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Russia’s Crony Capitalism: Stagnant But Stable

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  • Anders Aslund

Abstract

A conundrum this paper aims to explain is how Russia, a country that pursues such rigorous and conservative macroeconomic policies can be so tolerant of state and crony capitalism. The key issue is what Putin’s economic model amounts to, which is being presented already in section one. Section two reviews Russia’s recent economic performance, while the three ensuing sections examine three key aspects of the Russian economy, namely the eminent macroeconomic policy, the role of energy, and the impact of the Western sanctions since 2014. The final section attempts to answer the likelihood of serious market reforms.

Suggested Citation

  • Anders Aslund, 2017. "Russia’s Crony Capitalism: Stagnant But Stable," mBank - CASE Seminar Proceedings 0148, CASE-Center for Social and Economic Research.
    • Handle: RePEc:sec:mbanks:0148
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    File URL: https://case-research.eu/files/?id_plik=5302
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    Cited by:

    1. Vinay Kaura, 2018. "Russia’s Changing Relations with Pakistan and Taliban: Implications for India," Jadavpur Journal of International Relations, , vol. 22(1), pages 58-79, June.
    2. Barbos, Andrei & Hartman, John, 2023. "Reputational effects on third-party agents: A study of the market for fine and rare wines," Journal of Economic Behavior & Organization, Elsevier, vol. 208(C), pages 359-372.

    More about this item

    Keywords

    Russia; crony capitalism; corruption; macroeconomic policy; economic growth; gas and oil;
    All these keywords.

    JEL classification:

    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • D73 - Microeconomics - - Analysis of Collective Decision-Making - - - Bureaucracy; Administrative Processes in Public Organizations; Corruption
    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • H13 - Public Economics - - Structure and Scope of Government - - - Economics of Eminent Domain; Expropriation; Nationalization
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • P48 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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