| Ashirov Jemal, Jabrayilov Emil Ruslan oglu
Neoliberalism in Russia
ID number: J202231
Abstract: The purpose of this article is to assess the role of neoliberal ideas in shaping Russia's transition to a market economy. The prevailing ideas of the “Washington Consensus" undoubtedly pushed Russian leaders to carry out radical reforms, but Russian reformers did not blindly follow the ideological agenda set for them in Washington. The actual policy that was implemented differed significantly from the prevailing neoliberal orthodoxy and was largely determined by the personal interests of the elites who made political decisions. While prices have been lowered and international trade and currency flows have been opened, the privatization process, dominated by insiders, has left the Russian economy in the hands of a narrow circle of oligarchs. Russia's corrupt, oil-dependent and state-oriented economy is far from the decentralized, competitive market system that the reformers envisioned. Democracy, which was initially seen as an integral part of the transition process, has also faded into the background. While critics claim that Russia has suffered from an overdose of “market fundamentalism,” the neoliberals themselves still insist that Russia has not gone far enough in unleashing genuine market forces. One way or another, Russia has now joined the global market economy, while at the same time preserving many institutional features that are a product of its unique geography and historical heritage
Key-words: neoliberalism, economic development, ordoliberalism, market fundamentalists, reforms
Article link
More
Hide
|