“The Russian Economy” by Richard Connolly

“The Russian Economy” by Richard Connolly offers an all-encompassing study of Russia’s economic past and present. The book investigates the historical foundations of an economy that is state-controlled and influenced by security needs. It underscores how the Soviet Union’s centrally managed economic structure facilitated industrialization, urbanization, and military victories, though at a substantial human expense.

The shift to a market-oriented system in the late 20th century was fraught with difficulties and achieved only partial success. Connolly presents a fair examination of the various aspects of the Russian economy, which ranks among the world’s largest. He elucidates the economic missteps and hurdles faced by Russia, including fragile property rights, comparatively slow growth rates, low productivity, excessive dependence on oil, and elevated military expenditure.

However, the book also acknowledges Putin’s role in providing the country with macroeconomic stability. From the millennium onwards, Vladimir Putin’s economic policy emerged as a hybrid of state- and market-controlled approaches. Despite criticism for overdependence on natural resources and armaments, Russia’s economy affords it global power.

Connolly’s book is a valuable resource for understanding Russia’s economic trajectory. It offers insights into the creation of a market, the reassertion of the state, and Russia’s place in the global economy. The book is a testament to Russia’s resilience and adaptability in the face of economic challenges and sanctions.

In conclusion, “The Russian Economy” by Richard Connolly provides an in-depth, captivating, and informative overview of Russia’s economic landscape. It is a must-read for anyone interested in understanding the complexities and nuances of the Russian economy.

Click here to read other interesting articles by Studyingwizard.com

Books mentioned in the article: “The Russian Economy: A Very Short Introduction” by Richard Connolly