Wednesday, August 15, 2012
Is Russia Rejecting Neoliberal Economics?
The Washington Post is running a series of articles on Russia. This article is about the appointment of Sergei Galzev as an economic adviser to Putin. He wants to move the Russian economy into the technology areas that will dominate the global economy. The current economic slowdown has exposed the dependence of the Russian economy on selling its natural resources to the developed world. Russia has a system of Oligarchic Capitalism that resulted from its effort to move rapidly into a free market economy. Galzev views this as the failure of neoliberal economic ideology that is sometimes called the Washington Consensus. He looks to Japan, China and S.Korea as examples of states that have used industrial policy to grow their economies.