Institutional changes providing an innovative direction of the economic system development

Strengthening of global competition actualizes the task associated with the theoretical and scientific-practical substantiation of the need to ensure a predominantly innovative type of economic development. The solution of this problem presupposes a systematic approach to the formation of an innovation-oriented economic system that actively stimulates the process of creating and practical application of innovations in all spheres of life of the economy and society. An analysis of the Russian economic system as well as the modern specifics of its functioning demonstrates the presence of serious problems in the field of innovative development. In this regard, the article presents the most important specific features of the Russian economic system, which must be considered when developing recommendations for ensuring its innovative orientation. This allowed the authors to formulate recommendations for the development of an appropriate economic policy and key directions for its implementation.