By 1999, Russia's economy was growing at almost 7% per year, and by
2008 reached 11th place in the world GDP rankings. Russia is now
the world's second largest producer and exporter of oil, the
largest producer and exporter of natural gas, and as a result has
the third largest stock of foreign exchange reserves in the world,
behind only China and Japan. But while this impressive economic
growth has raised the average standard of living and put a number
of wealthy Russians on the Forbes billionaires list, it has failed
to solve the country's deep economic and social problems inherited
from the Soviet times. Russia continues to suffer from a distorted
economic structure, with its low labor productivity, heavy reliance
on natural resource extraction, low life expectancy, high income
inequality, and weak institutions. While a voluminous amount of
literature has studied various individual aspects of the Russian
economy, in the West there has been no comprehensive and systematic
analysis of the socialist legacies, the current state, and future
prospects of the Russian economy gathered in one book. The Oxford
Handbook of the Russian Economy fills this gap by offering a broad
range of topics written by the best Western and Russian scholars of
the Russian economy. While the book's focus is the current state of
the Russian economy, the first part of the book also addresses the
legacy of the Soviet command economy and offers an analysis of
institutional aspects of Russia's economic development over the
last decade. The second part covers the most important sectors of
the economy. The third part examines the economic challenges
created by the gigantic magnitude of regional, geographic, ethnic,
religious and linguistic diversity of Russia. The fourth part
covers various social issues, including health, education, and
demographic challenges. It will also examine broad policy
challenges, including the tax system, rule of law, as well as
corruption and the underground economy. Michael Alexeev and Shlomo
Weber provide for the first time in one volume a complete,
well-rounded, and essential look at the complex, emerging Russian
economy.
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