The Modern Economy of Russia
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- เผยแพร่เมื่อ 13 มิ.ย. 2024
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This is Russia: the largest country on the planet by pure landmass. The country is the center of many controversies that have today made it a bit of a boogeyman in the international community.
It is enormous military power with the largest nuclear arsenal in the world even beating out the United States which comes as a hangover from when the nation was the centerpiece of the Soviet Union.
But we are not here to look at Russian military assets or speculate about the wild conspiracies that Vladimir Putin is inevitably plotting in the Kremlin as we speak. We are not even here to look at the Soviet Union that one deserves a video all its own, no we are here to explore modern-day Russia, which is an economy that really is just not that impressive.
Russia is hugely powerful by virtue of its military and political influence but its economy is really nothing to be proud of. Its current GDP of around 1.7 trillion USD is certainly nothing to be ignored, it puts it in line with countries like Canada or Brazil but it does not put it in line with the world powers like China or the USA which is normally compared too.
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📚 Want to learn more about the economy of Russia? We recommend reading "The Return: Russia's Journey from Gorbachev to Medvedev ", by Daniel Treisman
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#Russia #Military #Economics
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Sources & Citations -
Novokmet, F., Piketty, T., and Zucman, G., 2018. From Soviets to oligarchs: inequality and property in Russia 1905-2016. The Journal of Economic Inequality
Klugman, J., and Braithwaite, J., 1998. Poverty in Russia during the transition: an overview. The World Bank Research Observer
Blasi, J.R., Kroumova, M., and Kruse, D., 2018. Kremlin capitalism: Privatizing the Russian economy. Cornell University Press
Benedictow, A., Fjærtoft, D., and Løfsnæs, O., 2013. Oil dependency of the Russian economy: An econometric analysis. Economic Modelling
Williamson, J., 1993. Democracy and the “Washington consensus”. World development
Williamson, J., 2000. What should the World Bank think about the Washington Consensus?. The World Bank Research Observer
Florio, M., 2002. Economists, privatization in Russia, and the waning of the 'Washington Consensus'. Review of International Political Economy
Kulikova, I. and Godart, F., 2014. How history, culture, and demography drive luxury consumption in Russia. In Luxury brands in emerging market
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You did not cover the three main topics:
- Nomenklatura (not single billionaires) still holds main businesses via oligarchs through feudal cronyism and nepotism in order to suppress any independent private property and business from functioning
;
- A "working poverty" system in which personal income is artificially lowered and cuturally appropriated (ultra-consumption for business owners and poverty for the majority of population) so minimal income is now lesser than in Romania, it's not just "inequality issue"
;
- Colonial regime which supresses any domestic tech and cultural progress: Russia cannot make it's own nails because there is no domestic production cycle (all machine tools are imported); a nation that essentially created modern design (Malevich) having third world tier art market.
Gini coefficient in Russia is 37,5, not 69
You could do a video on economy of Czechoslovakia after soviet Union and split. Compare them together, how they diverged, why and the effects of it.
Today by now. A Russia is already had the consequences that holding the bank the economy tray and even Banks from around the world that are from Europe and even America right now is everything just shutting down and it's frozen
So... its unequal.
When do we learn about the modern economy of Russia?
When you look at most of his videos this is the exact same format. Mention a few economic statistics, gdp, per capita. Then talk about the history of the country. Never discusses the countries in an actually deep modern context.
I'm glad to see there's so many negative comments on this video who are calling out the lazy surface level observations in this video.
@@matthewmelange well, they're more than I knew. so I'm glad to have learned it.
basicaly it's everything that you need to know about our economy few thugs who privatized all resourses back in 90s now have everything. and on top of it is our emperor putin
In many ways, unequal economies are superior to more equal ones because the wealth being concentrated in the hands of a few means more capital is available for investment and less is being wasted on things like sustaining under-productive citizens; this is at least part of the reason why the US is more economically powerful than Europe. Wealth inequality is actually a good thing that should be encouraged.
What's really interesting about Russia is that it has fairly good productivity, but a low GDP. This is in no small part due to conflicts with the west and sanctions that limit its participation in the global dollar economy which has both pros and cons. Though not reflected particularly well in GDP, Russian productivity has been increasing, they have become self-sufficient in food and are expanding new industries, they've been especially successful developing industries for heavy equipment and marine engines, capabilities that had largely declined by the end of the Soviet Union. I'm curious how their actual productivity compares to that of the United States and how the growth of productivity compares; we were doing awful poor on this front before Trump.
@@costakeith9048 "wasted on things like sustaining under-productive citizens"
-- Some people might say that the economy exists for the citizens, not the other way around.
The video ended earlier than I could learn anything new.
Do you know Gorbachev found a job as an actor after 1991? He acts as himself announcing the fall of USSR over and over and over again in films and TVs.
And a pizza hut commercial
LOL
He found himself a personal hell...
Must have been great re-enacting the single most shittiest day in his life over and over again.
