Abstract
The present paper is devoted to the discussion of economic development trends in Russia in late 2014 — early 2015 and to the review of the basic mechanisms of terms of trade changes impact on the economic development of both countries in a historical perspective and with a focus on changes occurred in late 2014 — early 2015 in Russian economy. Authors show that structural reforms to diversify production and export are necessary for sustainable economic development, social stability and reduction the degree of terms of trade variability impact on Russian economy. During the periods of instability government agenda for the real and financial sectors has to contain not only measures to compensate losses caused by the changes in terms of trade, but also measures to improve the economy structurally, develop and stabilize financial market.
Key words: economic development, terms of trade, gross domestic product, GDP, gross domestic income, GDI.
JEL: E60, O11, O40.

Georgy Idrisov¹, Cand. Sci. (Econ.).
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Yury Ponomarev ².
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Sergey Sinelnikov-Murylev³, Dr. Sci. (Econ.), professor.
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¹ Gaidar Institute for Economic Policy (3-5, Gazetny per., Moscow, 125009, Russian Federation).
² Institute of Applied Economic Research, Russian Presidential Academy of National Economy
  and Public Administration (82, Vernadskogo prosp., Moscow, 119571, Russian Federation).
³ Russian foreign trade Academy of the Ministry for the economic development of the Russian Federation
  (4a, Pudovkina ul., Moscow, 119285, Russian Federation).

Abstract
The article is devoted to the analysis of mergers and acquisitions in the sphere of modern Russian education. It examines the key prerequisites of the integration of Universities, analyzes potential sources of synergy in this kind of mergers. A lot of attention is paid to finding the ways to improve the efficiency of integration in the sphere of education, in particular: the choice of the optimal structural form of the merger, harmonization of the management styles and corporate cultures of the integrated Universities. The article presents the analysis of the real merger in the area of business education on the example of Higher School of Corporate Management and two integrated business schools.
Key words: mergers and acquisitions in the sphere of education, prerequisites of integration, sources of synergy, structural form of integration, management style, corporate culture, integration costs, efficiency of integration.
JEL: I20, I22, I23.

Sergei Kalendzhyan, Dr. Sci. (Econ.), professor, Russian Presidential Academy of National Economy
and Public Administration (82, Vernadskogo prosp., Moscow, 119571, Russian Federation).
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Abstract
The paper offers a commentary on a series of articles published by the journal, based on results of sociological study aimed at the detection of informal institutions in Dagestan. The author presents his understanding of these results, proposals concerning the direction of further research into informal institutions and conclusions that can be drawn from the juxtaposed papers of the four authors.
Key words: informal institutions, path-dependent problem, institutional alternatives.
JEL: B52, K00.

Aleksander Auzan, Dr. Sci. (Econ.), Faculty of Economics, Lomonosov Moscow State University
(1 bldg. 46, Leninskiye Gory, Moscow, 119991, Russian Federation).
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Abstract
The article questions one of the main ideas of institutional theory — the idea of sustainability and only evolutionary dynamics of informal institutions. For the analysis of the phenomenon of informal institutions destruction and its consequences the tools of sociological theory are used. Sociological theory admits that the period of intensive urbanization is characterized by anomie — the lack of norms when traditional rules have been ruined and the new urban ones have not been formed yet. Different reactions of individuals and communities to anomie are discussed, among them — ideology as a compensatory mechanism to anomie. Dissemination of fundamentalist Islamic ideologies as a reaction to anomie and generation conflict is analyzed on the basis of wide field research undertaken in Dagestan for several years. Institutional consequences of this process were also forecasted.
Key words: institutional change, informal institutions, anomie, generation conflict, Islamic fundamentalism.
JEL: B52, Z12, Z13.

Irina Starodubrovskaya, Cand. Sci. (Econ.), Gaidar Institute for Economic Policy
(3-5, Gazetny per., Moscow, 125009, Russian Federation).
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Abstract
This article describes coexistence of two social orders in modern Dagestan. The appearing Islamic social order opposes well established “coalitional clinch” — the social order that emerged after the collapse of the Soviet Union. New institutional economics approach is the main analytical tool in the article. On the case of how people choose between institutions of dispute resolution we show that the Islamic institutions being characterized by lower transaction costs and lower level of uncertainty step-by-step replace the corresponding institutions of the “coalitional clinch”. Learning costs are the obstacles for the spread of the Islamic institutions.
Key words: judicial pluralism, social order, market of institutions, Sharia.
JEL: D02, K40, K41, O17.

