The institutional mechanism for ensuring Russia's economic security

Abstract

Introduction. Currently, a significant increase in threats from external and internal factors to the economic security of Russia, there is an increasing need to develop systematic approaches to the mechanism of countering their negative consequences.Purpose. To justify the need to apply the institutional concept to the development of a mechanism for ensuring economic security and to propose areas for its improvement for Russia.Methods. Within the institutional paradigm, the mechanism for ensuring economic security in Russia is examined as a set of formal institutions (laws, strategies, standards and practices of interaction) structuring the behavior of actors (the state, business, and the population), creating its integrity and increasing efficiency through risk minimization. Within the institutional approach, methods such as categorical and comparative analysis were employed, facilitating the clarification of the conceptual framework; documentary and content analysis were conducted to identify priorities, gaps, and contradictions within the mechanism; and system-structural analysis was used, concentrating on modeling a mechanism while identifying subsystems, outputs, and feedback.Results and Conclusions. Economic security is considered as the most important component of national security and needs a state in which the economic system is stable and stable, regardless of the effects of external and internal environmental factors.Based on the analysis of both external and internal environmental factors that adversely affect the effectiveness of public policy and reduce the level of economic security of the state, the authors propose ways to reduce these threats and improve the mechanism for ensuring Russia's economic security using an institutional approach. Among the four key areas proposed are: – improving the legislative framework in terms of streamlining and coordinating powers in matters of ensuring the protection of national economic interests, strengthening state power and rationalizing the mechanisms for developing and implementing economic policy; - structural restructuring of the national economy, considering the threshold values of socio-economic indicators; – protection of property rights and development of the private sector of the economy, taking into account the needs of structural restructuring of the economy and expansion of innovative activity; – harmonization of international relations in terms of the exchange of production experience and resources, considering mutual interests and priority goals of social development. The State must be provided with sufficient economic strength and resources to protect and maintain its priorities and improve the well-being of citizens.