Is Russia Drifting Toward an Oil-Rentier Economy?

Abstract

Recent analysis considers that Russia is drifting toward an oil-rentier economy. In this paper, we will provide useful elements to check this hypothesis. First, we lead--at a theoretical level--with the characteristics that make an oil-rentier economy. Opposing the most extended tendency that associates rentierism to a certain macroeconomic scenario, we will infer that it is only possible to speak about rentierism if specific political and social conditions occur. Once the key conditions for rentierism are established, we study the case of Russia. The review of its actual conditions leads us to establish that, in the present situation, the diagnosis of rentierism for the Russian economy is far from being confirmed.

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