Sergey Glazyev and the revival of Soviet economics

Abstract

A veteran Western observer and authority on Russia's political economy examines the recent debate on economic growth in Russia. Focusing on Sergey Glazyev, a prominent statist and nationalist favored by President Vladimir Putin, who reemerged at the top of the public debate, the author discusses the essence of his ideas (state capitalism, Eurasian integration, and expansionary fiscal and monetary policy). He proceeds to analyze the critical response of liberals, citing inter alia objections to loose fiscal and monetary policies. Russia's liberal economists favor broader international integration, whereas Putin is clearly in favor of state capitalism and Eurasian integration. This study ends with an up-to-date politico-economic assessment titled “Where is Putin going?”

Keywords:

• Sergey Glazyev
• Russian macroeconomic policy
• state capitalism
• expansionary money policy
• Eurasian economic integration
• crony capitalism
• military-industrial development

Keywords:

• E50
• E60
• H50
• O11
• O20

Acknowledgment

Natalia Aivazova provided outstanding research assistance.

Notes

^1. I should note here that I have known Glazyev since 1990 and continue to maintain friendly contacts with him.

^2. See especially Glazyev (2005, 22–23), where using 15 points he highlights the differences between his and Putin's economic programs.

^3. Strangely, Gaddy and Hill (2013) titled one chapter in their book about Putin “The Free Marketeer,” but fail to offer any evidence.

^4. For an assessment of efforts to restructure the manufacturing sector, see Kuznetsov et al. (2011).

^5. As quoted in Clover (2013). For a study of the effects of the global financial crisis on Russian political attitudes more broadly, see Chaisty and Whitefield (2012)—Ed., PSA.

^6. See Soglasheniye (2013).