International Banking Institute named after Anatoliy Sobchak

Aim. The presented study aims to analyze the organization and results of the industrialization of the USSR economy in 1928–1940 and to evaluate the possibilities of using this experience for the restructuring of the modern domestic economy developing under the conditions of antiRussian sanctions.

Tasks. The authors examine the features of the current stage of economic development in Russia and the impact of economic sanctions on it; analyze the experience of socialist industrialization in the USSR; provide recommendations for improving the manageability of the modern domestic economy and accelerating its industrial development.

Methods. This study uses the methods of historical and economic analysis, comparison, statistical processing of economic data, monographic method, expert assessment, and institutional approach.

Results. Nowadays, the Russian economy is developing turbulently due to the numerous political and economic sanctions imposed on the country. That said, the current stage of economic development in the Russian Federation is in many ways similar to the period of Soviet industrialization carried out in the USSR before World War II (1941–1945) in terms of the totality of influencing factors and mechanisms of their manifestation. This makes it possible to take into account the lessons of Soviet industrialization in the modern economic policy of the Russian Federation. Soviet industrialization was based on centralized public administration and directive five-year planning. Such approaches are not applicable in modern Russia without institutional restructuring. Therefore, the experience of Soviet industrialization should be used selectively.

Conclusions. In the context of increasing sanctions pressure, it is advisable to strengthen state intervention in the economy — not only to preserve its stability, but also to set the vector of long-term development. Such development is associated with the increasing importance of industrial production based on a new technological base. This calls for an approach to the modernization of economic macro-regulation that would be differentiated by industry and region. Such an approach can be developed using the experience of Soviet industrialization. However, it should be used selectively based on an assessment of the ratio of public and private interests. Today, the transition to a full-scale mobilization economy in Russia is impractical.

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