Authors: E.A. Gasanov

Title of the article: Humanization of economic growth: social well-being and neo-industrial development

Year: 2019, Issue: 2, Pages: 39-49

Branch of knowledge: 08.00.01 Economic Theory

Index UDK: 330.352.3

DOI: 10.26730/2587-5574-2019-2-39-49

Abstract: Social well-being plays a target role in the development of modern economy. For countries that have passed the market reforms and an industrial recession, the prospects for social well-being rise are associated exclusively with neo-industrial economic growth, which should be the result of the transformation of national reproductive system, the modernization of basic industries on a new technological basis and the convergent development of high-tech sector. The increase in domestic industrial production and employment growth in basic and high-tech industries is the basis for the growth of social well-being in industrial society. This is impossible within the framework of the current state-and-corporate investment model, in which extensive development makes it difficult to involve human capital in the process of structural transformation. At present in Russia, the raw materials rental model of economy makes it impossible to increase social well-being without causing conflicts of interest for various groups of the population, including the elite ones. Therefore, the task of industrial policy in Russia is to humanize economic growth by reconstructing the dominance of modern industrial structure in the course of technological transformation of basic industries, reducing the share of early and pre-industrial technological structures, and developing a post-industrial lifestyle. This is the neo-industrial core of increase in social well-being, associated with the growth of high-performance employment and concentration of human capital in industrial sector, with the replacement of administrative rent with intellectual one.

Key words: economic growth structural changes neo-industrialization social well-being

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