Lol
Video length 10:02 -
Economics of TH-cam Explained
mustafapc19 one time like 6 months ago he put an image of the channel logo for a minute and a half to reach 10 mins
@@sm1522 Seriously. 1.5 minutes. Can you give me the link. I respected the guy. 😂
I aint gonna lie. Daddy want a Tesla
I think he means next months rent #reccessionbelikethat
mustafapc19 facts where’s the link at😭
Ironic that the Washington based recommendations are a list of things that the US itself doesn't follow.
and the reasoning behind that stated by the US is that because the rest of the world doesn't follow. An infinite loop of nonsense---just like every other bs lie going around the world.
That’s hypocrisy not irony.
Anyway, what works for us might not work for you. Don’t worry about us. Focusing on what everyone else has is what got you here in the first place.
@@StufiBuy
I'm a DoD employee.
I'm pointing out the obvious....we dont walk our talk.
@@StufiBuy
Not sure what you mean.
But I'm in the Air Force....year 19.
big brain time
The problems Russia experienced in the 90s were not only about transition from planned economy to free market. A very big factor not mentioned here were broken technological chains. Different assets of industry that were supposed to work together suddenly became separated by borders. China, you know, did not break up from a unified country into 15 pieces.
USSR never was a unified country. Politically yes, since they had no choice, but its people were different.
@@oteleaionutbogdan5381 that's irrelevant to the topic at hand here. China had Xinjiang and the Mongols, Romania has gypsies, etc. Culture isn't rly being mentioned here
@@bullshitdepartment I don’t see how your reply has anything to do with the topic at hand. USSR was formed of republics that never integrated in Russia. They were too different from the russians. Russia also has ethnics that didn’t have a republic of their won, like Chechens. Also those former republics of USSR are influenced politically by other countries like Turkey, China and EU. The baltic republics are culturally and politically totally different from Russia. Moldova is influenced by Romania and EU and Ukraine also drifts to the EU. Azerbaijan is heavily influenced by Turkey and so on.
@@oteleaionutbogdan5381 but your original reply was talking about how the people in the USSR were different, and I pointed out that were discussing borders and supply chains, not why and how the USSR was made up of different countries. But moreso the effect that this fact had on the economy after the dissolution of the former
@@oteleaionutbogdan5381 bruh. Where did u see him talking about people being the same? He was talking that all the industries in union were working together and once communication between factories were stopped by collapse everything "magically" stopped. My country for example was mostly exporting our resources to Russian factories and received an end product (it was also receiving raw materials from other republics for our factories but whatever). So when this whole supply chain collapsed everything ended up in ruins as you may understand
Hi Guys I hope you enjoyed the latest video, as with every video we will be hosting a Q&A session for 1 hour after this video goes live. If you would like to participate in the discussion directly come and join our discord server here - discord.gg/nZuCJRY
While I enjoy your videos, this one is more "the wealth inequality of Russia" then "the economy". I was very interested in hearing about its % of income from oil and gas (and who owns/controls these), its military spending, infrastructure investment, etc. It would be a longer video, but I'm pretty sure a lot of people would still be interested in watching.
That was also one of my first thoughts. As far as oil and gas go, look up videos of Putin coming to power and you will find out that Putin controls petroleum through intermediaries that he installed. I am also interested in how much corruption is prevalent and in what industries. Putin has never cared about the people but now he is about to learn that this war may be his downfall as the sanctions are going to hurt those whom he put in power.
He’s just a Russia hater.
Dont u know about wealth inequality in US. How much fortune elon, bezos billgates have and a common man?
very little said about the actual modern economy of Russia. Transition from USSR, the issues with oligarchs and high inequality are important, but it is definitely by far not all one expects to learn from a video claiming to describe the modern economy of Russia. Quite a superficial description here.
I really like your other videos though, great work overall!
I think at least one hour of description would be more useful but TH-cam is popular with a "quick bite" consumer. Only a few channels can get success with long format contributions.
@@fraserhenderson7839 youtube actually prefers content which is around 20 minutes now (youtube algorithm that is)
Maybe... because there is no economy in Russia? Only oligarchs selling gas and oil with the rest being poor and drunk?
@@konfunable haha, sort of. But in reality only 16% of Russian GPD is coming from oil&gas industry
@@PashaZi Ugghh.. you're wrong
Russian GDP 2017
GDP - composition by sector:
agriculture: 4.7% (2017 est.)
industry: 32.4% (2017 est.)
services: 62.3% (2017 est.)
Definition: This entry shows where production takes place in an economy. The distribution gives the percentage contribution of agriculture, industry, and services to total GDP, and will total 100 percent of GDP if the data are complete. Agriculture includes farming, fishing, and forestry. Industry includes mining, manufacturing, energy production, and construction. Services cover government activities, communications, transportation, finance, and all other private economic activities that do not produce material goods.
There's also lots of stuff that are listed in "services" but could very well be accounted for industry too. In fact, for a modern economy having almost 1/3 of its total GDP to be made out of pure resource selling is kinda.. pathetic
The spelling of "bureaucracy" at 4:37 is bugging me.
