Russia’s Crony Capitalism: Stagnant But Stable
Over recent years exogenous economic factors have imposed substantial stress on Russia’s economy. However, despite an ever-decreasing standard of living, introduced by recent adverse shocks such as the oil price crush and the imposition of economic (and in particular financial) sanctions, the current government appears comfortably in control.
On March 13, 2017, Chairman of the CASE Advisory Council and Senior Fellow at the Atlantic Council, Dr. Anders Aslund presented his views on Russia’s economic system and prospects for Russia’s economy during the 148th mBank – CASE seminar.
In his presentation, Dr. Aslund attributed the persistence of the current status quo to four elements that in his view describe President Putin’s model: conservative macroeconomic policy; state and crony capitalism; protectionism; and, an efficient form of authoritarianism.