The Necessity and Ways of Legitimation of Large-scale Private Property in Russia: Raising a Problem

Results of privatization campaign in 1990's continue to meet strong opposition from a very considerable part of Russian people and authorities actually refuse to consider the rights of private owners legitimate and not subject to violation. One of the reasons for this, besides historical tradition, is a specific nature of Russian privatization of 1990's. The article brings to discussion a set of measures aimed at overcoming its negative consequences. While insisting on the need to honor all previous government obligations and commitments, the paper proposes a one-time special tax (windfall tax) to be levied on those who benefited most from privatization deals that were not just and fair, and special rules to be set for the use and sale of economic assets of national importance. The author also considers possible ways to legitimize private property, as well as chances to achieve a broad public consensus on this issue in Russia.

Economic Development in 2006 and the Future of the Russian Economy: The Non-Resource-Based Sector Potential

(The Economic Report of All-Russia Business Union "Delovaya Rossiya")

The report considers how the state economic policy contributes to the national economic development in the midterm perspective. It analyzes main current economic problems of the Russian economy, i.e. low effectiveness of the social system, high dependence on export industries and natural resources, high monopolization and underdeveloped free market, as well as barriers that hinder non-recourse-based business development including high tax burden, skilled labor deficit and lack of investment capital. We propose a social-oriented market economy as the Russian economic model to achieve a sustainable economic growth in the long-term perspective. This model is based on people's prosperity and therefore expanding domestic demand that stimulates the growth of domestic non-resource-based sector which in turn can accelerate annual GDP growth rates to 10 - 12%. To realize this model "Delovaya Rossiya" proposes a program that consists of a number of directions and key groups of measures covering priority national projects, tax, fiscal, monetary, innovative-industrial, trade and social policies.

E. Gurvich

Prospects for the Russia's Pension System

We find that the present pension system is able to secure long-term formal sustainability. On the other hand, rapid fall of the replacement rate is expected, with the hardest period in 2018 to 2041, when ratio of average pension to average wage will be below 20%. Additional funds needed to keep this ratio at the level of 2006 amount to 2 - 3% of GDP in 2020 - 2041. Distributional implications of the pension reform are examined. The present value of losses born by elder cohorts from the reform are estimated to reach 9,9 bin roubles (in 2007 prices). The gender gap in pensions will increase substantially, to reach 36% by 2050. Measures addressing long-term problems of the pension system are discussed.

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