Development of Russia’s creative economy in the context of modern challenges

Abstract

In this article we examine boundaries of the creative economy, its prospects in the context of global challenges, barriers, resources, and potential for its development in Russia. We show that the creative economy is a complex phenomenon and can be estimated with the combined use of sectoral and inter-sectoral indicators. The creative economy may be a response to digitalization and the threat of replacing human intelligence, climate change and glocalization. It may become a significant factor of economic development. Results of a study carried out by the Institute of National Projects and the MSU Faculty of Economics on behalf of the Creative Industries Federation show that realizing the potential of the creative economy in Russia is hampered by institutional and sociocultural barriers – they underlie most of the difficulties faced by representatives of creative industries. Joint actions of the state and the creative community is the only way to overcome both types of barriers and to develop the creative economy. These efforts may have significant economic returns due to Russia’s competitive advantage in highly educated population over most other countries. Thus, the model of economic development of Russia through a creative economy and human capital may be more successful than previous attempts of innovative development in Russia.