Then you see the spelling of unwarranted and the credibility of the economics gets smeared.
da_Revo The spellcheck bureaucrats were deregulated
da_Revo b EU rocracy
Yeh I think it may have been a purposeful jab at the EU, otherwise who needs spelling anyway we know what he means
The rule of butter
Russia's GDP is about the same size is as Australia's in 2019, but Russia has 145 million people compared to australia with 25 million people!!🤔😮
Russia's GDP is around the same size as the GDP of New York (the city, not the state)
@@bubastis6306 what around 1.7 trillion??
@@mrDredd1966 NYC's GDP is around 1.8 trillion
@@bubastis6306 yes that's bigger than Australia's GDP with only 20 million people living in New York State that would make the new york state the 11th biggest economy in the world..😮
@@bubastis6306 what about debt
I came much faster than the russian ruble devaluation.
F
Oof.
@MANETIT Naj Linking subs outside of reddit doesn't work you idiot
California, Texas and New york have bigger economies than russia
hans mueller yep it’s crazy to think about that. Russia is thousands times bigger than those states!
You need to do South Africa! The economic situation in SA is really interesting
It's just sad imo
Yup bro SA's max possible sustainable (that can go on for 20-25 years) limit is around 2 trillion usd (from current approx 400 billion) at current rates, this can b achieved in 7-8 years....if logic is used instead of politics & bullshit emotions.
Huge exotic mineral wealth, good maritime location, huge potential for tourism & shipping, becoming southern gateway of the continent.
The elephant in the room
Yelstin was a trashbin that ruined a great nation
You misspelled depressing
Hey EE, just wanted to say thank you from all of us for making entertaining and educational content
You are very welcome mate, I just want to thank you all for watching it :D
@@EconomicsExplained We definitely enjoy it very much!
I'm just wondering, how would you rate the level of understanding people can acquire from watching your videos?
Is it "pop-economics" or would you say a decent proficiency can be achieved?
@@petarking66 surface level of understanding to be honest. If you would read the references in the video description you would gain a very deep understanding.
More like maximum entertaining, zero education content.
@@EconomicsExplained Appreciate the candor :)
Keep up the good work
Oh boy is it gonna get a whole lot worse
Think this video might need an update
As a Russian, I can 100% confirm that it's true.
Wealth inequality is ABSOLUTELY STAGGERING. And every semi-educated person here knows that. Sadly, I personally don't know how the current situation could be fixed, so, as an aspiring young individual with hopes and dreams, I will do the exact same thing that money does in this country: escape it.
Compare to USA where 3 richest men own more than poorest half of Americans.
As a half Russian living in EU it's bizzare how my dad is an adamant Putin supporter, but my colleagues(also russian by nationality) maybe 10-20 years younger than him all shit on him, even the ones who immigrated recently.
Putin is searching you for daring to leave the country
@@Snix121 "If you are not a liberal at 25, you have no heart. If you are not a conservative at 35 you have no brain." (c) someone.
@@alexsilent5603 no, his dad simply livdd in Russia when there was still hope and putin showed potential. His younger colleagues lived in Russia more recently and have seen how Russia went to shit.
Disclaimer: Due to cost constraints, these economic analyses are NOT exhaustive.
Nigeria with snow. A gas station with an army. Home.
More like an army with a gas station. :)
Incorrect. According to the Forbes magazine Russian economy is "bulletproof".
www.forbes.com/sites/kenrapoza/2019/11/18/for-wall-street-russia-has-become-bullet-proof/#165e083f6ffd
@V M Difference in IQ between Nigeria and Russia is only a couple of points. Large amount of alcohol abuse stunts mental growth.
Russian levels of alcohol consumption has sharply declined now.
@@andreyz2436 Yup, spiked after the USSR failed. Stereotype stuck around though
I was Waiting for this vedio for a long time.
Glad I could provide :)
@@EconomicsExplained Video looking at how the Breakaway states have done for themselves next could be interesting
And you believe this PROPAGANDA?
Read one of my comments:
As a foreigner living in Russia, I find this RUSSOPHOBIC, disinformation video RIDICULOUS knowing that Russia has a bigger GDP than some countries that are part of the EU like Sweden or Spain. If anything, I find it EVEN MORE IMPRESSIVE how Russia manages to do it ON ITS OWN, WITHOUT ALLIES and ENDURING ECONOMIC SANCTIONS brought by the west to weaken Russia. Still, Russia remains as a GLOBAL POWER dominating world affairs, and is TOTALLY NOT INTIMIDATED or MANIPULATED by SELF-SERVING AMERICA, which we all know orchestrates its PUPPET organizations such as NATO and the EU. Much respect to Mother Russia from the Philippines. ❤
@Snickering Ginger Of course, those countries have a larger GDP per capita because their populations are SMALLER than that of Russia. PER CAPITA is divided according to the number of people in the country, which explains why China despite being the second largest economy in the world has a smaller per capita value because they have MORE THAN A BILLION people! Do you understand that? And the reason those western European countries are doing quite well because they are part of a STRONG ECONOMIC UNION, the E.U. Plus, they're not really ISOLATED and suffering from ECONOMIC SANCTIONS! You really don't know how to put things into perspective, do you? I'm EVEN MORE IMPRESSED with Russian economy how they're able to stabilize their currency and make their economy the 5th LARGEST IN EUROPE considering ALL THESE FACTORS! And by the way, I live here in Siberia as an expat and even people here have more than enough disposable income that they can afford to travel abroad or send their children to extra courses after school. Prices in Russia are WAY LOWER compared to those in western Europe, plus oil is REALLY CHEAP here. So, don't get smart with me because I know what I'm talking about! I've been living here for more than 10 years. And all I can say is I'm living comfortably with my salary unlike when I was in the UK where everything is LITERALLY EXPENSIVE!
