Theoretical aspects of innovative development in conditions of economic modernization: tendencies, analyses and future opportunities

Theoretical bases of economics and management

The article reveals the essence of modernization and its high relevance. The authors study world experience of economic modernization and its features in various countries, factors influencing it and principles providing efficient modernization of national economies. The article analyzes the theoretical evolution
of scientific concepts dedicated to economic modernization. The article elaborates on the models of economic modernization used in international practice, their criteria, classification, general and specific features of functioning. The article reveals the necessity and problems of economic modernization in Uzbekistan. The Strategy of actions on five priority directions of development of the Republic of Uzbekistan in 2017‒2021, considers improving competitiveness of national economy by means of deepening structural transformations, modernization and diversification of its leading industries as the main direction. The authors also analyzed the profitability indicators on the example of some enterprises of different industries and the role of technological progress in production. Sustained economic growth in the world practice of the majority of the developed countries is provided on the basis of innovative factors, by implementation of the program of modernization of national economy and its structural transformations. Developing countries perform a transition to a way of innovative progress on the basis of modernization of economy and diversification of its components. Adoption of a project of modernization of social and economic development of the country is followed by a strategy covering the industry, investments and innovative policy.
The object of the research is the economic modernization, innovative processes, trends and prospects of economic development of the CIS countries. The subject of the research is a complex of economic relations arising during the development and implementation of the National Economy Modernization
Program. The purpose of the research is development of systematic scientific proposals and practical recommendations aimed at further improving the theoretical foundations of the modernization models of the national economy and increasing the effectiveness of its implementation mechanism. Tasks of Research. Describe and classify the modernization of economy as an economic category; research and development  stages of scientific concepts of modernization of the economy; analyze the essence, necessity, principles, features and factors of modernization of the economy; classification of economic modernization models by their criteria and their general aspects; studying the experience of applying modernization models used in the world economy and elaborating scientific proposals and practical recommendations on the use of Uzbekistan in practice; development of the priorities of the Uzbek economy's modernization strategy and transition to innovative development; elaboration of alternative scenarios for the acceleration of transition to the modernization of the national economy and the transition to the innovative development in the long term. As a result of the research, the authors present their own definition of modernization of economy as an economic category. Uzbekistan displays modernization of the “catching-up” model. Efficient implementation of this model, introduction of structural transformations creates necessary conditions for implementation of deep structural shifts in national economy. We prove that effective implementation of the program of modernization of national economy and structural shifts require gross investments at a level of 25‒35% in the period of 20‒30 years.