The Modern Economy of Russia


This is Russia the largest country on the planet by pure landmass. The country is the centre of many controversies that have today made it a bit of a boogeyman in the international community.

It is an enormous military power with the largest nuclear arsenal in the world even beating out the United States which comes as a hangover from when the nation was the centrepiece of the Soviet Union.

But we are not here to look at Russian military assets or speculate about the wild conspiracies that Vladimir Putin is inevitably plotting in the Kremlin as we speak. We are not even here to look at the Soviet Union that one deserves a video all its own, no we are here to explore modern day Russia, which is an economy that really is just not that impressive.

Russia is hugely powerful by virtue of its military and political influence but its economy is really nothing to be proud of. It’s current gdp of around 1.7 trillion USD is certainly nothing to be ignored, it puts it in line with countries like Canada or the Brazil but it does not put it in line with the world powers like china or the USA which it is normally compared too.

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References –

Novokmet, F., Piketty, T. and Zucman, G., 2018. From Soviets to oligarchs: inequality and property in Russia 1905-2016. The Journal of Economic Inequality

Klugman, J. and Braithwaite, J., 1998. Poverty in Russia during the transition: an overview. The World Bank Research Observer

Blasi, J.R., Kroumova, M. and Kruse, D., 2018. Kremlin capitalism: Privatizing the Russian economy. Cornell University Press

Benedictow, A., Fjærtoft, D. and Løfsnæs, O., 2013. Oil dependency of the Russian economy: An econometric analysis. Economic Modelling

Williamson, J., 1993. Democracy and the “Washington consensus”. World development

Williamson, J., 2000. What should the World Bank think about the Washington Consensus?. The World Bank Research Observer

Florio, M., 2002. Economists, privatization in Russia and the waning of the’Washington Consensus’. Review of International Political Economy

Kulikova, I. and Godart, F., 2014. How history, culture, and demography drive luxury consumption in Russia. In Luxury brands in emerging market

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