@Snickering Ginger Oh SHUT UP! You're just driven by your RUSSOPHOBIA and eternal HATE for Russia that's why you refuse to accept my arguments even twisting the idea of GDP PER CAPITA to justify your faulty reasoning. At least, thank you for ACKNOWLEDGING how GDP per capita works. Thanks for PROVING my point! Good luck with the EU. I hope countries will not follow the UK (hello BREXIT)! And good luck with being America's slave! You can't make decisions without consulting the evil, manipulative America to do business. Lol! 😂 At least, Russia is NOT a slave. It is its OWN BOSS! Look at what happened to its economy after the sanctions when it reunited with Crimea? It's still doing well after all these fear-mongering about devaluations. Well, who's in the world stage NOW? Russian economy is RESILIENT and the leadership is NOT INTIMIDATED by other countries, NOT EVEN THE U.S.! So good luck in western Europe. You need that union to keep your economies afloat and HIGLY DEPENDENT on US to make your sovereign decisions. 😂😂😂
Can you please do a video on the Russian economy, not the problems of oligarchs after the transition. Thanks! I am usually a big fan of your work.
Can you talk about Economy of Finland? And talk how EU has affected to Finland's mining business?
The finnish economy isn't worth talking about.
👌Made you look
Matti Kauppinen why it isnt?
@@normaaliihminen722 Vitsi vaan :)
Hissam Ullah all due respect that does not work well when masses of new people from different cultures travel here and only men are working and not women.
This is a topic I didn't think about until you uploaded it. Cheers for making quality content!
You are welcome :)
There is no quality in this BS.
@@alexsilent5603 And what is quality to you?
@@jayalbertcastigador9274 Well, I think that infrastructure is they key factor of any economy. If the author of this video pretends to be an expert in economy, then he must say at least something about recently finished pipeline from Russia to China.
I’m literally taking a class on this and I’m pretty sure I’ll learn more from this video sad life
Please don't, your grades will suffer greatly if you try to learn something from this video.
@Honesu your desperate teacher replied to you
@Jhon Krasnovskiy True. It depends on how good are your teachers.
unfortunately that was 55th second of video when i’ve heard about 1.7 trillion gdp. sadly for authors its 1.7% of world’s gdp
@@alexsilent5603 it actually depends on how good of a student YOU are.
That comparison between Russia and Canada deserves a video on its own
Canada has bigger economy when having 4 times less people living in it.
@@aimenaldarkhobi8366 Russia’s economy is embarrassing for an industrialised nation
@@sdprz7893 it's because of the collapse of soviet union,all the members of soviet union had weak economy,but now they are getting better
@@crizs_noob8423 No, the Eastern European nation are almost all doing better, Poland Estonia and East Germany stand out the most. Russia is just a joke economically, they make italy look good.
@@sdprz7893 russia is at its weakest state of all its history,hopefully they become better
Please post more on the topic! Waiting for the second video.
aaaand it's gone...
4:25 - we in Croatia have 556 municipalities. Croatia has barely 4 million people. In socialism there were 106 municipalities.
Different story in Norway. Up until the 1960s, the number of municipalities in Norway was increasing, and peaked at around 750 municipalities. A large reform in 1967 lowered this number to 454 municipalities, and the number remained fairly constant up until 2020. This year, we went from 422 municipalities to 356, as well as going from 19 counties (our largest unit of local government) to 11 in 2020.
@@Andreas4696 Norway plans to be carbon neutral by 2025. Here we have politicians who romanticize 19 century 💩
It would be interesting to see a video on the ways that gambling affects the economy.
Yeah you are right I might look into that!
And drinking vodka.
Oh boy. That topic definitely deserves and a second video
Hi EE I love your videos. It is good to see you are getting a lot of positive feedback e.g. your comments. I did learn from this video. I personally think tho your other videos were easier to understand.
Can't believe i'm saying this about an educational video, but the ending had me floored, no spoilers
I feel like whenever I finish one of your videos, another one comes out
Great video!
Well this is what happens when your whole government is made up of leeches.
"the west"
@Al 72 now it's made out of mafia, thieves criminals, useful idiots, imperialists and dangerous sociopaths.
