Universal approaches to defining an economy’s sustainable development

Zharikov M. V.

The topic of discussion is time-relevant due to the task given by the government to develop approaches to achieving economic sustainability. The article sets itself a goal to establish basic principles of the theory of economic sustainability. To reach this goal the method of comparative analysis is used which helps to distinct the categories of international competitiveness and economic sustainability. In the course of the research the author proves that the model of economic sustainability leads to the stagnation of the adopting country. The article recommends that the model of economic sustainability should be used in the short run as a means to adapt a country to the conditions of turbulence in the world markets.

Keywords:economic sustainability, international competitiveness, import substitution, closed economy, export-oriented economy