SCIENTIFIC APPROACHES TO RESEARCH OF ECONOMIC SANCTIONS: THE PROCESS APPROACH AND THE CONCEPT OF ECONOMIC CYCLICITY
The purpose of this article is to justify the expediency of applying the process approach and the concept of economic cycles in the study of sanctions as the economic phenomenon from the point of view of the country`s innovative development and its regions. Economic sanctions, despite the controversial effectiveness of their application, have been widely used in the last century as an instrument for achieving political goals. Because of its political nature, this phenomenon has not been sufficiently studied from the point of view of economic theory, which has led to the formulation of the objective of this research. The main methods of research were the logical method, analysis and synthesis. It is revealed that economic sanctions along with innovations serve as a factor in the cyclical nature of the economy. If innovations, according to Kondratiev, contribute to the upward trend, then economic sanctions are aimed at increasing the depth of the economic decline and the length of time at the "bottom" of the cycle, preventing the upward trend when the economy leaves the recession. As a theoretical basis for investigating reactions of innovation systems in the regions to the impact of sanctions, as well as in the adoption of government countermeasures, it was suggested to rely on the process approach to the development of innovation in regions, and the concept of the cyclical nature of the economy. The author presents conclusions on the impact of economic sanctions on short, medium and long cycles of the economy.
Keywords: economic sanctions, innovations, innovative activity, process approach, economic cycle.
Highlights:
economic sanctions are a factor in the cyclical nature of the country`s economy and its regions;
the effect of economic sanctions is aimed at increasing the depth of economic decline and the length of time spent on the "bottom" of the cycle;
the potential of the impact of economic sanctions on the dynamics of the country`s development is proportional not only to the size of economies of subject countries (according to Hofbauer), but also to the duration of the validity period of sanctions measures;
the process approach allows considering the impact of economic sanctions on certain stages of the innovation process in the regions (the creation of new knowledge, the transformation of knowledge into technology, the production of the innovative product).
Galina A. Khmeleva, Doctor of Economics, Professor, Samara State University of Economics.