The Modern Economy of Russia

The video explores modern Russia's economic landscape, highlighting its military power but unimpressive economy. It discusses the transition from a Soviet planned economy to a market economy, emphasizing the challenges and instability faced. The Washington Consensus and shock therapy policies are examined, revealing their impact on privatization and economic inequality. The video also delves into wealth inequality, noting the significant offshore wealth held by Russian billionaires, which exacerbates economic disparity.

What is the main reason Russia's economy is not as strong as its military power?

• Insufficient military spending

• Lack of natural resources

• Over-reliance on agriculture

• High levels of corruption and instability

What was the economic transition in Russia after the Soviet Union's collapse called?

• Economic Revolution

• Shock Therapy

• Financial Overhaul

• Market Miracle

Which set of policies guided Russia's economic transition in the 1990s?

• London Charter

• Washington Consensus

• Moscow Protocol

• Beijing Agreement

What was a significant consequence of the privatization policies in Russia?

• Increased foreign investment

• Improved public healthcare

• Rise of monopolized markets and oligarchs

• Decline in natural resource exports

How is economic inequality typically measured in a nation?

• GDP per capita

• Income inequality

• Wealth inequality

• Employment rate

What does a Gini coefficient of 0 indicate?

• No economic activity

• Perfect equality

• Moderate inequality

• Complete inequality

What is a major factor contributing to Russia's economic inequality?

• High taxation rates

• Offshore wealth of billionaires

• Lack of education

• Government subsidies