Russia has seen even higher oil windfall in the past few months, which translates into likely fiscal surpluses this year and next. The government should not miss the opportunity provided by a large oil windfall to substantially improve its long-term fiscal position, further reduce inflation, and, therefore, ensure a strong basis for durable stability and healthy growth in the future. Rising domestic demand and credit activity are increasingly supporting solid growth. As a result, we maintain the growth outlook for Russia at 4,4 percent in 2011 and 4,0 percent in 2012, closer to the post-crisis long-term potential growth. Overall, labor market conditions improved recently while poverty was broadly flat during and after the crisis, but unemployment and poverty in many regions remain difficult. Further reductions in poverty will require greater policy focus and persistence in implementing more effective and targeted programs, especially in the poorest regions.
Key words: economic growth, oil and gas revenues, the consolidated budget, poverty, unemployment.

The World Bank in Russia  (36 bldg. 1, Bolshaya Molchanovka ul., Moscow, 121069, Russian Federation).
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Multinational corporation BP is now issuing the 60th Statistical Review, which contains data on world energy production and consumption. The influence of renewed economic growth in energy consumption is considered. The dynamics of individual energy markets: crude oil, petroleum, natural gas is analyzed. The prospects for coal, hydro and nuclear power, as well as the possibility of using renewable energy sources are investigated.
Key words: production and consumption of energy, traditional energy, renewable energy resources.

BP Representative Office in Russia (8, Novinsky blvd., Moscow, 121099, Russian Federation).
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The article analyses public corporations in modern Russian economy as anecessary market institute. Having studied the experience of public corporations functioning in Russia three stages of public corporations development are specified with its results clearly showing the lessons of public administration modernization on the base of creating large governmental structures.
Key words: public corporation, functions of public corporations, corporate ownership, regulation.

Natalia Kononkova, Dr. Sci. (Econ.), associate professor.
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Andrew Molyakov, postgraduate student.
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Faculty of Public Administration, Lomonosov Moscow State University
(27 bldg. 4, Lomonosovsky prosp., Moscow, 119992, Russian Federation).

This article analyzes the trade-industrial and industrial conventions of entrepreneurs in Russia at the turn of XIX—XX centuries. Based on the analysis of the All-Russian trade and industry conventions, meetings of the Owners of the Volga basin, and congresses of the Baku oil dealers the main forms and methods of competition in addressing both intra-and inter-sectoral issues, as well as the role of government in regulating these processes are revealed.
Key words: trade and industry conventions, meetings Owners of the Volga basin, meetings of the Baku oil dealers, competition, lobbying fees, applications, transaction costs.

Alexander Bessolitsyn, Dr. Sci. (Econ.), professor, head of Department of History of the Russian business,
Moscow Financial-Industrial University “Synergy“
(80, Bldg. G, Leningradsky prosp., Moscow, 125190, Russian Federation).
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With 2001 for 2010 in Russia structural reform on a railway transportation, mentioned, including system of tariffs for cargo and passenger transportations was carried out. In article the organization of railroad rates in Russia in second half of XIX-th century is considered, and its analysis stated in works of known Russian economist N.E.Giatsintov is given.
Key words: history, railway transportation, tariffs.

Tatiana Shlevkova, Cand. Sci. (Econ.), associate professor, Volgograd State University
(100, Universitetsky prosp., Volgograd, 400062, Russian Federation).
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The paper analyses the influence of the Trade Law of December 2009 on the relationships between suppliers of food products and large retail chains. Based on the empirical data on Saint Petersburg, a conclusion is made that the Trade Law is not effective for reducing the market dominance of retail chains and has a negative influence on the institutional environment for business. Alternative ways for solving the problem of the retail chains market dominance are offered.
Key words: antitrust policy, the law on trade, market power, retail chains.

Dmitry Daugavet, director, Center for Market Research
(36, Kazanskaya ul., St. Petersburg, 190036, Russian Federation).
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The well-developed competition is an important element of an efficient market economy. The competitive environment depends not only on antitrust and regulation policies but also on a set of other parameters of the institutional environment. According to the article, one of factors, which may influence the intensity of competition, is property rights protection. In case of an insufficient level of property rights protection from the side of the government entrepreneurs obtain additional incentives for cooperation instead of competition, i. e. for explicit or implicit pooling and cartelization. The necessity of private investments into property rights protection raises barriers to entry, also restricting competition. The formulation of competition policy on a national, regional or industrial scale requires taking this factor into account.
Key words: competition, property rights, antitrust policy.

