Constant structural changes, conditioned by global trends, decreased the growing influence of the overall productivity of production factors on economic growth. Recently, the scientific community has been discussing the potential and real possibilities of students of higher education institutions in the economic development of the country in general and in regional development in particular.  It can be stated that higher educational institutions are adjusted to the changes and looking for ways of adaptation through transformation more rapidly than other institutional systems. The consolidated partnership between all participants in economic cooperation is best represented in the activities of higher education. In addition, higher education institutions can rarely stay away from political events.

This phenomenon is conditioned by the fact that since the mid-twentieth century, intangible assets, such as knowledge and innovation, have been given great importance. Famous American economists F. Machlup and P. Drucker were the first to express the idea that knowledge is a factor of production [1, 2].

Today, independent researchers and groups of specialists working under the auspices of international (World Bank, UNESCO, OECD) and Russian organizations (Skolkovo Innovation Center, National Research University Higher School of Economics) in the framework of theoretical and empirical research present “knowledge” as a factor of economic growth, and the Institute of Higher Education and Science as the leading force in the production of intellectual values[3]. The modern experience of Russian higher education can be expressed by the fact that, in addition to the production of scientific knowledge, it should deal with the task of creating a more stable institutional space. During the transition period and in crisis situations, educational institutions have always become a mediator between the old, outgoing, and the new system. However, in Russian reality, these processes are characterized by historically established inertia and the presence of so-called institutional traps, which can be difficult to withdraw both in the short term and in the long term process. This circumstance, of course, affects the overall dynamics and is an aggravating factor in the analysis of the activities of higher education in Russia.

What refers to the current model of interaction between higher education and business, in world practice, the presence of the state as a participant has been reduced to a minimum, thereby reducing institutional costs, on the one hand, and increasing the potential effectiveness of implementing innovative projects, on the other. However, this is new in Russian practice. Innovation and business cannot interact freely, since so far government regulation and intervention slows down the process of implementing innovative ideas to a large extent. The leading role in this process could be taken by research and higher education institutions, the potential of which allows a positive influence on the management of these processes.

Today, the current processes in the higher education system cannot be considered apart from the pan-Russian socio-economic transformations, geopolitical changes and international relations. In particular, the result of general political strategies of rapprochement with European countries, observed in the early 2000s, was the integration of Russia into the Bologna process. In the reformation of its own educational system (secondary and higher education), the main vector was the rejection of the Soviet legacy. First of all, the five-year educational cycle, which is familiar and typical of Russian society, for the preparation of professional specialists in higher education was quantified in terms of admission of students and, accordingly, in the number of diplomas awarded. The specialty was replaced by a two-level system of education — Bachelor’s and Master’s, with the subsequent assignment of the qualification “Bachelor of Arts” and “Master of Arts”. The unification of Russian and European diplomas cannot be assessed unequivocally, since it has both its positive and negative sides.

On the one hand, the Bologna process and the general modern trend of internationalization of Russian science and education contribute to the integration of the National Institute for Higher Education in the global educational space. It resulted in the increase of the academic mobility of teachers and students, which gave the following results:

— absence of barriers in obtaining a diploma of different countries;

— expanding the possibility of obtaining a double diploma;

— increase in the number of Russian participants in international scientific conferences;

— increase of teachers’ publication activity in foreign publications;

—  increase in the number of Russian universities offering subjects in foreign languages which are not state languages (English, French);

— increase in the number of foreign students in Russian universities;

— opportunity for representatives of Russian higher education institutions to take part in the competition for foreign grants, scholarships, etc.

On the other hand, such rapid changes could not but reflect on the quality of the educational process and the learning outcome, which was once the cornerstone of the education institution. The content of educational programs can be considered as one of the negative consequences of integration, both in terms of shortening the cycle of disciplines for the undergraduate program (minus one year in comparison with the specialty), and in creating master programs without any experience, should be amended in European educational space.

At the consumer level, the knowledge phenomenon is assessed positively as a promising investment and a means of generating future income, which is reflected in the development and increase of the market of educational services. At the level of firms and enterprises, the dynamics of increasing the value of knowledge can be traced in the increase of seminars, master classes and corporate trainings (usually at the employer’s expense) aimed at improving the skills and quality of academic staff.

This indicates that, on the one hand, specialists in the labor market do not fully meet the employer’s demands, and on the other hand, the business and manufacturing sectors (the employer itself) form a modern demand for the main supplier of specialists in the labor market of higher education. At the same time, this indicates that the organization is forced to retrain its own employees at its own expense, which can result in additional costs and factors hindering socio-economic development. Or, in order to increase personal competitiveness in the labor market, the specialists themselves are looking for ways of professional growth. It turns out that the cost of education for an employee is made at least twice by the state and the employer, which cannot be evaluated positively.

In this regard, the reaction of students, which is marked by the expansion of the request for distance learning programs, is quite justified. As a result, higher education institutions offer various short-term online courses, webinars and featured online programs, as well as popular online educational courses in Russia. This trend demonstrates how quickly Russian universities can adapt to the transformation processes of the economic system both in the local and world market. This aspect in particular can refer to the development of higher education which can be attributed to innovative transformations, since it is more dependent on the level of development of ICT and online platforms.

Summing up, it can be stated that the process of reforming the institute of higher education, launched in the late XX — early XXI centuries, became a transformational factor that influenced all levels of the system. The measures taken more than 20 years ago began to give the first results. Higher education institutions gradually adapted to new socio-economic conditions. In particular, financial reductions, competition in the local market and increased government demands have become driving forces in solving the situation. The projects, implemented today for integration into the international educational space and for enhancing competitiveness, are characterized by positive dynamics. Nevertheless, by developing the general strategy for the further development and transformation of the institute of higher education, it should be noted that the high quality of teaching and the effectiveness of training specialists are the main criteria that modern users of the knowledge market are oriented to.