Вопросы экономики и управления международный научный журнал 5 (07) / 2016
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Вопросы эк ономики и управления № 5 (07) 2016 ferent spheres [8]. Consequently, while for some compa- nies modernization is the best answer, others look for in- novation. This model of so called «catch-up development» is the best way for companies looking for modernization, but worse for those looking for innovation. Splitting com- panies into these two groups, one where innovation is needed or one where modernization is needed, is an im- possible task for a government. It is a task for companies on the free market. Thus, it is logical to ask why the Rus- sian government insists on keeping a vertical system of in- novative management, creating demand for innovations through the use of regulations [9]. There is an opinion that all innovative clusters worldwide were founded with either part or full use of government money. We can take Silicon Valley in the USA, Israel and Finland as examples; the first inspiring the creation of Skolkovo and the last two in- spiring the creation of RVK. However, an inspired project started to support innovative businesses, also known as Small Business Innovation Research, cannot be called successful. Moreover, even if the government»s plan of supporting innovative business is successful, there is a probability that alternative investment could be more ef- fective. The first step to prove if government interventions is needed to determine the market»s negative influence on the innovative sphere. For example, the institutions of de- velopment work effectively in countries where there are few to no regulations and there are certain risks relating to the country. Such institutions can help investors to reduce un- certainty, and at the same time to create regulation. Insti- tutions then have the opportunity to become the link be- tween government and business. Consequently, from this point of view and according to GII»s report about the weak- nesses of innovative development in Russia [10], the Rus- sian government»s strategy of developing innovation is suitable, especially during today»s economic crisis. To sum up, Russia has created: — tax benefits for innovative industry [11]; — mechanisms of preferential credit [12; 13]; — institutes of development. However, talking about Russia»s future in the sphere of innovation, it needs to be mentioned that achieving a level of innovative development comparable with industrialized countries seems uncertain due to the following reasons: — an undeveloped judicial system [14]; — An unpredictable monetary policy; — the country»s fiscal policy; — keeping a vertical innovative system. The undeveloped judicial system seen in Russia at present can»t protect business. In turn, market uncertainty and associated risks increase dramatically. An unpredict- able monetary policy also leads businesses to avoid the in- vestment costs connected with innovation, while high in- flation risks and a high interest rate encourage investors to look for highly-profitable projects. The attempt to refinance the Russian budget through raising taxes returns us to pre- vious government promises to keep tax at one level, which means that it is quite difficult for businesses to trust the government. The most institutional and global problem for the Russian government is the vertical system of innova- tive development. Without switching to a market model of innovative development, Russia won»t be able to boast of being home to new Silicon Valley. In conclusion, Russia has completed its first serious steps towards becoming a country whose businesses create innovative trends worldwide, however there is still long way ahead. It could be argued that the measures described above would only work while there is no regulation and risks are high. Creating an innovative model of development can only be formed by switching to free market mechanisms to create innovative products. Without it, Russian businesses will be poorly involved in innovation development. Picture 1. GDP per hour worked, USD, constant prices, 2010 PPPs. The source: Statistics of organization for economic co-operation and development |