@Bob Smith Independent policy of dystopia and human abuse. ...cool. West cares about Russians more than Putin and his dogs ever could.
@Bob Smith lmao
Which country are you talking about
I love how frequently you upload
Help I am locked in a basement and being forced against my will to produce video essays on economics! ;)
"redirection of public spending from subsidies" US could use this lol.
THE GINI COEFFICIENT FOR RUSSIAN FEDERATION WAS ESTIMATED TO BE 37.7 IN 2015 BY THE WORLD BANK.
NOT 69.9 AS YOU STATE IN THE VIDEO (which would be worse than in South Africa).
fake news! alternative facts!
[citation needed]
Superb video. Thanks!!
*i haven't seen many of your videos thus far but i will watching more* 💪🌚
aww, this was quite a short episode...
Live The Future yup, needed to be much longer
@@MrWarrenRB Why? There's not a whole lot to understand about Russian economy.
EE has *officially* peneterated the motherland!
I repeat; EE has *officially* peneterated the motherland!
mmmmmm penetrated
@@EconomicsExplained 👌👌👌
Economics Explained nice
@@EconomicsExplained No one penetrate mother russia
@@thedoruk6324 *we* penetrated
It would be interesting to see an analysis like this of Argentina.
The government isn't paying the retired workers enough due to the present situation in the economy... Bitcoin investors are making huge profit now bitcoin has being raising the past few weeks from 37k to 55k today. 2021 is gonna be a great year for investors.
My mom is a retired nurse for months now and I'm yet to figure out a plan while she stays at home, talking about bitcoin I think that should be a great idea.
bitcoin was at 43k but rise now to 55k , I believe it will raise up before the end of the month
I love to invest in bitcoin and other crypto currencies but it's difficult to understand the market
@@goodluckjustin3838 as a beginner I will advise you work with cynthia Edna mchenry, for good and huge withdrawals.
@Hae-Won Myung Yes you're right...
Everything is exactly right. There's an interesting stories about vouchers and MMM in 90s, would be cool to mentiin them
I love your channel, so much information and awesome presentation.
Thanks mate :) glad you are enjoying my little videos
nice can you please talk about the economics of Morocco, or other north-african countries. Thanks realle appreciate your videos!
Mohamed Assannam that would be an interesting video
2:28 thought I heard Boris Johnson for a sec
They should've asked China for advice for setting up their economic policies instead of US.
Fitting, given that both Russia and China are facing aging and demographic decline
@@SilvanaDil like literally all of Europe and especially Japan?
@@vatu not really an issue for France, but I see your point
@@vatu apparently the UK and Spain are the only European countries with decent demographics. Correct me if I'm long
@@Nubeloo a nation has to have AT LEAST 2.0 children per family to SUSTAIN the population. France is at 1.93, witch is the highest birth rate in Europe, but still far from perfect.
Cool video!
Final Thoughts - Well said.
In addition to other's comments about this being very surface level let me add a few snippets I feel are worth mentioning. Mainly the involvement of Jeffrey Sachs and the "shock doctrine" economic policies that he brought with him in advising Yeltsin (amongst others). Also there's a reason why many Russians remember the 90s as a very dark period and there's plenty to go into there. Also how the "Washington Consensus" wasn't really geared towards getting new/developing country's off their feet, it was a policy set on making these nations subservient to and reliant upon the US and the West in general.
This topic deserved way more than only a shallow 10 minute video
Beautiful montage!
Love your content
I think we’re going to need a new video.
Love your videos man, but this one seems a bit off the mark.
The video makes it sounds like the Washington Consensus will solve all a nations economic problems, when in reality the results show that implementing the Washington Consensus has not led to the promised results. By many experts its seen as being market fundamentalist, operating under the assumption that markets operate efficiently, even for the poor, which is obviously not the case.
In most cases, especially Latin America and Africa, the Washington Consensus did not lead to growth, but to lower government spending on social programs (privatizing) and lowering barriers to trade which opened up new markets for American companies. Great for America, the people in these countries not so much. Basically it was a prescription for neoliberalism, which we now know doesn't work. It only increases inequality, and doesn't lead to sustainable growth. Even the founder of the Washington Consensus, John Williamson, admitted the policy was a failure years ago, though it was successful in projecting American neo-liberal economic values and opening up local markets for foreign exploitation by western firms.
Long story short, the washington consensus is widely regarded as neoliberal, neo-imperialist, and the results are mixed at best on if it promotes sustainable growth. So I don't agree with presenting the Washington Consensus here as a legitimate economic solution.
I also raised my eyebrows at "I'm not here to say if inequality is good or bad". Maybe I misunderstood what you intended to say.
Inequality is bad, unequivocally. That's the only way it can be viewed, or else the world will be headed to a very dark future.
Sorry for the preaching, like I said, love your videos.
You put more effort into your comment than he did into reading the Wikipedia article for this video.
