Nobody downloaded yet

Economy in Russia - Essay Example

Comments (0) Cite this document
Summary
The economic performance so far has not been spectacular because of the challenges entailed in the change from a command to market economy. The Government and the…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER93.1% of users find it useful
Economy in Russia
Read TextPreview

Extract of sample "Economy in Russia"

Download file to see previous pages Russia has to deal with persistent economic problems, which include:
The consensus and eventual policy position taken in Russia was that in order for the Russian economy to develop and benefit from the increasing integration of the global market and trade, policy reforms must be instituted. These reforms should directly address the challenges cited above. The past few years saw policy pronouncements that include price reform, the privatization of enterprise, macroeconomic stabilisation and fiscal decentralisation. Beginning in 1992, the government began instituting economic reform in these areas and based on the trajectory of growth of the Russian economy up to the present, it is clear that some of the governmental policies have worked.
Terterov (2004), for example, cited how investments to the country has overtaken capital flight, which has been the pattern in the past. As a result the economy has received a substantial boost, particularly in manufacturing and industrial sector, helping to create jobs and revenue for the state (Terterov 2004). Empirical research has also shown the positive link between governmental reform and wage increase and unemployment (Gerber 2006). Wolf and Lang (2006) in a study for the RAND Corporation reported that the recent impressive economic performance can be attributed to decentralized decision-making and the change in resource allocation from the previous state and bureaucratic allocation to the resource allocation through the market.
During Vladimir Putin’s administration, Russia was finally recognized as a market economy. The United States and the European Union declared this in June 2012. This is important for Russia because being classified as one means better opportunities for trade with other countries. For example, as a result of the recognition, the United States has removed several restrictions and guidelines that govern the US trading relationships with nonmarket economies ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Economy in Russia Essay Example | Topics and Well Written Essays - 2000 words”, n.d.)
Economy in Russia Essay Example | Topics and Well Written Essays - 2000 words. Retrieved from https://studentshare.org/macro-microeconomics/1636072-economy-in-russia
(Economy in Russia Essay Example | Topics and Well Written Essays - 2000 Words)
Economy in Russia Essay Example | Topics and Well Written Essays - 2000 Words. https://studentshare.org/macro-microeconomics/1636072-economy-in-russia.
“Economy in Russia Essay Example | Topics and Well Written Essays - 2000 Words”, n.d. https://studentshare.org/macro-microeconomics/1636072-economy-in-russia.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Economy in Russia

Effects of credit crunch/ensuing recession on political economy decisions in two countries. Russia- your choice

...inequality (in the long term) and reinforce the oligarchy; meanwhile, Hong Kong, while admittedly receiving more of an infusion of capital and thus having more room to move, made the right policy choices. Russia's economy is in a disastrous situation after the recession. Putin had managed to get the country on the right track throughout the early 2000s, after a calamitous period after the end of the Soviet Union with unimaginable poverty and desperation. But the progress seemed to have, like Sisyphus rolling his boulder in Tartarus, all disappeared. Russian charities have been devastated: “Nearly two thirds (61 percent) of Russian charitable organisations say their funding has dropped as a result of the...
6 Pages(1500 words)Essay

History of Russia and Its Economy

...? Introduction Globalisation is not a new word, as people would deem it to be. It started long before the world war when then there exist free markets with countries having reduced the tariffs imports, exports, as well as immigration and other limits to do with what determined the flow of information within countries and people alike. However, this capitalism was somehow destabilised by the emergence of totalitarianism and collectivism. Yergin and Stanislaw (2002) assert that it will be better off if governments are given the opportunity to regulate the economy. This resulted in many countries adopting this system that is still evident up to now. This paper will thus talk about the country Russia by...
8 Pages(2000 words)Research Paper

Russia Economy Analysis

...? Topic – Russia Introduction Russia is a country which was once a super power along with USA which is now considered as a developing nation due to their economic and living standards. If we define developing nation, it can be described as one which provides a healthy living environment for its citizen along with much advanced economic status. Russia by the end of the 20th century collapsed as a developed nation and is now joined hands with other developing nations to improve its economic status. In the beginning of 21st century, the country was bankrupt but within a decade its macroeconomic revolution put it as the fifth largest economy in the world. The economic...
15 Pages(3750 words)Research Paper

