The article shows that the modernization of existing and the creation of new industries in the developed territories, and their infrastructure development are a priority in the development of the productive forces of the North, including the Arctic. The optimism about the Arctic vector of development, according to the author, should be moderate. The main directions of modernization of the existing economic systems are considered. These areas are associated with the forms of placement of production and settlement of the population in the form of territorial and economic complexes, geographically and economically remote industrial centers, and the periphery of the predominantly rural type. Attention is focused on the rise of the role of the natural factor in the socio-economic development of the Arctic and Northern territories and the need for interregional integration in solving the problems of environmental protection. The solution to the problems of the Arctic and the North is connected with the improvement of relations in the system of economic federalism. The main point here is the need for coordination of public, state, and corporate interests for the sake of improving the standard of living of the settled population, providing the national and world markets with raw materials.