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The Structural Origins of the Russian Economic Crisis

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  • David Dyker

Abstract

One of the outstanding characteristics of the Russian economy over the decade of transition has been the lack of structural change, whether in terms of the structure of production, of investment, of exports, or of key institutions like banks. It is argued that this is one of the main underlying reasons for continued stagnation in the performance levels of the Russian economy. Various possible reasons for continued structural sclerosis are examined. Restrictiveness in Western trade policies vis-a ¤ -vis Russia, it is argued, has been a factor of marginal importance. Much more central has been a complex of domestic factors turning on the dominance of 'insiders' in the Russian economy, and the continued prevalence of feudal/paternalistic attitudes among these insiders. Concerned primarily with controls over stocks (of assets) rather than flows (of income), these insiders are peculiarly ill-fitted for the task of restructuring capital stocks in such a way as to strengthen the corresponding flows. And because Russian neo-feudalism discourages rather than encourages the development of trust, it is not clear that it can grow into anything better in the future.

Suggested Citation

  • David Dyker, 2000. "The Structural Origins of the Russian Economic Crisis," Post-Communist Economies, Taylor & Francis Journals, vol. 12(1), pages 5-24.
    • Handle: RePEc:taf:pocoec:v:12:y:2000:i:1:p:5-24
    DOI: 10.1080/14631370050002648
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    References listed on IDEAS

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    1. George A. Akerlof & Paul M. Romer, 1993. "Looting: The Economic Underworld of Bankruptcy for Profit," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 24(2), pages 1-74.
    2. David A. Dyker & Slavo Radosevic, 2000. "Building the Knowledge-Based Economy in Countries in Transition—from Concepts to Policies," Journal of Interdisciplinary Economics, , vol. 12(1), pages 41-70, October.
    3. Philip Hanson, 1997. "What sort of capitalism is developing in Russia?," Post-Communist Economies, Taylor & Francis Journals, vol. 9(1), pages 27-42.
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    Cited by:

    1. David Dyker, 2004. "Russian accession to the WTO—why such a long and difficult road?," Post-Communist Economies, Taylor & Francis Journals, vol. 16(1), pages 3-20.
    2. Nansi Paulraj, 2016. "The JCPOA and Changing Dimensions of the Russia–Iran Relations," Contemporary Review of the Middle East, , vol. 3(1), pages 95-110, March.

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