Competition — the most important source of economic development and, consequently, economic growth. In turn, economic growth — a key source of growth for the public welfare, means of solving many social problems. The low level of competition leads to the fact that the economy does not reach the results that could be achieved if the possibility of competition were used more fully. The consequences of lack of development of competition in the markets have an important political dimension in the long term — the instability of the political system, problems with the legitimacy of power. In turn, legitimacy and stability of the political system — the inherent properties of a favorable institutional framework for doing business. Thus, competition — an important element of a positive feedback mechanism in the relationship between business and government. Restriction of competition manifest themselves in specific markets in certain sectors and areas. That’s why the important markets and different types and areas were selected. Among them — the natural gas industry, construction and housing, pharmaceuticals, transport of goods by rail. For each of the areas quantitative estimates of the effects of underdevelopment competition were obtained based on a number of assumptions.
Key words: competition, economic growth, institutional framework for doing business, quantitative estimates of the effects of underdevelopment competition.

Russian Presidential Academy of National Economy and Public Administration
(82, prosp. Vernadskogo, Moscow, 117571, Russian Federation).
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The article describes the characteristics of the socio-economic development of Russia during last twenty years and the formation of the mixed state-oligarchic-market economic system. It is shown that the crisis of 2008-2009 led to the country’s shift to a reduced development trajectory. The necessity of changing/updatung the paradigm of social and economic growth is shown.
Key words: socio-economic development, crisis, social sphere.

Abel Aganbegyan, academician, head of the Department of Economic Theory and Policy,
Russian Presidential Academy of National Economy and Public Administration
(82, prosp. Vernadskogo, Moscow, 117571, Russian Federation).
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The article is devoted to the process of establishing branch entrepreneurial congresses in pre-revolutionary Russia. Based on the example of the activity of the Russian flour-grinders congresses the author analyze the mechanism of financing the elective bodies and show the basic problems in resolving this question.
Key words: branch entrepreneurial congresses, congress council, flour-grinding production, flour export, 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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This year we celebrate the 150th anniversary of the birth of P. A. Stolypin. Few statesmen were awarded such sharp and opposite ratings by contemporaries and historians. In two issues of the journal the first biography of Pyotr Stolypin is reprinted. It was published 100 years ago by his political opponent, a major figure of the Kadet party A. I. Izgoev. This work is interesting because it gives a serious analysis of Stolypin’s activity and demonstrates the difference between his declarations and real politics.
Key words: Russian Empire, P. A. Stolypin, economy, politics.

Alexander Izgoev (1872—1935), publicist, journalist and politician

This paper discusses the work of Stolypin and his political opponent, one of the leaders of the Cadets — A. S. Izgoyev (A. S. Lande). The author substantiates the validity of the two main points of Izgoyev — Stolypin was truly a great statesman and his reforms were doomed. Bibliography of Izgoyev’s works is complied.
Key words: Russian Empire, P. A. Stolypin, economy, politics.

Andrei Belykh, Dr. Sci. (Econ.), associate professor, director of Large Corporate Clients, “Bank 'Saint Petersburg'” Ltd. (64A, Malookhtinsky proyezd, St. Petersburg, 195112, Russian Federation).
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The article analyzes the implications of the financial regulations implementing a state order (standards of budget financing based on one student) in the higher education system and the use of them to regulate fees in universities. It is shown that the establishment of standards in the field of budgetary financing (field of study) does not allow to pay attention on differences in historical property complexes, schools, differences in socio-economic position of the Russian Federation in which universities are situated affecting the wages of professors and lecturers in relation to the average for the economy of the region, raises the question of the adequacy of the state accreditation of higher education institutions. Purely economic approach in the allocation of budget funds obscures difficult political decisions on the restructuring of higher education network: the elimination of schools that do not meet the requirements for licensing and accreditation of universities, joining weak to strong, the opening of new schools on the basis of material liquidated, the implementation of programs to support the weak, but the necessary institutions, replacing weak management in universities, etc. Accordingly, the regulation of fees would have a negative economic and social consequences.
Key words: higher education, the standard budget funding, faculty, restructuring the ­university network.

Tatiana Klyachko, Dr. Sci. (Econ.), professor, director, Center for Continuing Education Economics Institute of Applied Economic ­Research, Russian Presidential Academy of National Economy and Public Administration
(82, prosp. Vernadskogo, Moscow, 117571, Russian Federation).
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Sergei Sinelnikov-Murylev, Dr. Sci. (Econ.), professor, rector, Russian Foreign Trade Academy of the Ministry for Economic Development of Russia (4a, Pudovkina ul., Moscow, 119285, Russian Federation).
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This article is discussing the application of target-oriented approach of budget planning addressing one of key problems of local government development in Russia such as formation of budget independency of municipalities.
Key words: target-oriented approach, budget planning, local government.

Stepan Kirichuk, Dr. Sci. (Soc. Sci.), chairman of the Federation Council of the Federal Assembly of the Russian Federation on the federal form, Regional Policy, Local Government and the Northern Territories
(26, B. Dmitrovka ul., Moscow, 107031, Russian Federation).
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Larissa Eremenko, Cand. Sci. (Soc. Sci.), associate member of the Federation Council of the Federal Assembly of the Russian Federation (26, B. Dmitrovka ul., Moscow, 107031, Russian Federation).

The authors analyze the main approaches to the study of the ethnic discrimination phenomenon that exist in economic theory. Special attention is paid to the assumptions of the theoretical models, which mostly determine the ideology behind the relevant studies. It is also shown that in today’s Russian reality many trends that are dangerous from the point of view of society may lead to results that are already known in economic theory as being persistent and difficult to fight with.
Key words: racial and ethnic discrimination, statistical discrimination, labor market.

Mark Levin, Dr. Sci. (Econ.), professor, National Research University — Higher School of Economics
(26, Shabolovka ul., Moscow, 119049, Russian Federation); Russian Presidential Academy
of National Economy and  Public Administration(82, prosp. Vernadskogo, Moscow, 117571, Russian Federation).
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Nadezhda Shilova, Cand. Sci. (Econ.), lecturer, National Research University — Higher School of Economics
(26, Shabolovka ul., Moscow, 119049, Russian Federation); Russian Presidential Academy
of National Economy and Public Administration(82, prosp. Vernadskogo, Moscow, 117571, Russian Federation).
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The Shapley value is shown to be a von Neumann-Morgenstern utility function. The concept of strategic risk is introduced, and it is shown that the Shapley value of a game equals its utility if and only if the underlying preferences are neutral to both ordinary and strategic risk.
Key words: Shapley value, von Neumann-Morgenstern utility function, risk.

Alvin Roth, University of Illinois (USA)

In a paper devoted to the 100th anniversary of publication of «Capital» by Karl Marx, the author considers his economic theory, and notes that it is just as controversial as Marx himself was controversial. Researchers of his works hold the opposite view of its place in the history of economic thought — from «the greatest sociologist of all times» to «an insignificant post-Ricardian, interesting predecessor of Leontief’s input-output theory». According to the author, prognostic features of Marx’s theory is not high, its value lies in the fact that it is superior to modern economic theory in the analysis of institutional data on the basis of which the theory of capitalist development can be formed.
Key words: «Capital», Karl Marx, economic theory.

Paul Samuelson, Massachusetts Institute of Technology (USA)