Karl, does Russia consider itself to be a socialist country, or a capitalist country with lots of social safety nets? How does Russia define itself that way? Thanks.
Karl, does Russia consider itself to be a socialist country, or a capitalist country with lots of social safety nets? How does Russia define itself that way? Thanks.
That's an excellent question. Hudson has just said Russia's economic system is "ad hoc" but then he doesn't spend as much time closely studying Russia as he does China or the USA, and then he has his writing and interviews. I've been trying to coax him into the idea that Russia's exercising Social-Capitalism, a hybrid of China's political-economy. I my VK essays, I called that Socialism with Russian Characteristics. Russia doesn't spend much energy in trying to define what it's political-economy might be termed. Earlier this year, Putin said Russia was going to embark on a new economic path he termed Supply-Side and then qualified by saying output--supply--needed to be raised so there's more for Russians to buy and to export so wages/incomes could rise and for the overall economic cycle to the point of policy. The point of all economic policy is what's its main aim. Putin has long made it clear that the economy's goal is to uplift the wellbeing of all Russians and to eliminate poverty within Russia. If you read the bit about Russia's "Branding," you can see how Russia's been going about "boot-strapping" itself. The products it produces are competitive globally. Both Hudson and I agree the sanctions have been a boon for Russia along with NATO's Hybrid War against Russia in Ukraine. When you look at how Russia's economy is structured, it's very socialist with many key industries and much of banking/finance being public utilities. In the Soviet Era, many large state-owned corporations provided the mass of social benefits--housing, schools, culture and sport facilities, etc., and that "tradition" has continued although not as heavily as the state has taken several key burdens and is working hard to expand fundamental infrastructure like roads and improvement of the housing stock. Today's Russia is fulfilling the Soviet Promise to a very large extent. A comparison between Moscow in 1980 and in 2020 would show a vast improvement even with the disastrous 1990s as hindrance.
I'm a big fan of state ownership, and was impressed to see that the banking and shipbuilding industries were publicly owned, and that's what led to my question. Thanks for your comprehensive answer.
Karl, does Russia consider itself to be a socialist country, or a capitalist country with lots of social safety nets? How does Russia define itself that way? Thanks.
That's an excellent question. Hudson has just said Russia's economic system is "ad hoc" but then he doesn't spend as much time closely studying Russia as he does China or the USA, and then he has his writing and interviews. I've been trying to coax him into the idea that Russia's exercising Social-Capitalism, a hybrid of China's political-economy. I my VK essays, I called that Socialism with Russian Characteristics. Russia doesn't spend much energy in trying to define what it's political-economy might be termed. Earlier this year, Putin said Russia was going to embark on a new economic path he termed Supply-Side and then qualified by saying output--supply--needed to be raised so there's more for Russians to buy and to export so wages/incomes could rise and for the overall economic cycle to the point of policy. The point of all economic policy is what's its main aim. Putin has long made it clear that the economy's goal is to uplift the wellbeing of all Russians and to eliminate poverty within Russia. If you read the bit about Russia's "Branding," you can see how Russia's been going about "boot-strapping" itself. The products it produces are competitive globally. Both Hudson and I agree the sanctions have been a boon for Russia along with NATO's Hybrid War against Russia in Ukraine. When you look at how Russia's economy is structured, it's very socialist with many key industries and much of banking/finance being public utilities. In the Soviet Era, many large state-owned corporations provided the mass of social benefits--housing, schools, culture and sport facilities, etc., and that "tradition" has continued although not as heavily as the state has taken several key burdens and is working hard to expand fundamental infrastructure like roads and improvement of the housing stock. Today's Russia is fulfilling the Soviet Promise to a very large extent. A comparison between Moscow in 1980 and in 2020 would show a vast improvement even with the disastrous 1990s as hindrance.
I'm a big fan of state ownership, and was impressed to see that the banking and shipbuilding industries were publicly owned, and that's what led to my question. Thanks for your comprehensive answer.