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Current State of Russia

Kwesi Tuffour

Russia currently is a mixed economy after their transition from a centrally planned economy to a global market economy. But because of it's past, there are some economic areas where the transition is still somewhat going on. (Ex. weak property rights)

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Countries using similar economic system would be China since they both have the same history of a communistic rebellion and a transitional phase to capitalism. Even though the 2 countries started from different places and is heading different directions, both of them are forming an economic system based on a model of state lead development 

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While talking about economic transition, Vladimir Putin has played somewhat of a role like re-nationalizing sectors like oil companies after the 1998 reforms on the economy. Putin never had a grand economic plan when he stepped into office, but he focused a lot on lowering taxes to encourage more entrepreneurship and more benefits to small companies.

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And currently, I think its economic system is pretty successful because of its massive growth of GDP because of a global/mixed economic system, which allowed heavily importations of goods (oil, natural gas, and precious metal). Some people might focus between 1999 because of the economic crash that followed up after the transition to a mixed economy. But it was expected because Russia was introduced to major new reforms somewhat suddenly.

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