RATIONALE OF STRATEGIES FOR MANUFACTURING INDUSTRY DEVELOPMENT: THEORETICAL APPROACHES AND TOOLS

UDC 338.24

  • Bykau Aleksey Aleksandrovich – DSc (Economics), Professor, Vice-Rector for Research. Belarusian State Economic University (26, Partizanskiy Ave., 220070, Minsk, Republic of Belarus). E-mail: aliaksei.bykau@yandex.ru

  • Parkhimenka Uladzimir Anatol’yevich − PhD PhD (Economics), Associate Professor, Head of the Department of Economics. Belarusian State University of Informatics and Radioelectronics (6, P. Brovki str., 220013, Minsk, Republic of Belarus). E-mail: parkhimenko@bsuir.by

DOI: https://doi.org/10.52065/2520-6877-2022-256-1-132-144

Key words: input-output analysis, domestic demand and exports as factors of economic growth, money-credit policy, import substitution, import capacity, macroeconomic indicators, Harrod’s cartoonist, trade balance.

For citation: Bykau A. A., Parkhimenka U. A. Rationale of strategies for manufacturing industry development: theoretical approaches and tools. Proceedings of BSTU, issue 5, Economics and Management, 2022, no. 1 (256), pp. 132–144 (In Russian). DOI: https://doi.org/10.52065/2520-6877-2022-256-1-132-144.

Abstract

The article considers three main theoretical approaches to the justification of development strategies in manufacturing industries: libertarian, post-Keynesian and the distribution economy approach. It is shown that in the context of defragmentation of global value chains, crisis phenomena in the global economy due to restrictions (lockdown) caused by the COVID-19 pandemic, geopolitical tensions, including due to the presence of sanctions, post-Keynesian approach, which assumes active regulation by the state of certain economic processes, is of high theoretical and practical interest. In particular, the results of calculations for the Belarusian economy show that one of the priorities of such regulation should be the import substitution of manufacturing products, primarily final products. An extremely important condition for the macroeconomic success of such a strategy will be its consistency with monetary policy, which takes into account both potential positive multiplier effects when stimulating domestic demand and increasing pressure on the trade balance.

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31.01.2022