Anna V. Belitskaya

The article examines the issue of when the state chooses to build vertical relations with investors by providing them with standard measures of state support and other incentives or horizontal structure by means of concluding private law agreements with them, where the parties are formally recognized as equal. The authors came to the conclusion, that any state at any specific moment can determine the ratio between vertical and horizontal support measures within the framework of the implementation of state investment policy, shifting the emphasis from one type to another. Each type of incentive or their combination has its own advantages and disadvantages that compensate each other. The choice in the use of horizontal or vertical measures is determined by the conditions of a specific economic system, the level of competence of state bodies, as well as the quality of economic policy. The Russian Federation is an example of the country that implemented different measures of state economic policy in coordination of the state and private investors in different periods of history.