The Russian Economy

Paper Summary:

Discusses Russia's transition to a western-style Capitalist country after 1991. Russian socialist system development of a market economy built on legal (collective farm markets) and illegal (underground) market economy. Population statistics. Economic data. GDP. Investing in Russia. Foreign trade. Russian budget deficits. Labor force. Exports/Imports. External debt.

From the Paper:

"Since the time of the failed coup attempt in 1991, the Russian economy has been in a transition to a Western-style capitalist country. This only partially identifies the goal, since there are several different types of Western capitalist country. Each of the Western models is sufficiently similar, though, that the path taken by the Russian socialist system will be clearly in a new direction (Leitzel, 1995, 1).

Russia developed a market economy and has included capitalist-style behavior for as much as 25 percent of all economic activity in the pre-reform USSR, some of which was even legal. The legal portion was dominated by collective farm markets. Prices at these markets were more or less unregulated. In addition, some 100,000 Soviet citizens engaged legally in small-scale crafts and trades. The rest of the Soviet market ..."

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