Level of study Third/Final year
Credit value 10
Pre-requisite modules None
Other pre-requisites None
The linked modules are devoted to an examination of a non-market economic system and its transformation into a market economy. The institutions of the Soviet planned economy are reviewed, together with the system of economic planning and the non-market allocation of resources. The behavioural characteristics of the system are explored and its economic performance analysed. Attempts to reform the system, including the Gorbachev perestroika are investigated together with the reasons for the economy’s decline and ultimate collapse. This provides the basis for a detailed examination of post-communist economic transformation in Russia with some comparisons, when appropriate, with other economies in transition. Issues of macroeconomic stabilisation, domestic and external liberalisation, privatisation and the 1998 financial crisis are analysed. In conclusion, prospects for the creation of a viable market economy are explored with account of the impact of the global financial-economic crisis, 2008-10, including comparisons with China, India and other large emerging economies: what kind of capitalism is evolving in Russia under President Medvedev and beyond?