Regional aspects of industrialization of the economic system of the Russian Federation

Abstract

The paper analyzes statistical data which characterize the level of industrialization of the Russian economy compared to that in other countries: GDP growth rate and gross fixed capital formation increase rate. Moreover, changes in occupational pattern in regards to areas of economic activity. Analysis results allow justification of necessity for the development of the industrialization process, classification of main causes of industrialization lag between Russia and other countries, including lack of elaborated regional industrial development policy. The paper describes main mechanisms of stimulating regional industrial development emphasizing the advantages of territories with special legal status where there are special preferences for business. In conclusion, the paper notes the necessity of complex industrial development policy and state regional policy to reindustrialize and put constituent territories of the Russian Federation into alignment in terms of social and economic development, and China’s experience is interesting in such a context. Keywords— region, regional development, industrialization, reindustrialization, economic potential