@@matthewmelange hahaha thanks man
I completely agree! Countries which tried the "Washington Consensus" ended up either stagnating or had their economies hollowed out by rampaging multinationals, most of which are not coincidentally based in the US. The "Washington Consensus" is nothing more than a blueprint to extend US control of the world. The country which blatantly refused to take lessons from the US, choosing its own unique path, and succeeding beyond imagination, is China. Unlike Russia, China isn't neo-liberal. It never accepted shock therapy, or political reform. It simply reformed its economy gradually with the government always maintaining ultimate levers it can pull for control. Notably, China didn't have a depression in 2008. The Washington Consensus needs to be consigned to the dust bin of history.
It is important to know that some important elements of the "Washington Consensus" were never remotely a consensus. In particular the capital mobility and mass privatisation elements were pretty much a US Treasury thing; neither the IMF nor World Bank were keen on them, especially in a Russian context. And the Russians suspect that the US Treasury was so keen because they hoped it would destroy, not help, Russia.
@@kenoliver8913 What do you mean suspect? Russia lost a few millions of people in 90s - it was 148mln in 1991 - it left 146 mln in 2000 - but that is a simple disparity - in realty, before dissolution of USSR it had a growth about 1-1.5 mln a year.
So those numbers of deaths equal to a large scale war. And 90s in Russia deemed as such. Something like a casualties and contribution in a Cold war, that Russia lost.
In west - Everyone praises Gorbachev - In Russia he is despised - just like Yeltsin.
That is the very reason that Putin have success in Russia even to this day - he managed to not destoy Russia. Although corruption and oligrachy exists under his rule - but that is so much better than all that was in Russia since Brezhnev.
Very interesting stuff
Hi. Very good videos. Please make one for the economy of Cyprus.
Could you do a video where u throw in multipule ex-communist nations from eastern europe? Like poland czechia bulgaria etc.
yeah like a comparison of economic outcomes from all former soviet states
It that Poland did it the right way, Russia did it the wrong way.
@@justinf9855 Poland existed only thanks to donations from Russia, now it exists on donations from EU. It's a big win for Russia.
@@alexsilent5603 So Poland only exits because of the EU and Russia?
@lazarus921 They have not done as well as European Russia. The only fair basis to compare. Based on GDP on a PPP basis European Russia has done better than most Eastern Block Nations.
Overall the Russian Federation per capita figures are slightly lower than most Eastern Block Nations but the average is dragged down by extremely Low GDP areas that still remain part of the Russian Federation. Ossetia, Chechnya, Dagestan etc.etc.
There GDP is as low as $7/9,000. The Russian Federation average about $29,000.
The very reason 80% of Russians in all Polls say they never want to see anything like the USSR again. It kept them poor.
Can we get a video on the Cuban economy?
please video about the Russian sanctions!!! you're awesome!! keep it on!
hey man im loving these, where did you study btw, I'm living in Sydney and considering getting into econmonics, PS do a video on keynesian economics and the shift to neoliberal economics, It seems super interesting but I'm too dumb to get it
When mentioning RU economy, it is very useful to inform about this: There is Russia, and there is Moscow. The latter can be considered a proper European city on the lower wealth level.
The Russia itself is, however, incomparably poor. Whole of domestic economy of the country is basically every Region giving it's money to the Capital, something very contrasting to other large countries like USA.
For Russians, their economical goal in life is to move to Moscow. For Moscovians: the goal is to get out. To Germany or USA or Israel like many fortunate ones did did during the 90s.
Russia is a country of people that inherently think about getting out of it. Whether it's something unique or mundane is up for discussion, though.
why making up stuff?
@@user-hs6dc5tv2r My mother moved from Russia to Norway, she says it was her best decision of her life. If you say that this person is making up stuff, then give an argument. Just saying no to the truth with no argument proves nothing.
@@frederik3313 I don't have to prove you anything. You pathetic
@@user-hs6dc5tv2r You don't have to prove anything because you know you cant. You know your wrong, you have no proof. Your simply in denial. ¯\_(ツ)_/¯
I have to dissagree it's a matter of perspective. I recently moved to Russia from Australia and living in kalgua, you have a very pessimistic view however I see a country which has the ability to become integral to the world economy
Update: The Russian Economy is about to get f***ed.
Comparing total GDP instead of GDP per capita or GDP per capita at PPP is just like looking at a world map in an Atlas and comparingcountries by their depicted sizes stating that theyre the actual ones
Can you make a video about the economy of Southeast Asia as a whole? That would be really great!
It’s interesting to watch these videos after some time have passed. I think one of the biggest revelations since this video was released are Pandora Papers because it turned out it’s not only Russia’s richest stashing money in tax havens and outside their country, it’s everyone, from businesses and politicians to superstars.
