RATIONALE OF STRATEGIES FOR MANUFACTURING INDUSTRY DEVELOPMENT: THEORETICAL APPROACHES AND TOOLS
The article considers three main theoretical approaches to the justification of development strategies in manufacturing industries: libertarian, post-Keynesian and the distribution economy approach. It is shown that in the context of defragmentation of global value chains, crisis phenomena in the global economy due to restrictions (lockdown) caused by the COVID-19 pandemic, geopolitical tensions, including due to the presence of sanctions, post-Keynesian approach, which assumes active regulation by the state of certain economic processes, is of high theoretical and practical interest. In particular, the results of calculations for the Belarusian economy show that one of the priorities of such regulation should be the import substitution of manufacturing products, primarily final products. An extremely important condition for the macroeconomic success of such a strategy will be its consistency with monetary policy, which takes into account both potential positive multiplier effects when stimulating domestic demand and increasing pressure on the trade balance.