2023, Vol. 10, No. 1. - go to content...

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DOI: 10.15862/36ECOR123 (https://doi.org/10.15862/36ECOR123)

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Razygraev D.V. Analysis of the application of neoliberalism and monetarism in the modern economic system. Russian journal of resources, conservation and recycling. 2023; 10(1). Available at: https://resources.today/PDF/36ECOR123.pdf (in Russian). DOI: 10.15862/36ECOR123

Analysis of the application of neoliberalism and monetarism in the modern economic system

Razygraev Danila Vasilievich
Financial University under the Government of the Russian Federation, Moscow, Russia
E-mail: ya.dane2014@yandex.ru

Academic adviser: Botasheva Lyudmila Khasanovna
Financial University under the Government of the Russian Federation, Moscow, Russia
E-mail: LHBotasheva@fa.ru

Abstract. The author of a scientific publication examines the transformation of the situation in the economic field as part of the transition from the dominance of Keynesian theory to the development of alternative directions, in particular neoliberalism and monetarism. The author relies on the fact that the decline of the Keynesian approach was associated with an increase in the burden on the budget, which gave impetus to the development of theories that brought to light theories based on the free market and competition. Particular attention is paid to the provisions of such economists as M. Friedman, F. Hayek, L. Mises. The author emphasizes that M. Friedman refutes the theory of effective demand, explaining that there is a strong relationship between the change in the money supply and the commodity market. The author also comes to conclusions about the purpose of the postulates of early monetarism, which was to reduce the tax and other burden on business and the population, which should have a positive impact on other economic indicators. The author notes that in the context of these theories, the state is able to have a positive effect on the market, but only in the short term, so the instrument of state support and regulation must be used very carefully so as not to disrupt the functionality of market mechanisms. The author concludes that, from the standpoint of neoliberalism, the state distribution of profits and incomes does not make any sense, it only deprives the incentive for entrepreneurial activity, which can increase unemployment and cause an economic recession in the state, while in a situation of free enterprise, the listed there are no difficulties.

Keywords: economic system; model of economic relations; market; emission; monetarism; taxes; private business; demand

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