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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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PRINTED FROM UNIVERSITY OF NORTH CAROLINA PRESS SCHOLARSHIP ONLINE (www.northcarolina.universitypressscholarship.com). (c) Copyright University of North Carolina Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in NCSO for personal use.date: 17 October 2019

Putin’s Economic Inheritance

Putin’s Economic Inheritance

Chapter:
(p.1) Chapter 1 Putin’s Economic Inheritance
Source:
Putinomics
Author(s):

Chris Miller

Publisher:
University of North Carolina Press
DOI:10.5149/northcarolina/9781469640662.003.0001

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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