, Columnist
America Obsesses About a Russia That Misses the '70s
The economy is hobbled by dependence on oil and state encroachment on the private sector.
Anyone want to go back to this?
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Americans are seeing lots of stories about Russia in the news these days, mainly because of that country’s attempts to interfere in the U.S. presidential election and other episodes of meddling in other nations' affairs. This has led many Americans to believe that Russia is the U.S.'s main global rival, and that its president, Vladimir Putin, is some kind of a genius. But a closer look reveals that in the economic arena, Putin hasn’t done so well. While he has managed to avoid an outright crisis, he's done little to address his country’s fundamental economic liabilities.
For example, Russia’s economic growth has stalled since about 2012: