The Russia Balance Sheet

Introduction : why Russia matters and how -- Russia's historical roots -- Political development : from disorder to recentralization of power -- Russia's economic revival : past recovery, future challenges -- Policy on oil and gas -- International economic integration, trade policy, and investment -- Challenges of demography and health -- Russian attitudes toward the West -- Russia as a post-imperial power -- Pressing the "reset button" on US-Russia relations -- Key facts on Russia, 2000-2008.

The second book from The Russia Balance Sheet Project, a collaboration of two of the world's preeminent research institutions--the Peterson Institute for International Economics and the Center for Strategic and International Studies--examines Russia after the financial crisis of 2007-2009. In the aftermath of the crisis, what is Russia's current economic status and role in the world order? How has the crisis changed a push for an innovation-driven economy fueled by advanced technology growth? Furthermore, how have recent allegations of political corruption affected domestic politics as well as the world's perception of Russia? To answer these questions, the book assesses Russia's international policy challenges and also provides an all-encompassing review of domestic issues. The authors consider foreign policy, Russia and it neighbors, climate change, Russia's role in the world, domestic politics, and corruption. As Russia grapples with the realities of the post-crisis world, this lucid volume offers the keen insights of today's foremost experts on Russia. -- Book Description.

Excerpt from The Balance Sheet of Sovietism The tragic fate of Russia has attracted the attention of civilized mankind. Much has been said and written about the amazing degradation of the political, social and economic life of a country which hitherto was justly considered the biggest reservoir of wealth and economic potentiality. In our day the fact can scarcely be denied that Russia's present suffering was caused by and is the direct result of the incompetent and sinister Communist practice wrought upon her people by a small but unscrupulous and closely organized group of professional agitators or incurable theoreticians belonging to the Marxian school. Idle are the attempts to explain the systematic destruction of Russian economics by the much debated Allied "blockade," or the drought and other meteorological fluctuations, no matter how unfavorable such may have been. At present the most stubborn Socialist adherents are somewhat ashamed to attribute all the blame for the prevailing conditions in Russia to the events and circumstances which have had but an insignificant and rather remote bearing upon the destinies of her people. During a period of five years the Bolsheviki have been given the chance to work out a practical program for putting their theories into effect. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

This paper discusses key findings of the pilot Fiscal Transparency Evaluation for the Russian Federation. Most aspects of Russia’s fiscal reporting and budgeting practices are in line with good or advanced practice under the July 2013 draft of the Fiscal Transparency Code. The disclosure and management of fiscal risks has significantly improved in recent years. The evaluation highlights a number of important areas where fiscal transparency practices could be further improved. Addressing these gaps in fiscal transparency practices would enable the government to provide a more complete picture of its fiscal position, prospects, and risks.

Fixing Russia's Banks documents how Russia's financial system is built on what Michael S. Bernstam and Alvin Rabushka call ersatz banks. These inferior imitation banks have served largely as tools of the government to redistribute public funds to favored firms. The highly vaunted achievements of privatization, removal of price controls, and foreign trade liberalization have failed to produce growth because of a lack of private financing. National income has declined nearly 40 percent since 1992, with no recovery in sight.

FOREWORD THE tragic fate of Russia has attracted the attention of civilized mankind. Much has been said and written about the amazing degradation of the political, social & economic life of a country which hitherto was justly considered the biggest reservoir of wealth and economic potentiality. In our day the fact can scarcely be denied that Russia's present suffering was caused by and is the direct result of the incompetent and sinister Communist practice wrought upon her people by a small but unscrupulous and closely organized group of professional agitators or incurable theoreticians belonging to the Marxian school.Idle are the attempts to explain the systematic destruction of Russian economics by the much debated Allied "blockade," or the drought and other meteorological fluctuations, no matter how unfavorable such may have been. At present the most stubborn Socialist adherents are somewhat ashamed to attribute all the blame for the prevailing conditions in Russia to the events and circumstances which have had but an insignificant and rather remote bearing upon the destinies of her people. During a period of five years the Bolsheviki have been given the chance to work out a practical program for putting their theories into effect. Nor was there lack of effort on their part to "Use the weapons of hell to attain the Communist paradise." Hell they have attained, while paradise is still to be found in the column of articles lost.In the case of Russia, the world is witnessing the most complete failure of a governmental system that has ever been recorded in history. Every department of present Russian life distinctly proves the hopelessness of further attempts to erect a stable economic edifice upon the sandy foundations of Marxian principles. On the plains of Russia, Socialism has suffered a defeat so conclusive as to make its recovery impossible. The Soviet leaders themselves have been compelled to admit their failure. Their battle-cry of 1917: "Proletarians of all countries unite to smash Capitalism," has been converted into a new motto: "Capitalists of all countries unite to save Communism." Having received but little encouragement from international labor, the Red rulers of Russia are now seeking the support of International Finance. Those "who got slapped" by the Russian workers and peasants, have suddenly turned their attention to the pocketbook of the Western Banker. For it is not impossible that short-sighted greed may induce the wealth-owning classes to disastrous endeavors to consolidate the waning power of Communism in Russia. The Genoa and Hague Conferences were early manifestations of this new policy which may be put in operation on a colossal scale. But whatever course the dealings with the Soviets may assume, it is apparent that the first stage of the Socialist experiment in Russia has been completed and a new phase is rapidly evolving. "With International Finance playing an important part in the future development of Russia, the whole trend of events must necessarily become the joint function of two factors, Communism and Capitalism, seeking to make concessions to each other. Socialists are hoping that these mutual reverences will result in converting Capitalism into mild Communism, while capitalists expect Communism to assume the form of mild Capitalism. In all probability both groups will fail in their expectations as, from a strictly scientific viewpoint, Capitalism and Socialism are phenomena mutually excluding each other.However, this volume is not intended to deal with the problematic future. Its object is merely confined to an analysis of the actual "achievements" of Communism, in the light of economic and social policies enforced by the Bolsheviki during the whole period of their amazing misrule. In this sense the volume as it stands is nothing but the balance sheet of Communism, and it is no fault of ours that the account presents a vivid picture of fraudulent bankruptcy.