In this paper we consider attempts to transform economic mechanisms of culture that have been made since the recent years of the Soviet era with the purpose to achieve a reasonable balance between the freedom of the initiative of cultural goods producers and the public control of their activities. We highlight the main stages of the reforms in respect to the tasks set in them: the first stage dates back to the period between the end of 1980s and the beginning of 1990s; the second stage is 1990s; the third stage is 2000–2010 years. Having characterized each of the stages, the author has come to the conclusion that the tasks being solved within their frames virtually have remained the same, i.e. enlarging the economic rights of cultural institutions, increasing the validity of the budget funding volumes allocated for them, primarily, through implementing the normative approach and developing alternative sources of financing cultural activities in the country. An analysis of the situation showed that attempts to solve the tasks had failed and the economic mechanisms of culture turned out to be at their start level. Thus, it is suggested that the “motion in a circle” should be unlikely to avoid till the attempts to preserve the inviolability of the public sector are still being made and all reforms are being focused on adjusting organizational and economic terms of functioning of its institutions. The major trends of future reforms are seen to be privatization of a part of the state institutions and their transformation into the status of non-state non-profit organizations (with the state participation being possible), development of competitive mechanisms of budget financing and giving grants.