The positive experience of the innovative economy of Mongolia as the basis for the development of the modern culture

Abstract

Mongolia is known first of all as an original traditional culture with the nomadic way of life that has been preserved up to these days along with other forms of management. The dependence of a culture on its geographical and economical conditions is obvious: it is impossible to preserve, develop or improve a national culture without efficient economics. There is no development of economy without innovations. There are no innovations without investments. This knowledge has been successfully used by China for its policy of the “open doors”. Nowadays Mongolia is also trying to carry out the “multi-vector” policy, having added the Western community to its traditional partners – Russia and China. Some Western investors have recently drawn their attention to Mongolia. They prefer to make investments mostly in the mining industry as it runs at a great profit. The Mongolian economy has been developing dynamically lately and has achieved a success although in general it cannot be characterized as a multi-branch one like the economies of the highly-developed countries. The Mongolian engineering industry is underdeveloped, the government finances the growth of sciences insufficiently. However, the economy of Mongolia is developing more dynamically than those of other countries. At present Mongolia seems to be the most promising sale market in the Asian-Pacific region.