Economy and Agriculture in Russia

...Economy and Agriculture in Russia Vertical integration of the grain agricultural market in developing countries and the countries with transition period of the economy (East Europe), especially in the context of agro-holding of Russia Introduction There are different ways to develop agricultural productivity in the countries with transition period of the economy (East Europe, Russia) as well as vertical integration of the agricultural market. The approach taken and use of particular methods and techniques are discussed. The different philosophies applicable here could explain agriculture in transitional economies as in Eastern Europe and especially Russia, and these would be theories such as positivism, realism, instruments... and...
6 Pages(1500 words)Research Proposal

Economy of Brazil and Russia

...10 November 2006 Economy of Brazil and Russia Introduction The economic situation in different nations is directly shaped by the macroeconomic policies instituted by their governments. It should be noted that even though some economists strongly prescribe the laissez-faire market which leaves no room for government intervention, the state still plays a huge role in manipulating the entire economy through the creation of policies. In fact, governments become primary economic actors which regulates the whole economy by policies geared in attracting more investments, facilitating the inflow and outflow of products and services, determining the value of local currency and...
8 Pages(2000 words)Essay

Muslim women suicide bombers: Implications for the Jiihad and counterterrorism efforts

25 Pages(6250 words)Essay

Brazil, Russia, India and China (BRIC) are seen as the key new players in the global economy

...The BRIC countries as the key new players in the global economy: Brazil, Russia, India and China May 16, Outline: Introduction………………………………………………………………………….….… 3 Overview of the BRIC countries……..………………………………………………….... 3 China as the key new player in the global economy……………………………………… 4 Brief overview of the Chinese economy………………………………………….. 4 The contribution of the first-tier cities……………………………………………. 7 The contribution of the second-tier cities and the rest……………………………. 7 The role of government in the growth of the first and second tier cities…….…… 8 The role of the international market………………………………………….…… 8 The “stars” industries in China……………………………………………….……...
8 Pages(2000 words)Essay

The transition from a centrally planned economy to a free market or a mixed economy involves state owned enterprises being privatised. But economists debate as to whether this is actually beneficial to the country's economy. examples of Russia and Ch

...years. Nonetheless, the growing powers of private sector enterprises in the nation were controlled by strict regulatory authorities of the government. Strict antitrust policies were implemented by the government in order to reduce the intensity of monopolistic powers in marketplaces. State Ownership and Privatization in Russia The market system of Russia was socialistic in nature and had emerged after the collapse of the Soviet Union. In important sectors of the nation like, energy, finance and industry, the scope of privatization increased significantly. The so-called lion’s share of privatization basically came forth in the Russian economy in 1990. Before that period, under the...
6 Pages(1500 words)Coursework

The transition from a centrally planned economy to a free market involves state owned enterprises being privatized. But economists debate this is actually beneficial to the country's economy. Discuss this statement from experience of China and Russia

...of the party. Acceptance by the party contributed towards many enterprises being privatised. A combination of different approaches enabled the Chinese government to implement privatisation successfully within a socialist economic system the government planned majority of the processes which were adopted because of the influence of the communist party upon the economy. Assessment of the impacts of privatisation contributed to the slow privatisation in china. Though the process has been slow, many organisational have been fully transformed into private entities. The number of state-owned enterprises significantly reduced from 114,000 in 1996 to 34,000 in 2003. State ownership and privatisation in Russia...
7 Pages(1750 words)Essay

How the situation in Ukraine affected the economy of Russia

...HOW THE SITUATION IN UKRAINE HAS AFFECTED THE ECONOMY OF RUSSIA By and How the Situation in Ukraine Has Affected the Economy of Russia Introduction The conflict in Ukraine has caused serious economic consequences in not only Ukraine and Russia but it has impacted the frail recovery of the European economy. Therefore, even though the main victim of the war has been Ukraine where an estimated six billion euros or 6% of GDP has been affected from Donbass alone due to disruptions in industrial production, power cuts and the railway transport system, the effects of the conflict have caused dire consequences on the Russian...
6 Pages(1500 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Economy in Russia for FREE!

Contact Us