RUSSIA IN THE MODERNIZATION: FINANCIAL ASPECT

This work represents an attempt to understand a current crisis situation that takes place in the world economic space. The reasons for the world crisis as well as the prospects of the further development of the Russian economy are also considered. Regarding Russia, the authors have concluded that the innovative breakthrough strategy is grounded on a number of monographs and drafts of long-term programs, but by this time these recommendations have not received an adequate response from the government. Russia needs a real, not virtual (conservative) modernization, providing a radical innovation upgrade and the increase in competitiveness of the technological base of the economy. Over the past two decades, Russia has experienced several types of innovations, including antiinnovations (the reforms of the early 1990's of the last century) and pseudo-innovations (the attempts of a partial improvement of outdated technologies). It is time to go to the basic innovations that can lead to radical changes in the decades to come, and become a platform of epochal innovation developments that can provide a breakthrough on a time scale of centuries.