Development and Finance from issue 2008/3

Mihály Simai

The Russian Federation Integrating into the World Economy

- Abstract -

JEL O-52

The internal transformation of the Russian Federation and its integration into the world economy will be a decade-long phase in its development of historical significance, since the transformation cannot be confined to tasks relating to changing a previous social regime, while reintegration cannot be confined to trade or other areas of relations either. The majority of the crucial tasks of the coming decades still lie ahead. The social, political and economic tasks, which are already clearly defined, make up an interrelated transformation system. Taking economic and political relations into account, the most likely conclusion is that the Russian Federation's integration into the world economy will not be a smooth and comfortable journey. Institutions capable of efficiently handling the consequences of ‘competition and cooperation', of global, regional and bilateral disputes and any tensions will gain in significance.

Mihály Simai, member of the Hungarian Academy of Sciences, research professor (Institute for World Economics, Budapest)

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