5min chapter

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Stephen Kotkin: Stalin, Putin, and the Nature of Power

Lex Fridman Podcast

CHAPTER

The Great Recession - What Is the Impact of China's Growth?

During Putin's first term as president, the average price of oil was $35 a barrel. During his second term as president,. the average price was $70 a barrel. So during those two terms when Russia was growing at about 7% a year, oil prices were averaging somewhere around $50 a barrel. And so China's global raising of global demand overall brought Soviet era industry back from the dead. That happened during Putin's first two terms in addition to liberalizing policies which spurred entrepreneurialism and small and medium business.

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