Economic Mythology and the Problem of Sustainable Development
The BRICS countries face the task of implementing the post-industrial technological mode in the basic sectors of the economy. The intensity and success of the results depend on which economic policy model will be chosen to solve this problem. Historically, at a different stage in their development, different countries already dealt with a similar task of ensuring intensive growth through modernization (Russia: average annual growth of 13.8% during in 1929–55; China: average annual growth of 10.4% in 1983–2007; South Korea: average annual growth of 10.2% in 1966–1988, Japan: average annual growth of 9.8% in 1948-1970; Singapore: average annual growth of 9.2% in 1966-1989). Their comparison once again raises questions: how well do the solutions offered by the economic mainstream meet the contemporary challenges? Is the political class trapped by modern economic mythology?