IDEOLOGICAL BASIS OF ECONOMIC REVOLUTION IN THE REPUBLIC OF ARMENIA

Abstract

The essence of the economic revolution is perceived as the creation of required conditions for long-term and sustainable development of economics with the highest possible speed of GDP growth. The sufficient condition of the functioning of the RA economy is the deep technological and structural reformation. A range of issues affecting the agenda of the optimal transformation of the market economy in the Republic of Armenia is being addressed. It is offered to radically change the economic policies for the development of the socio-economic system through the effective development and balanced interrelation between the markets of goods and services, labour, and capital markets. There is a special focus on issues that have not been resolved completely because of poor institutional reforms. Through empirical research, this work reveals interrelations between constitutionalism (with the deficit assessment), institutional development, behavioural preconditions, and human perception of institutes on the one hand and economic development on the other