Eugeny Varshaver¹, MS (Sociol.). E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it  
Ekaterina Kruglova², MS (Econ.), graduate student. E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

¹ Russian Presidential Academy of National Economy and Public Administration
  (82, Vernadskogo prosp., Moscow, 119571, Russian Federation).
² Faculty of Economics, Lomonosov Moscow State University
  (1 bldg. 46, Leninskiye Gory, Moscow, 119991, Russian Federation).

Abstract
The paper studies partial revival of informal institutions based on religious and traditional law in land property issues on North Caucasus after the collapse of the Soviet Union. On the basis of field data collected by the author it is argued that that revival was not due just to adherence of local people to traditions and their willingness to follow them again. The revival of traditional regulation has clear socio-economic reasons. They are discussed in the present paper in terms of institutional theory.
Key words: institutional theory, institutional change, informal institutions, land property, North Caucasus.
JEL: O17.

Konstantin Kazenin, Cand. Sci (Philol.), Russian Presidential Academy of National Economy
and Public Administration (82, Vernadskogo prosp., Moscow, 119571, Russian Federation).
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Abstract
Landmarks for antitrust control of horizontal agreements based on comparative advantages of mechanisms of governance structural alternatives, externalities internalization, managing of free-rider problem have been elaborated. For this purpose the working concept of horizontal agreement has been suggested as well as classification applicable for antimonopoly legislation enforcement. Probable effects of particular types of horizontal agreements for competition and welfare have been explained as well as related structural alternatives of antimonopoly control. Estimate for expected changes in Russian antitrust laws has been suggested, in particular, control of cooperation agreements.
Key words: antitrust law, horizontal agreements, competition restrictions, mechanisms of governance.
JEL: K21, L14, L41.

Andrey Shastitko^1,2, Dr. Sci. (Econ.), professor.
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¹ Research Centre for competition and economic regulation, Russian Presidential Academy of National Economy   and Public Administration (82, Vernadskogo prosp., Moscow, 119571, Russian Federation).
² Faculty of Economics, Lomonosov Moscow State University
  (1bldg. 46, LeninskiyeGory, Moscow, 119991, Russian Federation).

Abstract
The article is devoted to the analysis of different tools of competition policy influence on total welfare, including profits of producers and consumers benefits. The article contains the model, illustrating the substitution of decrease of trade costs for importers (including tariff and non-tariff tools of import protection) and antitrust prohibition on excessive pricing, including forms of indicative price regulation, as options for compensation of merger`s effects in highly concentrated markets. It is shown that the application of antitrust prohibition can substitute for trade liberalization and decrease of trade costs for importers only if a set of assumptions — which are too rigid for real economic policy — holds.
Key words: competition policy, merger, welfare, international trade liberalization, monopolistic high price prohibition.
JEL: L40, G34, F13.

Dina Tsytsulina, National Research University Higher School of Economics — Nizhniy Novgorod
(25/12, B. Pecherskaya ul., Nizhniy Novgorod, 603155, Russian Federation).
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Abstract
The problem of increase of pension age in our country is discussed already from the first steps of market transformations, i.e. quarter of the century, and without some tangible advancement. At the same time all civilised countries have already developed the accurate program of actions under its decision, though and with different social and economic consequences: one have raised pension age “shock” tools for one-two year, others have stretched this process for some decades, the third have refused an age regulator of the insurance pension rights. In present social and economic conditions the problem of increase of pension age in Russia has got a special sharpness.
Key words: pension reform, pension age, number of pensioners, demographic loading on economy.
JEL: H55, H75.

Arkady Solovyev, Dr. Sci. (Econ.), professor, Financial University under the Government of the Russian Federation
(49, Leningradsky prоsp., Moscow, 125993, Russian Federation).
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Abstract
Ludwig von Mises, classic of economics, analyzes the popular notions of rationality and irrationality and their usage in economics and social sciences. He criticizes the prevailing treatment of rationality of human action as its infallibility and the identification of rationality with purely “material” or pecuniary motivation and interest. In addition Mises presents his ideas on the wide range of issues in the sphere of methodology and epistemology of economics and other social sciences.
Key words: praxeology, Austrian economics, rationality, irrationality, theory and history, understanding, Verstehen, epistemology of economics, epistemology of the social sciences.
JEL: A10, A13, B25.

Ludwig von Mises (1881—1973)