical products; thirdly, the customs policy, which should be aimed at the socio-economic expediency of foreign economic relations.30

There is a question about information resources. Researchers of this problem believe that already now those who own information and telecommunication technologies are gaining control over the entire society. Therefore, the role of the state is growing significantly, at least in such key areas as attracting material, financial and human resources to information production; legislative regulation all questions related to information; development of international information exchange and cooperation. So it can be assumed that a separate institution of economic power can be formed in this direction.

The last component of the proposed scheme of state institutions of economic power is political power and state ideology. Recall that the question of the relationship between economics and politics is one that has been discussed so far in economic theory, at least about what is a priority here. Can these connections be presented in such a scheme (Fig. 4.2)?

Rice. 4.2.

It is proved that the economic life of the country is impossible without a certain political organization of society, which is embodied by the state. However, the effect of objective economic laws cannot be canceled by any legal acts of this or that state - the latter is capable of either contributing to the creation of the conditions for their action, or else restraining this process.

Thus, the problems of state institutions of economic power are considered and provide grounds for the following conclusions. In modern conditions of development of the national economy of a market (mixed) type, the problem of economic power is relevant. In the structure of its institutions, the power of the state acquires the main importance, it has its own institutions for the implementation (realization) of economic power, corresponds to the process of formation of the institutional economy and its socialization. This approach to the analysis of the economic power of the state revealed the following of its institutions, as the public sector of the economy, its state regulation, state control, social sphere, state budget, municipal authorities, foreign economic activity and customs control, informatization of society, political power.

Each of these institutions of the economic power of the state has a different effect on the socio-economic situation of the country, but all of them are in interaction. Government sector and state economic policy have a more significant influence on it than local authorities.

The most significant institution of the economic power of the state should be considered the state budget, since it is it that acts as an effective mechanism for the redistribution of GDP in the interests of the development of the entire national economy and growth. standard of living the population of the country. The basis of this mechanism is optimal ratio fiscal and transfer policy of the state. Significant impact on national economy, its structure and tendencies are exercised by political power. The political power of the state is based on the relationship between the ACTION of economic laws and the subjective actions of the government, and acts in the system of economic power of the state as a separate institution.

State economic policy instruments examples table. §four

§ 4. Instruments of economic policy of the state

State institutions of economic power