RUSSIA'S ECONOMIC SYSTEM
By Daryl R. Evans
General Characteristics of Agricultural, Industrial, and Information Age Economic Systems
Agricultural Age Economic Systems: Feudal economic systems and and earlier ancient empire economic systems based on slavery.
Industrial Age Economic Systems: Rise of capitalist economic systems and then socialist economic systems(as a critique of capitalism)
Information Age Economic Systems: Both capitalist and socialist economic systems are being greatly restructured as they become part of a global economy; no pure systems, hybrids instead, though also privatization trends world wide--including in former socialist countries.
Information/Data on Russia's Economic System
Russia is a centrally planned economy undergoing transformation to a free market economy. Russia's gross demostic product(GDP) lies roughly between those of Canada and the United Kingdom. The economy is industrial, with the bulk of its wealth and export earnings derived through exploitation of its rich energy and mineral reserves. Industrial production fell about 20 percent in 1992 aand real wages fell about 40 percent from previous levels. Unemployment rose to around 1 million by the end of 1992.
Conclusions on Russia (Whether Primarily Agricultural, Industrial, or Information Age Re: Its Economic System)
With the major restructuring going on in the Russian economy, I would place them in the information age.
Additional Online Sources on Russia's Economic System
Return to Russia Home Page