THE ROLE OF INSTITUTIONS IN ECONOMIC DEVELOPMENT OF MODERN RUSSIA
The article investigates the role of institutions in economic development of modern Russia. The research results allow the author to conclude that modern Russia is characterized by a low effectiveness of the institutional environment formed in a wealth of natural resources and a weak civil society development. The "resource dependence" situation is distinctive for present Russia and can be overcome with changing policy to modernization of economy and to building an innovation-oriented economy. If it does not happen the situation may change due to external factors, including migration, or limited resources.