The article analyzes the possibility to use foreign experience of import substitution in the current environment of the Russian economy. The paper addresses the theoretical foundation of the import substitution policy laid down by F. Liszt, as well as its development and practical implementation in the middle and second half of the twentieth century. It is shown that such a policy is not consistent with the trends and the current stage of the world economic development. The conclusion is made that Russian economic policy should be focused on creating conditions for effective integration of the national business into the net of transnational industry and global value added chains.