putinomics power and money in resurgent russia

To refer to Putin’s economic policy pursued in Russia since he came to power in 1999, Miller has coined the notion of “ putinomics”, so styled after “ reaganomics”. In this context, the author formulates an opinion that, contrary to the popular opinion prevailing in the West, Russian economic policy under Putin’s rule was to a large extent well-thought-through and implemented with iron consistency and pragmatism, in view of the effects achieved, both the economic and the political ones, as well as from the point of view of Putin’s image. Moreover, Miller also points out that-despite widespread corruption, cronyism, and overreliance on oil as a driving force of the Russian economy-Putin’s economic strategy has been surprisingly successful. He proves that some aspects of Putin’s fiscal and monetary policy were conducive to securing economic stability and growth, while his other politically motivated actions hampered investment and long-term development. The author accurately describes and aptly explains the specificity of the Russian state and of its economy, where politics and economy are closely intertwined. Power and Money in Resurgent Russia”, Miller presents a very consistent, comprehensive, and analytical evaluation of Putin’s economic policy, which has kept him in power in Russia for the past two decades. The answers to these questions are provided by Miller in his book. Naturally, a number of questions arise: how was it possible? What was the reason for Russia’s economic success?-was it about the genius of its leader, the favorable external circumstances, or perhaps was it a complete coincidence? Finally, the key one is whether one can speak of a conscious, consistently implemented economic policy of the Kremlin under the leadership of Putin. Putin, who has been in power continuously since then, either as President in 2000–20 till present or as Prime Minister in 2008–2012, did not only restore Russia to the role of a great power in the international political arena but also “put the Russian economy back on its feet”, which under his rule was developing at a pace enviable to many other countries of the world. At that time, the Russian economy was in a state of permanent, deep crisis, which culminated in 1999 as a direct consequence of the financial crisis of September 1998. Russia of that time did not in any way resemble the one of today, both politically and economically.

When Vladimir Putin took power in Russia in 1999, he was a little-known figure, brought to Moscow by the then President, Boris Yeltsin.

Putinomics power and money in resurgent russia