Russia’s role in the world financial architecture is unlikely to be as significant as many would wish it to be, but given sensible alliances and compromises, it may become quite sufficient for protecting its national interests. The current situation should be used to modernize Russia’s own financial system, increase its resistance to external shocks, and its ability to convert internal savings into domestic investments in development.
Attempts to overcome a serious crisis and launch the process of modernization can be compared to trying to climb out of a deep well. Neither the state, nor business nor civil society can climb out on its own. The three forces will only be able to move upward if they realize that they must pool their efforts to transform the country – keeping in mind that they should not climb over each other, or they will fall back down into the well.
Inherent weaknesses of the newly independent countries include not only high social costs and poor product quality, but also a shortage of managerial capital with the experience and abilities required to successfully compete on the global market.
The intricate overlapping of economic ties, corporate relations and political problems has made the issue of Gazprom’s relations with gas consumers in the CIS countries very difficult, and here we have an interesting case where the Russian side is objectively interested in depoliticizing economic relations.
Russia clearly needs to rely on a couple dozen big and prosperous cities capable of developing rapidly in some key areas. These cities are located especially near seas and oceans, and at communication hubs in important border areas. It is equally important that they have a business and political elite with a sense of local patriotism; individuals who are not prepared to jump ship and move to Moscow at any moment, while sending their offspring abroad with the bulk of their capital.
Issues involving the development and modernization of the Russian economy came to the forefront of public debate as Russia recorded its fifth consecutive year of economic growth. Russia has extensive resources but few variants for using them.
Russia and Europe are now economically more dependent upon each other than ever before. For the first time, energy imports have become very vital for the European economy, and this importance will continue growing in the future. Russia, the main supplier of energy resources to the EU, is no less dependent on Europe
The developing world, now Russia included, will not catch up with the developed countries. At the turn of the millennium the growth rates of the three main groups of states evened up. This means that the gap between them is being preserved rather than narrowed and that their drawing closer together is practically impossible. The chance to make a breakthrough by channeling the resources made available by the end of the Cold War was lost. .
Russia’s role in the world financial architecture is unlikely to be as significant as many would wish it to be, but given sensible alliances and compromises, it may become quite sufficient for protecting its national interests. The current situation should be used to modernize Russia’s own financial system, increase its resistance to external shocks, and its ability to convert internal savings into domestic investments in development.
Attempts to overcome a serious crisis and launch the process of modernization can be compared to trying to climb out of a deep well. Neither the state, nor business nor civil society can climb out on its own. The three forces will only be able to move upward if they realize that they must pool their efforts to transform the country – keeping in mind that they should not climb over each other, or they will fall back down into the well.
Inherent weaknesses of the newly independent countries include not only high social costs and poor product quality, but also a shortage of managerial capital with the experience and abilities required to successfully compete on the global market.
The intricate overlapping of economic ties, corporate relations and political problems has made the issue of Gazprom’s relations with gas consumers in the CIS countries very difficult, and here we have an interesting case where the Russian side is objectively interested in depoliticizing economic relations.
Russia clearly needs to rely on a couple dozen big and prosperous cities capable of developing rapidly in some key areas. These cities are located especially near seas and oceans, and at communication hubs in important border areas. It is equally important that they have a business and political elite with a sense of local patriotism; individuals who are not prepared to jump ship and move to Moscow at any moment, while sending their offspring abroad with the bulk of their capital.
Issues involving the development and modernization of the Russian economy came to the forefront of public debate as Russia recorded its fifth consecutive year of economic growth. Russia has extensive resources but few variants for using them.
Russia and Europe are now economically more dependent upon each other than ever before. For the first time, energy imports have become very vital for the European economy, and this importance will continue growing in the future. Russia, the main supplier of energy resources to the EU, is no less dependent on Europe
The developing world, now Russia included, will not catch up with the developed countries. At the turn of the millennium the growth rates of the three main groups of states evened up. This means that the gap between them is being preserved rather than narrowed and that their drawing closer together is practically impossible. The chance to make a breakthrough by channeling the resources made available by the end of the Cold War was lost. .
When the Baltic countries entered NATO and the European Union a couple of years ago, many thought it was the end of the centuries-old "red line." Euro-Atlantic organizations had crossed into the former Russian and Soviet empires.
In September 2004, the Russian city of Novgorod hosted an international conference entitled Russia at the Turn of the Century: Hopes and Reality. Its organizers were the RIA Novosti news agency, the Council on Foreign and Defense Policy, Russia in Global Affairs, and The Moscow Times.