On Increasing the Market Value of Fixed Capital in Russia
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On Increasing the Market Value of Fixed Capital in Russia A. V. Alekseev* Institute of Economics and Industrial Engineering, Siberian Branch, Russian Academy of Sciences, Novosibirsk, 630090 Russia *e-mail: [email protected] Received May 6, 2020; revised May 7, 2020; accepted May 11, 2020
Abstract—The article compares the market value of Russian and American fixed capital in general and by type of economic activity. The multiple backlog of Russia in specific and especially in gross indicators is shown. The required investment (based on PPP for investment in fixed assets) necessary to bring the capital/labor ratio of the workplace in the Russian Federation up to the level of the United States in the economy as a whole and its sectors, the impact of more active implementation of the investment program on the Russian employment structure is calculated. The potential of reducing the net international investment position of the Russian Federation and restructuring of monetary policy as factors in the activation of the investment process is considered. Keywords: market value of fixed capital, international comparisons, capital/labor ratio, investments, mining, manufacturing, industry, monetary policy DOI: 10.1134/S1075700720050020
Introduction. The theoretical message “the technological level of the existing production system is everything” has been known since the time of classical political economy. In the second half of the twentieth century, as the theory of postindustrial society emerged, the prevailing viewpoint assumed industry to be “vanishing scenery” (shifting to developing countries), a necessary but final stage of economic progress that developed countries had already outlived. However, already at the beginning of the 21st century, it became clear that services inevitably “vanish” following industry, and countries oriented toward creating a postindustrial society seriously risk being left without industry and without a services sector with unclear economic sources of their future existence [1]. The political elites of developed countries almost faster than many representatives of the scientific community felt the reality of the threat and rapidly adjusted their economic views [2]. Thus, British Prime Minister David Cameron, speaking at the World Economic Forum in Basel in January 2014, announced the beginning of a new stage of globalization, the essence of which, in his opinion, was the return of industry to the West. US President D. Trump, in his desire to make America great again, in both word and deed, has been consistently pursuing a course towards the return of production to American jurisdiction. Germany, the economic leader of the European Community, has never seriously deployed its industry abroad. In recent years, the focus of technological leadership has shifted to the development of information
technology, industry 4.0, and the digitalization of the economy [3]. Indeed, of the ten most expensive companies in the world, only SaudiAramco can be classified as a classical industrial
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