At the turn of the twenty-first century a paradigm shift in economic development is taking place in the world. This is reflected in the transition to what goes by the name of the new economy. Given birth by the information and communications revolution, this economy is developing under the conditions of globalization and competition while increasingly defining the entire tenor of life of the advanced countries, and even, it is sometimes said, a new stage in modern civilization. A key characteristic of the new economy is that it is based on knowledge and information technologies, which are becoming one of the most important factors of social and economic development. This refers both to the universal accessibility of knowledge and to changes in the structure of knowledge, with the emphasis placed on people's ability to navigate amid the rapidly mounting flood of information, the necessity of upgrading their qualifications and professionalism while expanding their intellectual horizon and developing their creative abilities. The task of improving the quality and changing the content of education has become a main direction of state policy in the United States, Western Europe, Japan, and may other countries. This article discusses three specific reasons that may prevent Russia from making this same type of transition: (1) an unjustified financial policy; (2) errors in ministerial strategy and tactics; and (3) the mentality of today's young people.