Cluster management in the regional economy of the Russia: Formation and development

Currently, with political modernization in Russia underway, the greatest interest in the development of regional economy is the formation and development of business clusters. Since the last quarter of the 20th century, business clusters have become an important factor in the development of commercial relations between economic entities. The regions with business clusters become the leaders of economic development and determine the competitiveness of the internal Russian market. There are many different interpretations of the notion business cluster, but the authors are unanimous in the position that clots of enterprises that comprise a cluster have a positive effect on economic growth in general. Regional development and growth of competitive advantages are an urgent task for the Russian economy, as is shown in many policy documents. This paper discusses the numerous issues of formation and development of clusters, as well as evolution of the regional economies by means of business clusters. © Serials Publications Pvt. Ltd.