Below is a very informative interview with David Remnick of The New Yorker and the historian Steve Kotkin discussing Vladimir Putin and how authoritarian regimes are pushed into misguided foreign wars. Although the interview is mainly focusing on Russian history there is a mention of the Russian macro economic policy and sanctions. Well worth a listen when you think of what is happening in the Ukraine currently.
It’s a military-police dictatorship. Those are the people who are in power. In addition, it has a brilliant coterie of people who run macroeconomics. The central bank, the finance ministry, are all run on the highest professional level. That’s why Russia has this macroeconomic fortress, these foreign-currency reserves, the “rainy day” fund. It has reasonable inflation, a very balanced budget, very low state debt—twenty per cent of G.D.P., the lowest of any major economy. It had the best macroeconomic management. The New Yorker
The shock is that so much has changed, and yet we’re still seeing this pattern that they can’t escape from,” Stephen Kotkin – Russia expert
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