Vladimir Mau - Russias Economy in an Epoch of Turbulence: Crises and Lessons

Vladimir Mau

First published 2018
by Routledge
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2018 Vladimir Mau

The right of Vladimir Mau to be identified as author of this work has been asserted by him in accordance with sections 77 and 78 of the Copyright, Designs and Patents Act 1988.

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British Library Cataloguing-in-Publication Data

A catalogue record for this book is available from the British Library

Library of Congress Cataloging-in-Publication Data

Names: Mau, V.A. (Vladimir Aleksandrovich), author.

Title: Russias economy in an epoch of turbulence : crises and lessons /
Vladimir Mau.

Other titles: Krizisy i urok. English

Description: Abingdon, Oxon ; New York, NY : Routledge, 2018. |
Series: BASEES/Routledge series on Russian and East European studies ; 118 |
Includes bibliographical references and index.

Identifiers: LCCN 2017029588 | ISBN 9781138061712 (hardback) |
ISBN 9781315162188 (ebook)

Subjects: LCSH: Russia (Federation) Economic conditions 1991. |
Russia (Federation) Economic policy 1991. | Financial crises Russia (Federation).

Classification: LCC HC340.12 .M383413 2018 | DDC 330.947 dc23

LC record available at https://lccn.loc.gov/2017029588

ISBN: 978-1-138-06171-2 (hbk)

ISBN: 978-1-315-16218-8 (ebk)

Typeset in Times New Roman

by Florence Production Ltd, Stoodleigh, Devon, UK

Dedicated to the memory of Yegor Gaidar

This book explores global crisis started in 200708 and its impact on Russia. The analysis is carried out in the context of the accumulated experience of large-scale (global, systemic or structural) crises of the past 100 years.

The specificity of Russian post-communist development is determined by the overlapping of several crisis processes that, with all their complexities, are not unprecedented and may be compared with some of the important episodes of global and domestic economic history of the twentieth century. Quite relevant for this analysis are the studies of two previous structural crises (which could be considered global as well): those of the 1930s and the 1970s. Each of these crises formed an economic model that was new for their time and new approaches to theoretical research. It is also important to notice specific characteristics of the radical transformations of socio-economic systems (revolutions) twice faced by Russia in the twentieth century. Also appropriate seems to be the experience of profound (systemic) economic transformations in Russia, forming a model of a state market economy (new economic policy; NEP) at the beginning of the 1920s and its destruction at the end of that decade. Sixty years later, Russia again attempted a complex transformation into a market economy (or market socialism, as it seemed at the beginning of transition) in the second half of the 1980s.