Russia Economic System and Scarcity Essay

Total Length: 332 words ( 1 double-spaced pages)

Total Sources: 1

Country’s Economic System and Scarcity: Russia

In previous eras, the name of Russia was synonymous with a very particular type of economic system, namely that of communism. After the end of communism, Russia adopted what was a thriving capitalist economy, buoyed in part by oil wealth. Still, Russia has attempted to pursue an independent financial policy, particularly given the considerable tensions which still exist between the nation and much of the industrialized world. It has not sought ties with many other nations, in contrast to the European Nation members.
Currency woes, as the Russian ruble’s value has plummeted and inflation has increased, has led to shortages throughout the nation, including food shortages (Schearf, 2016). It might be assumed that this would generate pressure upon the government to take more aggressive action in support of its people or a more amicable attitude to the United States. But as Russia still effectively functions as an autocracy under Putin’s….....

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Schearf, C. (2016). Russians grow, share food, as the economy struggles. VOA news.
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