1st Edition

Economic Developments in Contemporary Russia

ISBN 9781138993259
Published November 25, 2016 by Routledge
576 Pages

USD $54.95

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Book Description

This book provides a comprehensive overview of Russia’s difficult economic transition from a command economy since the early 1990s.  It covers the financial crisis of August 1998 and the global financial crisis a decade later.  Key subjects covered include economic transition, privatization and liberalization; changes in land ownership and agriculture; energy; foreign direct investment; economic stabilization; and economic performance.  Russia is well endowed with raw materials, especially oil and natural gas; this book argues that in some ways this has not helped Russia’s attempts to become a more diversified and high-tech economy.

Overall, the book demonstrates how much the Russian economy has changed in the period. It continues - and adds to – the overview of developments in the author’s The New Russia (2002), and is the companion volume to Political Developments in Contemporary Russia (2011) - both published by Routledge.

Table of Contents

Introduction and summary  1. Economic Transition  2. Liberalization: The 'virtual economy'; the enrichment of the minority (oligarchs); crime and corruption; the 1999 McKinsey Global Institute report; price liberalization; foreign trade (including liberalization, capital flight and the WTO).  3. Privatization in the non-agricultural sectors: The first stage of privatization (1 October-1July 1994); developments after the first stage (including the Yukos saga, the 'shares-for-loans' scheme and the furthering of state control through consolidation); natural gas and Ukraine; Belarus and Russian energy supplies.  4. Agriculture: Laws and decrees relating to private land ownership; the Nizhny Novgorod experiment; the new Land Code; the development of private farming.  5. Direct foreign investment: Volume; production-sharing agreements; developments in oil and gas; developments in policy; outward direct foreign investment.  6. Macroeconomic stabilization: Hyperinflation and how it was conquered (including foreign aid and debt and the role of the IMF); the financial crisis of August 1998; the global financial crisis. 7. Dmitri Medvedev: thoughts on the economy.  8. Economic performance.

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Ian Jeffries is Honorary Professor in the Department of Economics and Centre of Russian and East European Studies at Swansea University, UK. His recent publications include A History of Eastern Europe: Crisis and Change, 2nd edition; The Balkans: a Post-Communist History and numerous books in the series, Guides to Economic and Political Developments in Asia (all published by Routledge).