Alexander Kurdin, postgraduate student,  Faculty of Economics, Lomonosov Moscow State University
(1, bld 46, Leninskie Gory, Moscow, 119991, Russian Federation).
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The paper addresses theory and practice of consumer choice in health care. First, the need for choice, its actual opportunities and effectiveness are analyzed. The concept of inefficient patient choice is introduced, that is the choice associated with high search cost and strengthening fragmentation of health care delivery. Based on this conceptual framework, the positive and negative evidence on the patient choice expansion program in England is provided. Finally, the conditions for expanding patient choice and enhancing its positive impact in the context of the Russian health care system are analyzed.
Key words: health care, consumer choice, health care providers.

Igor Sheiman, Cand. Sci. (Econ.), professor, National Research University — Higher School of Economics
(20, Myasnitskaya ul., Moscow, 101000, Russian Federation).
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The article examines the impact of world prices for consumer price inflation in Russia in the context of some food items (wheat, bread, pasta, sunflower oil, milk, sugar, rice, poultry, pork, beef) and gasoline, which together account for 26% of consumer basket in order to calculate inflation in 2011. Results of the analysis suggest that the factor in world food prices is significant, but in most cases (for 8 out of 11 commodity groups) — the dominant, as it allows to explain more than 94% of the variance of domestic prices during the period from January 2005 to March 2011. The analysis confirms the hypothesis of an asymmetric nature of the following Russian prices for the world: with a decrease in external price reduction of domestic retail prices is extremely slow, and for some commodity groups does not occur at all.
Key words: inflation, world prices, consumer prices, food, oil.

Maxim Petronevich, senior researcher.
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Nikolai Kondrashov, trainee researcher.
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Development Center, National Research University — Higher School of Economics 
(4 bldg 2, Slavyanskaya Ploshchad, Moscow, 103074, Russian Federation).

The author investigates territorial distinctions in social and economic development in the South of Russia. Under the comparative analysis of system characteristics of regions of the South of Russia, the author makes a conclusion that distinctions of these characteristics remain essential during the long period of time and the real tendency to their reduction is not observed. Main causes of heterogeneity of regions of the South of Russia are revealed. Well-founded recommendations about optimization of structure of economy and sector employment in territories of the South of Russia taking into account positive world experience are offered. These measures, to the author’s opinion, will allow to reach the maximum homogeneity of territories of the South of Russia.
Key words: The South of Russia, territorial distinctions, gross regional product, employment, the consolidated budget, foreign investments.

Sulaiman Reshiev, Cand. Sci. (Econ.), senior researcher, Chechen State University
(32, Sheripova ul., Grozny, Chechen Republic, 364907, Russian Federation).
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Price gouging occurs when, in the wake of an emergency, sellers of a certain necessary goods sharply raise their prices beyond the level needed to cover increased costs. Most people think that price gouging is immoral, and most states have laws rendering the practice a civil or criminal offense. The purpose of the paper is to explore some of the philosophic issues surrounding price gouging, and to argue that the common moral condemnation of it is largely mistaken. The author makes this argument in three steps, by rebutting three widely held beliefs about the ethics of price gouging: 1) that laws prohibiting price gouging are morally justified, 2) that price gouging is morally impermissible behavior, even if it ought not be illegal, and 3) that price gouging reflects poorly on the moral character of those who engage in it, even if the act itself is not morally impermissible.
Key words: ethics, price gouging, moral condemnation.

Matt Zwolinski, associate professor of philosophy, University of San Diego (USA).

The article deals with possibilities for the government economic management. The author refutes the widely-known thesis about the omnipotence of the state. He stressed that government policies may fall short, however such failures should not become an excuse for a total condemnation of the state’s participation in economic life. Among the main functions of the state he calls anti-monopoly policy, poverty alleviation, as well as consumer protection and the protection of workers.
Key words: State management of the economy, competition policy, the fight against poverty.

George J. Stigler (1911—1991), U.S. economist.