The Economics of Growth in Russia

Overcoming the Poverty Trap

Ararat L. Osipian

• Publisher: Routledge
• Year: 2023
• Print ISBN:
  9781032460390
• eBook ISBN:
  9781000888607
• Topic: Social Sciences
• Subtopic: Regional Studies
• Index: Social Sciences

This book presents theoretical and empirical investigation of economic growth in Russia. The sharp decline in the national production that Russia endured in the 1990s, linked directly to the exhausting and ill-planned transition from the planned economy to the market economy, resulted in Russia plunging into the poverty trap. The goal of this book is to determine whether and how Russia manages to overcome the poverty trap and initiate and sustain economic growth. This book fills the gap between the volatile economic growth as an objective economic reality of Russia and the lack of scholarly literature on the issue. This study identifies the place and role of foreign aid in economic growth in the market-type post-transitional Russian economy and concludes that foreign aid does not play any significant role in the national economy, contrary to what would follow from the classical poverty trap theory, considered, reviewed, applied and tested in this study. Development economists should not overestimate the role of foreign aid in overcoming the poverty trap in those developing economic systems that are currently not in equilibrium and only move toward their steady state. The book will be of interest to those who want to learn more about specific problems in Russia's newly built capitalism, the country's perspectives and its current semi-peripheral status. The book will also be an excellent supplement for students in Russian studies programs, as well as for investors who want to do business in Russia and try to understand the country's domestic economic conditions and processes.

Table of contents

• Cover
• Half Title
• Series Page
• Title Page
• Copyright Page
• Dedication
• Table of Contents
• List of illustrations
• Acknowledgments
• Preface
• About the author
• 1. Introduction: Post-Soviet transition and the poverty trap in Russia
• 2. Modern economic growth theories: Ramsey to Solow
• 3. Economic growth with foreign aid: Structuralism and the poverty trap
• 4. Economic growth in post-Soviet Russia: Capital and labor
• 5. The structure of GDP growth in Russia: Empirical observations
• 6. Economic growth and labor in Russia: Internal determinants
• 7. Economic growth and capital in Russia: External determinants
• 8. Exports and imports in Russia: Foreign trade
• 9. The IMF and foreign debt in Russia: Foreign aid
• 10. Conclusion: Poverty trap, economic growth, and structuralism
• Index