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Russia’s Economy under Putin
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Russia’s Economy under Putin

From Crony Capitalism to State Capitalism

Simeon Djankov
Peterson Institute for International Economics, 2015
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Vladimir Putin has brought vast changes to Russia since his rise to power in 1999, writes Simeon Djankov, a former deputy prime minister and finance minister of Bulgaria. Djankov outlines how Russia’s economy went from fledgling free enterprise in the post-Soviet era to entrenched state capitalism today, and he describes how that shift has supported Putin’s foreign policy aims. Djankov doesn’t foresee much change in the near term, particularly as Western sanctions perversely tighten Putin’s grip on the economy. getAbstract recommends his insightful article to anyone interested in the long-term political and economic future of Russia.

Take-Aways

  • Five important trends characterize Vladimir Putin’s long tenure as Russia’s leader: First, the government’s role in the economy has grown.
  • Second, Russia exploits its energy sector for foreign policy purposes. Third, the absence of a competitive political process keeps reforms in health care, the legal system and pensions at bay.
  • Fourth, nationalizing strategic assets and directing major projects to elites have resulted in more billionaires in Moscow than in any other city worldwide.

About the Author

Simeon Djankov is a visiting fellow at the Peterson Institute for International Economics.

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