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date: 11 December 2019

Abstract and Keywords

We study the role of resource dependence in Russia. Russia is the world’s leading producer of hydrocarbons and a number of other natural resources. Russia has been dependent on its resource wealth since the time of Peter the Great. The Soviet economic model was characterized by extensive growth, that is, by the accumulation of inputs, most notably natural resources. Today Russia remains highly dependent on its resource wealth. We measure the size of resource rents and document the role of resource abundance for Russia’s growth for the past forty years. We also analyze the political economy of dependence on resource rents. The system by which resource rents are managed has evolved from the early Soviet period through the 1990s to the present. We trace that evolution, describe the nature of the current rent management system, and examine the consequences of that system for Russia’s future economic growth.

Keywords: resources, rents, oil, gas, inverted funnel economy, rent management system, price subsidies

Clifford G. Gaddy

Clifford G. Gaddy is a Senior Fellow in the Brookings Institution’s Foreign Policy Studies and its Global Economy and Development Program, Washington, D.C. He studies the Russian economy and politics.

Barry W. Ickes

Barry W. Ickes is a Professor and Acting Head in the Department of Economics at Pennsylvania State University, University Park, and a Non-Resident Senior Fellow at the Brookings Institution in Washington, D.C. His research focuses on the Russian economy and the economics of transition.

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