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PutinomicsPower and Money in Resurgent Russia$
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Chris Miller

Print publication date: 2018

Print ISBN-13: 9781469640662

Published to North Carolina Scholarship Online: September 2018

DOI: 10.5149/northcarolina/9781469640662.001.0001

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Putin’s Economic Inheritance

Putin’s Economic Inheritance

(p.1) Chapter 1 Putin’s Economic Inheritance

Chris Miller

University of North Carolina Press

This chapter examines the economy that Vladimir Putin inherited when he took power. During the 1990s, Russian President Boris Yeltsin had begun moving Russia toward a market economy, eliminating price controls and privatizing industries and real estate. Yeltsin’s reforms, however, were overshadowed by a deeper structural problem: the collapse of the Soviet state led to an enduring budget crisis. The tax system had stopped functioning; the government funded its deficit by printing money, causing high inflation; and the economy lurched from crisis to crisis throughout the 1990s. Given the disastrous macroeconomic climate, Yeltsin’s team made only halting progress in restructuring industry, rebuilding the state, or establishing a business climate that promoted investment. This was Putin’s economic inheritance.

Keywords:   Boris Yeltsin, Vladimir Putin, Market economy, Reform, Budget deficit, Privatization, Inflation, Price controls, Industry, Investment

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