Challenges of Post-Crisis Economic Policy in Russia

Though the global financial crisis hit Russia’s economy harder than many other emerging markets, the situation in both Russia’s real and financial sector stabilized as early as in the first half of 2009. However, the exit strategy chosen by the Russian authorities lacked any specific strategy or task-oriented exit policy.Economic crisis, economic recovery, Russia

Factors of global inflation in 2021–2022

The paper examines the factors of global inflation acceleration in 2021–2022. We consider primarily the developed economies, where rates of inflation over the last two years have exceeded multi-year highs and have significantly exceeded target levels. We find that the cause of accelerating inflation was an imbalance between aggregate demand, which started to increase rapidly in the second half of 2020 as economies began to adapt to the circumstances of the pandemic, and aggregate supply, which encountered persistent constraints associated with interruptions in global supply chains. Significant support for demand was provided by fiscal stimulus that was unprecedented in scale and was accompanied by policy interest rates reaching extremely low levels, and by active injections of liquidity by central banks. The willingness of governments to implement ultra-expansionary monetary and fiscal policies can to a considerable degree be attributed to the fact that during the previous decade large budget deficits, zero interest rates, and programs of quantitative easing had not resulted in macroeconomic destabilization. We examine the view of many central banks that the inflationary wave would not be long-lasting, which was a crucial reason for delaying the interest rates increase. We consider the conditions in which the leading economies might fall into the stagflation trap

Political and Legal Knowledge and Attempts by People to Control the Unknown with the Help of Religion

Научное познание не может сократить сферу непознанных закономерностей вселенной, действие которых в состоянии в любой момент уничтожить человечество. В этой ситуации человеческие индивиды обращаются к религии, применяя для контроля непознанного политико-правовое знание. Например, люди объявляют вселенную политически организованным обществом. Суверена такой всеобъемлющей целостности они именуют Богом, заявляют о своем повиновении созданному им праву, воспринимают как должное божественные санкции за установленные Всевышним правонарушения, а также просят названного властителя помочь в удовлетворении людских потребностей. Для тех, кто не верит в религию, указанный способ контроля непознанного не позволяет познать неизвестную людям сферу мира и использовать соответствующие сведения для сохранения и прогресса человеческих индивидов. Верующие же придерживаются противоположного убеждения. Поэтому приверженцы религии спокойно воспринимают самих себя и окружающий мир как объекты, которые могут быть ими усовершенствованы, и с уверенностью на успех предпринимают многообразную созидательную деятельность в различных областях социальной жизни. Неверующие же, заинтересованные в выживании и прогрессе человеческих индивидов, не могут не быть довольными такими усилиями верующих, гармонирующими с их собственными стараниями для достижения отмеченных целей, и, как правило, предпринимают все возможное для поддержки указанных действий верующих. В итоге охарактеризованная религиозная практика способствует выживанию и прогрессу человечества. По-видимому, так объясняется ее присутствие во всех человеческих обществахScientific knowledge cannot reduce the scope of the unknown laws of the universe, the action of which can destroy humanity at any moment. In this situation human individuals turn to religion, using political and legal knowledge to control the unknown. For example, people declare the universe to be a politically organized society. They call the sovereign of such a comprehensive integrity God, declare their obedience to the law created by Him, take for granted divine sanctions for offenses established by the Almighty, and also ask the said ruler to help meet human needs. For those who do not believe in religion, this method of controlling the unknown does not allow to cognize the unknown sphere of the world and use the relevant information for the preservation and progress of human individuals. Believers hold the opposite belief. Therefore, adherents of religion calmly perceive themselves and the world around them as objects that can be improved by them, and with confidence in success undertake a variety of creative activities in various areas of social life. Non-believers, who are interested in the survival and progress of human individuals, cannot but be pleased with such efforts of believers, in harmony with their own efforts to achieve mentioned goals, and, as a rule, do everything possible to support these actions of believers. As a result, the described religious practice contributes to the survival and progress of mankind. Apparently, this explains its presence in all human societie