What I personally have noticed while being in Russia is how unequal regions are comparing to Moscow or St Petersburg. In capital you get same salaries as you would get somewhere in London. Move, let’s say, to Krasnodar down south and suddenly you salary would drop by 80%. Mad
interestring that you took Krasnodar as an example cause it's a really not bad in Krasnodar, in fact Krasnodar is the most fastest growing city by population and by salaries too in Russia. If you'll look in some Siberia region or East of Western part of Russia then you'll see
@@danilaorlov5401 maybe it’s even worse in the east, but this is based only on my personal experience. My wife’s Russian and I was exploring options of staying there. I’m an IT engineer and my salary in UK is about £60K PA (or about 4K a month after taxes, or about 400k roubles a month). Most of the jobs I looked at were in a region of 60k roubles a month, there were that paid more, like 100k, but the job descriptions were simply unrealistic. What amazed me as well as that cost of living (except for public utilities and services) was not that much cheaper comparing to the UK
@@horriblepianorecords Bcs in Moscow or St.Petersburg as IT engineer you should work for foreign company and get your 400k roubles a month from abroad to live here comfortably. There is a reason why almost every IT company in Russia is not exactly russian, but rather from Cyprus or some other tax heaven. The only alternative is working for government or some 60k "entry" level job. Some local private business in service sector is fine also, if not that much profitable as you would get literally "surviving" minimal from that. I'm not actually worked here, but that's experience of my friend moved there.
4:18 "unwarented" => "unwarranted", and also "beurocracy" => "bureaucracy".
Love the videos - just a nitpick :)
Spelling in English is messed up like a dogs breakfast. That's part of the charm. We knew what he was getting at with those spellings.
the illiteracy of a supposed economist
he's an economist, not an English major.
@@nevets2371 You don't need to be an English major to spell correctly, it's something you pick up by reading daily, something an economist would be supposed to do.
Meido In Hebun no, but it could be that he doesn’t care, like most english majors would.
Wish it was a longer review
5:38 The first building (with the rid-rimmed windows) literally says "okey dokey cafe". That genuinely made me laugh.
Bro can you tell me about your editing training course.
google was my friend. Dont know if you are making fun of me but my skills are pretty basic haha.
@Economics Explained
No, bro your skills are dope and have been a huge fan for bringing out the content about economics of other .
@@EconomicsExplained can you do a video on economic slowdown in india
His videos are mostly stock footage
What we need : The economic history of USSR.
Look at this mans over here approaching 200k. Very proud man!
Haha yeah it has been a pretty wild ride can’t believe so many people are interested in my little videos :)
Thank you!
I think you should do a video on currency manipulation. Especially with the 80s Yen. I hear about "forced appreciation" crashing the economy in the 90s, but dont really know what that is. Its pretty mysterious to me at least, love get an detailed explanation.
Russia has one of the best educated populations of any nation on Earth, and many scientists and engineers, so it is surprising that there is not more innovation there. The corruption and fear of state interference are perhaps the major impediments.
yes. corruption and authoritarian governments can really demoralize a population and even the most educated wouldn't want to risk their careers by fighting against the corrupt system.
Russia is run by a group of oligarchs that are friends of the Kremlin and Putin.
so this means there is a monopoly of power and wealth of the elites.
modern Russian is what the Roman Republic 2500 years ago.
the average Russian citizens are basically screwed. only the rich and connected can enjoy their lives.
Russia has a lot of genius people who contributed a lot to the world. But sadly, these people are moving from Russia due to life quality in Russia decreasing. So yes, I do agree with you.
@@frederik3313 Exaclty, Russian scientists are great, but if they want to actually achieve anything, they must first move out of Russia. Look to Israel, for example, where the Russian immigrants significantly contributed to the country’s high-tech sector.
Some veeeery subtle classical music in the background, to take the edge off all the economical drama.
I’ve been a fan for a while now and want to thank you for the constantly great entertaining content!
Also, I would love to see a video about the Soviet Union
As a russian I thank you.
I can finally make sense of what I'm seeing around.
you really will take this analysis as gospel when there are hundreds of other analysis who contradicts this one? better read more from another sources and then try to understand what is going on.
@@carlosgarzon8900 Contradicts it how? What is exactly incorrect?
Love your accent and the way you talk. So crisp. 🤨
Nice explanation
Can you make videos on book recommendations to go from noob to pro in economics and some good side reads for increasing your knowledge base
Please
Okay, we have no money, no fredom, no justice, but we have big, fat rockets and a strong, bald leader, isn't it enough?
@Jhon Krasnovskiy North Korea is our ideal that we'll never can achieve but can dream about.
@@coleweede1953 You're not assigning a job of weeding out to the largest of weeds.
Actually Russia is the most free country in the world.
@@alexsilent5603 Only if you have money to bribe anyone.
@@XOPOIIIO By your logic people who work on "Echo of Moscow" radio station and "The rain" TV channel constantly give bribes to everyone. This is funny... =)
I love European countries.
Their economies can be collapsing and their citizens can be poor but the streets are still clean and the buildings are still stunning and look almost like the rich European counterparts.
Lol. In every city of the world you can film beautiful and clean parts and also ugly and dirty parts. Also in European cities.
@@cnxexpat1862 Also I'd much rather see more antique European infrastructure than a sea of huge shiny skyscrapers, something common in most places outside of Europe.
