The Economic Crisis in Russia: Causes, Deployment Mechanisms, and the Possible Consequences

M. Urnov
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M. Urnov: National Research University Higher School of Economics, Moscow, Russia

Journal of the New Economic Association, 2015, vol. 26, issue 2, 186-190

Abstract: The current economic crisis in Russia has been caused by a combination of situational and "systemic" factors. The former group of factors includes (inter alia) a fall in international oil prices; the political revolution in Ukraine; a decrease of public trust in political power institutions in 2008-2014; and a low quality analytical support of political decision-making process. The most important "systemic" factors are a traditional dependence of Russia on raw materials' export and the crisis of national identity. The long-term effect of the crisis will be a narrowing of the spectrum of positions that Russia could take in the world economic and political system. Before the crisis, the spectrum of options was limited by a position of regional power (at best) and a position of emerging state/country with an uncertain status, survived in or experiencing a de jure or de facto territorial disintegration. As a result of the crisis the best possible option seems to be a position of a country at the periphery of the developed world deprived of any decisive influence on the politics of its neighbors.

Keywords: Russia; economy; crisis; resources; national identity; Ukraine (search for similar items in EconPapers)
JEL-codes: O52 P20 (search for similar items in EconPapers)
Date: 2015
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