Putin: Nyet to Neo-liberals, Da to National Development
Posted by seumasach on August 19, 2016
2nd August, 2016
After more than two years of worsening economic growth and an economy struggling with 10.5% central bank interest rates that make new credit to spur growth virtually impossible, Russian President Vladimir Putin has finally broken an internal factional standoff. On July 25 he mandated that an economic group called the Stolypin Club prepare their proposals to spur growth revival to be presented to the government by the Fourth Quarter of this year. In doing so, Putin has rejected two influential liberal or neo-liberal economic factions that had brought Russia into a politically and economically dangerous recession with their liberal Western free market ideology. This is a major development, one I had been expecting since I had the possibility to exchange views this June in St. Petersburg at the annual St. Petersburg International Economic Forum.