ASSESSING THE EFFICIENCY OF IMPORT SUBSTITUTION POLICY IN THE CONTEXT OF ECONOMIC SECURITY

Abstract

The current economic realities bring import substitution policy in Russia to a fundamentally new level. This policy is one of the key factors in ensuring the state economic security, through its impact not only on economic aspects, but also on the social sphere, creating jobs and increasing the business activity of firms in import-substituting industries. Since 2014, information and experience have been accumulated and it makes possible to assess the effectiveness of this policy. In this article, the authors, using relevant indicators, analytical materials, relying on the research of domestic and foreign researchers and experts, as well as the main guidelines specified in the Food Security Doctrine of the Russian Federation, assess the current results of import substitution policy in Russia in recent years. The coefficients calculated by the authors to assess the impact of import substitution show controversial results. Generally, there has been a decline in imports for some commodity groups. At the same time, there is a slowdown in the rate of decline in imports and growth in domestic production, a decline in quality and price growth, and a dependence of production on imported components and technology. The authors emphasize that restrictive measures in foreign trade alone are not sufficient for the success of import substitution. The established scientific approaches suggest two basic models of import substitution: intra-oriented and foreign-oriented import substitution. Each of these models has a few advantages and disadvantages, which makes it necessary to combine the tools of both. In addition, in the context of limited resources, a balanced approach to the choice of state support instruments for import-substituting industries and businesses should be observed.

Keywords: import dependence, import substitution, competitiveness, self-sufficiency, sanctions, economic security

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About the Authors

Anna P. Meshkova – Cand. Sci. (Economics), Docent; Associate Professor, Astrakhan State University namе of V.N. Tatishcheva, Astrakhan, Russia. E-mail: anna.meshkova_82@mail.ru. SPIN РИНЦ 662267. ORCID 0000-0003-1788-5581
Ekaterina O. Vostrikova – Cand. Sci. (Economics), Docent; Associate Professor, Astrakhan State University namе of V.N. Tatishcheva, Astrakhan, Russia. E-mail: Katrin-16@yandex.ru. SPIN РИНЦ 846877. ORCID 0000-0002-5844-8305

For citation: Meshkova A.P., Vostrikova E.O. Assessing the Efficiency of Import Substitution Policy in the Context of Economic Security // BENEFICIUM. 2022. Vol. 3(44). Pp. 57-66. (In Russ.). DOI: 10.34680/BENEFICIUM.2022.3(44).57-66