[Marxism] Capital in Russia | Le blog de Thomas Piketty
lnp3 at panix.com
Tue Apr 17 16:01:01 MDT 2018
But while China has succeeded in conserving a degree of control on
capital outflows and private accumulation, the characteristic of
Putin’s Russia is an unbounded drift into kleptocracy. Between 1993 and
2018, Russia had massive trade surpluses: approximately 10% of GDP per
annum on average for 25 years, or a total in the rage of 250% of GDP
(two and a half years of national production). In principle that should
have enabled the accumulation of the equivalent in financial reserves.
This is almost the size of the sovereign public fund accumulated by
Norway under the watchful gaze of the voters. The official Russian
reserves are ten times lower – barely 25% of GDP.
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