of Udmurt University
Sociology. Political Science. International Relations



Author(-s) Nikitin L.V.
Abstract Among the many economic and social issues common to Russia and the West for several decades, a special place belongs to the problem of adapting traditional centers of heavy industry to the conditions of global competition and post-industrial shifts. One of the most promising lines of further economic evolution for such cities is the development of the banking sector that can create skilled jobs and be an important source of tax revenue. The main objective of this article is to consider the results that have been achieved in the sphere of credit and finance by a number of American and Russian cities from the liberalization of national banking systems in the 1980s to the present. The research embraces 10 historical centers of the coal and metallurgical industry, as well as heavy engineering (Birmingham, Buffalo, Detroit, Cleveland and Pittsburgh in the USA; Yekaterinburg, Izhevsk, Kemerovo, Magnitogorsk and Chelyabinsk in Russia). The analysis is based on large arrays of statistical data, supplemented by non-quantitative information. The study shows that these cities, having in the 1980s a large starting potential for the formation and development of strong banking corporations, later showed sharply different and, very often, unstable indicators. Major changes occurred during the economic crises (the turn of the 1980s - 1990s, the turn of the 1990s - the 2000s, 2008-2009) and as a result of expansion of business from the largest financial centers (primarily from New York City or Moscow). Nevertheless, for the last 30-35 years, at least two examples of the establishment of old industrial centers as powerful financial dominants have been formed (Pittsburgh in the USA and Yekaterinburg in Russia), to which other cities can also be oriented.
Keywords Russia, USA, 1980s - 2010s, old industrial cities, postindustrial development, banking
UDC 9(С)6: 9(73)
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