Transformation of state investment policy in Russia from the 16th century to the end of the 20th century
Abstract. Investment policy is one of the most important instruments of the state influence on economic activity. In the current conditions, when the need for investment in the real sector of the economy becomes obvious, state authorities pay special attention to creating a favorable investment climate for both domestic and foreign investors. The relevance of the article is caused by the importance of analyzing the implementation of state investment policy in retrospect and studying the experience of state support for investments. Historical experience can certainly help to avoid mistakes in the regulation of investment activities based on examples of the government intervention in investment processes in different periods. The article is devoted to the measures of state support for investment activities, including the implementation of state investment policy in the pre-revolutionary period and the period of the USSR. Using the historical, comparative and causal analysis method, a study was carried out in the field of attracting foreign investments into the Russian economy, the impact of government intervention on the development of investment activities. Based on the data obtained, it was concluded that modern state investment policy in Russia has features of continuity of pre-revolutionary and the Soviet investment legislation.
Keywords: investments, state support for investors, development of investment activities, foreign investments, concession law.
Hightlightts:
- the development of investment activities in Russia has a rich history, starting from the 16th century, when the first foreign investments were attracted. Government support measures, such as the provision of benefits, guarantees and property measures, have played an important role in attracting investment and stimulating the economic growth. Examples of historical events, demonstrate the effectiveness of these measures. Further development of investment activities was accompanied by the introduction of new forms of investments and an improvement in the investment climate;
- New Economic Policy (NEP) played an important role in the post-war economic recovery and attracting investments. However, the difficulties associated with determining the concept and boundaries of the concession, as well as the duration of concession negotiations, negatively affected the investment climate in the USSR;
- at the end of the 80s of the last century, the restructuring of the economic mechanism began in the USSR, which led to the return of the investment activity. Thus, regulations were adopted providing the creation of joint ventures with the participation of Soviet and foreign organizations, as well as the territories with preferential regimes. However, with the collapse of the USSR, these laws lost their force, but laid the foundation for modern legislation in the field of investment policy.
Tatyana O. Vasilevskaya - Baikal International Business School of Irkutsk State University, Irkutsk, Russia; Victor V. Telenkevich - Corporation of development of Irkutsk region, Irkutsk, Russia