The Modern Economy of Russia

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This is Russia: the largest country on the planet by pure landmass. The country is the center of many controversies that have today made it a bit of a boogeyman in the international community.

It is enormous military power with the largest nuclear arsenal in the world even beating out the United States which comes as a hangover from when the nation was the centerpiece of the Soviet Union.

But we are not here to look at Russian military assets or speculate about the wild conspiracies that Vladimir Putin is inevitably plotting in the Kremlin as we speak. We are not even here to look at the Soviet Union that one deserves a video all its own, no we are here to explore modern-day Russia, which is an economy that really is just not that impressive.

Russia is hugely powerful by virtue of its military and political influence but its economy is really nothing to be proud of. Its current GDP of around 1.7 trillion USD is certainly nothing to be ignored, it puts it in line with countries like Canada or Brazil but it does not put it in line with the world powers like China or the USA which is normally compared too.

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📚 Want to learn more about the economy of Russia? We recommend reading "The Return: Russia's Journey from Gorbachev to Medvedev ", by Daniel Treisman

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Sources & Citations -

Novokmet, F., Piketty, T., and Zucman, G., 2018. From Soviets to oligarchs: inequality and property in Russia 1905-2016. The Journal of Economic Inequality

Klugman, J., and Braithwaite, J., 1998. Poverty in Russia during the transition: an overview. The World Bank Research Observer

Blasi, J.R., Kroumova, M., and Kruse, D., 2018. Kremlin capitalism: Privatizing the Russian economy. Cornell University Press

Benedictow, A., Fjærtoft, D., and Løfsnæs, O., 2013. Oil dependency of the Russian economy: An econometric analysis. Economic Modelling

Williamson, J., 1993. Democracy and the “Washington consensus”. World development

Williamson, J., 2000. What should the World Bank think about the Washington Consensus?. The World Bank Research Observer

Florio, M., 2002. Economists, privatization in Russia, and the waning of the 'Washington Consensus'. Review of International Political Economy

Kulikova, I. and Godart, F., 2014. How history, culture, and demography drive luxury consumption in Russia. In Luxury brands in emerging market

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[NotKimiRaikkonen]

So... its unequal.
When do we learn about the modern economy of Russia?

[sherlockholmes]

The video ended earlier than I could learn anything new.

[jasonzeng]

Do you know Gorbachev found a job as an actor after 1991? He acts as himself announcing the fall of USSR over and over and over again in films and TVs.

[mustafapc]

Video length 10:02 -
Economics of YouTube Explained

[Dangic]

Ironic that the Washington based recommendations are a list of things that the US itself doesn't follow.

[ayrnovem]

The problems Russia experienced in the 90s were not only about transition from planned economy to free market. A very big factor not mentioned here were broken technological chains. Different assets of industry that were supposed to work together suddenly became separated by borders. China, you know, did not break up from a unified country into 15 pieces.

[PashaZi]

very little said about the actual modern economy of Russia. Transition from USSR, the issues with oligarchs and high inequality are important, but it is definitely by far not all one expects to learn from a video claiming to describe the modern economy of Russia. Quite a superficial description here.


I really like your other videos though, great work overall!

[Kirkrrr]

While I enjoy your videos, this one is more "the wealth inequality of Russia" then "the economy". I was very interested in hearing about its % of income from oil and gas (and who owns/controls these), its military spending, infrastructure investment, etc. It would be a longer video, but I'm pretty sure a lot of people would still be interested in watching.

[MrDredd]

Russia's GDP is about the same size is as Australia's in 2019, but Russia has 145 million people compared to australia with 25 million people!!🤔😮

[da_revo]

The spelling of "bureaucracy" at 4:37 is bugging me.

[joshmellott]

You need to do South Africa! The economic situation in SA is really interesting

[misterbean]

Oh boy is it gonna get a whole lot worse

[al_caponeh]

I came much faster than the russian ruble devaluation.

[giveussomevodka]

Nigeria with snow. A gas station with an army. Home.

[royalrhode]

As a Russian, I can 100% confirm that it's true.

Wealth inequality is ABSOLUTELY STAGGERING. And every semi-educated person here knows that. Sadly, I personally don't know how the current situation could be fixed, so, as an aspiring young individual with hopes and dreams, I will do the exact same thing that money does in this country: escape it.

[mameyn]

Hey EE, just wanted to say thank you from all of us for making entertaining and educational content

[igottheshaft]

Can you please do a video on the Russian economy, not the problems of oligarchs after the transition. Thanks! I am usually a big fan of your work.

[Vishnu-rfwk]

I was Waiting for this vedio for a long time.

[ajrobbins]

Disclaimer: Due to cost constraints, these economic analyses are NOT exhaustive.