Inclusive Growth in a Circular Economy

Russia’s economic relations with the outside world have undergone significant changes in recent years. The expansion of the scope of sanctions against Russia by many countries - traditional economic partners leads to the need to organize the functioning of the domestic economy in the “circular economy” mode. In this regard, the task of adapting economic theory, socio-economic policy, and economic practice to the new conditions of development arises. This article analyzes the possibilities and prerequisites for maintaining positive economic growth rates and improving its quality due to the inclusive nature of growth. Such development, to one degree or another, should cover all regions, industries, and national economic complexes. The problems of import substitution are considered in the article as part of the general problem of resource substitution and resource replenishment. The need to develop a resource balance at all economic levels is emphasized in connection with these problems. In the conditions of a closed cycle, special attention should be paid to the potential for replacing physical capital with human capital, which requires a significant revision of the subject and goals of social policy, including the goals and tools of personnel management at enterprises. The role of top-level specialists (“craftsmen”), who can solve production problems in a sharp reduction in the import of facilities, supplies, and critical technologies, is noted. The transition to a circular economy as one of the short-term phases of economic functioning carried out in compliance with the developed in the article recommendations can weaken the negative impact of the socio-economic disparities and contribute to inclusive (nonfocal) economic growth. This phase can, under certain conditions, become a period of consolidation of the domestic economy and society.