Russia’s Crony Capitalism: Stagnant But Stable

The Russian economy is caught in stagnation, but thanks to a skillful macroeconomic policy, the economy has stabilized. The current economic model is dualistic. On the one hand, the so-called systemic liberals are in charge of macroeconomic policy, which they pursue eminently. On the other, President Vladimir Putin allows state corporations, cronies, and law enforcement agencies to dominate the corporate economy, enriching themselves with little consideration of legality.

Anders Aslund's paper discusses the state of the Russian economy and the prospects for reform and growth.

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