[Marxism] Capital in Russia | Le blog de Thomas Piketty

Louis Proyect 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.

full: http://piketty.blog.lemonde.fr/2018/04/10/capital-in-russia/

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