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By 1999, Russia's economy was growing at almost 7% per year, and by 2008 reached 11th place in the world GDP rankings. Russia is now the world's second largest producer and exporter of oil, the largest producer and exporter of natural gas, and as a result has the third largest stock of foreign exchange reserves in the world, behind only China and Japan. But while this impressive economic growth has raised the average standard of living and put a number of wealthy Russians on the Forbes billionaires list, it has failed to solve the country's deep economic and social problems inherited from the Soviet times. Russia continues to suffer from a distorted economic structure, with its low labor productivity, heavy reliance on natural resource extraction, low life expectancy, high income inequality, and weak institutions. While a voluminous amount of literature has studied various individual aspects of the Russian economy, in the West there has been no comprehensive and systematic analysis of the socialist legacies, the current state, and future prospects of the Russian economy gathered in one book.
About the Author
Michael V. Alexeev is a Professor of Economics at Indiana University.
Shlomo Weber is a Robert H. and Nancy Dedman Trustee Professor at Southern Methodist University.
Table of Contents
A Look at the Past
2. Modernization and the Russian Economy: Three Hundred Years of Catching Up - Vladimir Mau and Tatiana Drobyshevskaya
3. Command economy and its legacy - Richard E. Ericson
4. Russia's Economic Transition - Anders Aslund
5. Transformational recession - Vladimir Popov
6. Growth trends in Russia after 1998 - Revold M. Entov and Oleg V. Lugovoy
Institutions and governance
7. Institutional performance - Leonid Polishchuk
8. Corporate governance in Russia - Ruben Enikolopov and Sergey Stepanov
9. The Russian tax system - Michael V. Alexeev and Robert F. Conrad
10. The Unofficial Economy in Russia - Byung-Yeon Kim
11. Russian Corruption - Mark J. Levin and Georgy A. Satarov
Resources and environment
12. Russia's dependence on resources - Clifford G. Gaddy and Barry W. Ickes
13. The Russian oil sector - Arild Moe and Valeriy A. Kryukov
14. The natural gas sector - Arild Moe and Valeriy A. Kryukov
15. Russian electricity market: variants of development - Alexander Vasin
16. The economics of mineral resources -Stephen Fortescue
17. The challenge of reforming environmental regulation in Russia - Alexander A. Golub, Mikhail Kozeltsev, Alexander Martusevich and Elena Strukova
Financial and Real sectors
18. Economics of the military-industrial complex - Steven Rosefielde
19. Blame the Switchman? Russian Railways Restructuring After Ten Years - Russell Pittman.
20. Russian Agriculture and Transition - Zvi Lerman and David Sedik
21. Science, High tech industries and innovation - Valery Makarov and Alexander Varshavsky
22. Russian banking as an active volcano - Koen Schoors and Ksenia Yudaeva
23. Financial and credit markets - Pekka Sutela
24. Russian Trade and Foreign Direct Investment Policy at the Crossroads - David G. Tarr and Natalia Volchkova
25. Economic geography of Russia - Andrei Markevich and Tatiana N. Mikhailova
26. Fiscal federalism: Impact of Political and Fiscal (De)centralization - Michael V. Alexeev and Shlomo Weber
27. Regional Challenges: the Case of Siberia - Judith Thornton
Policy and Social Challenges
28. Labor Market Adjustment: Is Russia Different? - Vladimir Gimpelson and Rostislav Kapeliushnikov
29. Privatization - J. David Brown, John S. Earle, and Scott Gelbach
30. Higher Education Reform and Access to College in Russia - Michael W. Kaganovich
31. Russia's healthcare system: difficult path of reform - Sergey Shishkin
32. Poverty and Inequality in Russia - Michael Lokshin and Ruslan Yemtsov
33. Recent demographic developments in the Russian Federation - Irina Denisova and Judith Shapiro