The Turn to Statism in Russian Economic Policy

The Turn to Statism in Russian Economic Policy

Since 2003, state control in the Russian economy has increased significantly. This has affected mainly, but not only, the oil industry. This policy development gives some grounds for concern about Russia's long-run growth. Its origins lie in power struggles within the political elite, in effort...

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Bibliographic Details
Published in:The International spectator Vol. 42; no. 1; pp. 29 - 42
Main Author: Hanson, Philip
Format: Journal Article
Language:English
Published: Taylor & Francis Group 01-03-2007
Subjects:
Economic growth
Economic Policy
Oil industry
Oligarchy
Petroleum Industry
Political Elites
Political Power
Power relations
Prices
Russia
Russian Federation
State intervention
Statism
Online Access:Get full text
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Summary:Since 2003, state control in the Russian economy has increased significantly. This has affected mainly, but not only, the oil industry. This policy development gives some grounds for concern about Russia's long-run growth. Its origins lie in power struggles within the political elite, in efforts by members of that elite to enrich themselves and in a profound distrust on the part of that elite of any sources of power that they do not themselves control. One result is that business confidence has been dented, the growth of oil output has slowed, and future GDP growth depends more heavily than before on further growth in oil prices.
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ISSN:0393-2729
1751-9721
DOI:10.1080/03932720601160336