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Journal section "Sustainable development of territories, branches, and production complexes"

Economic Policy in the Arctic: Comparative Analysis

Selin V.S.

5 (85), 2016

Selin V.S. Economic Policy in the Arctic: Comparative Analysis. Problems of Territory's Development, 2016, no. 5 (85), pp. 176-190

Abstract   |   Authors   |   References
The article deals with the structure of the modern Arctic zone and its economic processes. The purpose of the study is to analyze the existing approaches to the development of the Arctic territories and waters in the context of globalization and greater attention to the problems of protection of national interests. In this regard, the main methods used in the study is a systematic analysis, content analysis and elements of the factor approach, which help, with a certain degree of conditionality, to structure the economic processes in the global Arctic. It is shown that global trends are manifested here in the complex interaction of a large number of driving forces. At the same time, mineral resources, as well as space and logistic capacity of the global Arctic are of strategic importance. Comparative analysis of economic policy of the formation and development of productive forces under extreme economic conditions is conducted in various countries. The study demonstrates that in a market economy the state sets different preferences for northern productions; the companies seek for lower premiums for social security, pensions and funds, etc. In the Canadian model (“development without settling”), in order to raise wages, employment relations are freed from certain limitations imposed by trade unions. In the leading industrial sector – subsurface management – the economic regulation of mineral extraction is to a large extent dependent on the types of ownership of the subsoil and the taxation system. From the perspective of the regional mechanism, it has been noted that most countries establish compensation funds designed to offset the negative effects resulting from deposit exhaustion and closure. The scheme of the formation of such financial institutions for the Russian Arctic territories has been developed, which is economically justified and objectively necessary on social grounds. The study analyzes the current trends in the development of the Shelf of Arctic Seas, and reveals that “the sanctions” policy of the Western countries may influence the implementation of the respective mega-projects, but only in the medium term. It has been justified that amid the development of the Arctic Shelf industrial complexes are high-tech and science-based facilities able to be drivers of innovation dynamics at the national level. The conclusion that enhanced regional factors and program-target mechanisms in the development of the Arctic territories differentiated by living conditions, development level and the set objectives, contains certain novelty

Keywords

the arctic, economics, innovations, taxes, resources, national interests, politics, incentives

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