Russia’s development strategy in the context of the global geo-economic paradigm shift

Abstract

Aim.The presented study aims to substantiate the paradigm shift in global economic development and to identify the impact of this process on the Russian economy.Tasks.The author investigates scientific papers on the research topic; analyzes the mechanism of interaction between nominal and resource systems and substantiates the use of the dollar and the euro as world currencies as a prerequisite for determining the nominal demand system in the resource market; examines the trend of the dollar and euro losing their dominant position in the global financial system and its stability; advances arguments for a paradigm shift in global economic development and determines the impact of this process on the Russian economy in the medium and long term.Methods.This study uses the methods of analysis, synthesis, generalization, and a systems approach.Results.World economy is presented as a mechanism based on the interaction between the real and the resource systems. The increasing gap between these systems at the present time is substantiated. Arguments in favor of the existence of a stable process of de-dollarization as a prerequisite for such a gap are provided. Based on the conducted analysis, a steady trend of the dollar losing major functions of world money in certain countries and country associations that are strategically important for Russia has been revealed. The existence of a paradigm shift in global world development, which consists in replacing the demand for reserves with the demand for resources, is substantiated. It is shown that for Russia, the existing changes make it possible to effectively distribute raw energy resources from the perspective of the country’s geo-economic and geopolitical interests. It is substantiated that the export of energy commodities from Russia will be irrelevant in the long term. In conclusion, the author suggests appropriate directions for a long-term development strategy.Conclusions.Currently, there is a global economic paradigm shift, which involves demand for raw materials being replaced by demand for foreign exchange reserves. Considering Russia’s role in the global mineral commodity market, the existing changes make it possible to effectively distribute raw energy resources from the perspective of the country’s geo-economic and geopolitical interests. In the medium term, the demand for Russian hydrocarbon resources will be ensured by the growing economic potential of major importers. In the long term, the leading importers of hydrocarbons will develop renewable and hydrogen energy, which will lead to the rejection of energy imports. Thus, Russia’s long-term geo-economic strategy should focus on the development and export of scientific, technological, and innovative products.