Awesome Content
That was the shortest final thoughts ever
The video is very surface level as many have pointed out, though I don't have too much to add myself since I'm not an economist (but I am from Russia). I can confirm that most people here are relatively poor, making only as much as needed to survive. That's especially true for provinces outside of Moscow/St.Petersburg (though I'm sure wages there are not too great for most people either). Seriously, most people don't earn more than a 1000 USD a month, some people don't even earn that much in a double-income household. For example, being a doctor here isn't really as prestigious and stable as it is in US or whatnot, you still have to study and practice for like 10+ years only to end up with a salary no more than 500$ a month. Not as a nurse, not as a food delivery boy, as a qualified medical professional in a municipal clinic. Frankly if you're a high-end surgeon or a dentist, the income is quite a bit better. Same goes for being a teacher and and similar jobs. It's... terrible, honestly. And the prices here are not that much lower than in US or Europe either, I'm not sure how people even survive here. I might be wrong tho, everything I just said was purely based on my own experience, not on any official economical studies or statistics.
Yeah... me drawing anime tiddies for foreign customers is more profitable than being a doctor... welcome to Russia
In Sri Lanka $1000 is a good salary.
1$=200 sl rupees
It's a over the sl doctor's salaray.
Bank manager's salary is like 1000$
You can have a luxury life if your monthly salary is 1000$.
If you have 500 $ per month it is also a good salary.
You can buy a car with that salary.
@@spspaceship wow, that is interesting. Yeah with a 1000$ in Russia you can live decently but definitely not luxuriously especially if you have family. 1 USD = 70 RUB
@@anilite_ can anyone buy a car with $500 monthly salary in russia?
@@spspaceship i mean... maybe if a person saves for a year they can buy an old used car, but most just take loans for that
@@anilite_ I mean leasing.If someone has $500 salaray he can pay 250$ leasing for brand new car and can living other $250.
Most tution teachers earn more than $10,000 per month.
Does Russia have tution classes other than schools?
Great content as usual. Loving every single video from this Ozzy.
I really want to know when next an Africa related video is coming out...
New Kenya maybe?
Defe Aleladia As if there is any economic activity in Africa. 😂“Laugh my ass in swahili”
Love Paganini La Campanella in the background 👍👍
7:15 For those who are wondering, the music in the background is "Dance of the Knights" by Prokofiev
@Patrick Bateman Np
As someone with a background in Business and Economics i will try to chip in as the video doesn't really talk about much. Essentially the economy of Russia is much like what is was in 1910, wealth concentrated in the "tsar" (Putin) and his aristocrats (oligarchs), who control almost all of the countries assets such as its state owned corporations and allied "private" businesses. these people are unbelievably rich and spend money on a scale that unimaginable for most Americans or Britons. However at the same time outside of this bubble most of the population lives in very, very terrible conditions with extremely low pay by European standards and little to no prospects for a better future within their own country. Ordinary business cannot thrive in Russia due to things like a lack of consumer demands for much else than the basic goods that they need to survive as thats all they can afford. Add into this the insane levels of corruption at every level that disadvantage small businesses and even shut them down when they inconveniance someone important and you get a poor real economic growth rate as the country relies on state action to push the economy forward much like under the USSR, this is no coincidence as it is simply the way that Russians have been used to for generations. Importantly it does not appear like anything will change because the elite has no incentive to alter the structure of workings of the economy. So the poor will likely remain poor or get even poorer due to western sanctions while the rich flee Russia to Britain and Germany taking vast amounts of the country's cash wealth with them and with no new "Business class" to develop russia's enterprises which every capitalist economy needs things are dark over there not only in weather terms.
U my friend is the only one with a real sense of truth around these toxic comments 🤚🏻🤚🏻
Agree , same form of exploit but different regime.
The rich keep on cash-in
The poor keep on dying
4:20 looks like you’ve completely given up on spelling bureaucracy after typing the first letter lol
Would you consider making a video about the fed's recent actions in the repo market?
Suddenly a very relevant video
"Unwarranted bureaucracy" - Nah, let's spell it as "unwarented beurocracy". Damn savage.
EE ,Could you make a video showing how to fix the Venezuela crisis?
Dhruva Shah easy. Overthrow the current leader and establish a stable government.
@@pennyxiao7431 Overthrow goverment, install US puppet, let them exploit your oil and stay as poor third world coutry for entire lifetime. It's stable sure, stable poor.
bunnyfreakz why so salty. You are saying as if the current region is doing very well. Look at South Korea and Japan, are they doing as bad as you say. Place like Iraq and Afghanistan is still a shambles because you have maniacs/terrorist that seeks to be the next king of the region.
No one knows dear tbh. If they did, they would have won the Nobel Prize.
@@overthinkingintrovert396 actually, some do know (or have ideas on making the mess better atleast), but they cant implement it if there is a dictator
Hi your channel is great. Please, make a video about Argentina economy!!!
Where are the post upload streams?