Russian Roulette Has Putinism Failed? A Conversation with Harley Balzer and Sergei Guriev
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Aug 7, 2025 
Harley Balzer, a professor emeritus of government and international affairs, and Sergei Guriev, the incoming Dean of the London Business School, delve into the profound failures of Putin's regime. They discuss unfulfilled promises of democracy and the dire consequences of economic stagnation, focusing on demographic decline and the treatment of migrant workers. The conversation reveals the complex dynamics of Russia's national identity and the grim challenges from sanctions and corruption. Yet, despite these shadows, they explore the glimmers of hope for potential change in Russia's future leadership.
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Putin's Key Failures Overview
- Putin failed at most major goals he persistently claimed except military bombing campaigns.
- Key failures include economy, human capital, diversity, rule of law, military reforms, and foreign policy alliances.
Russia's Demographic and Tech Crisis
- Russia's demographic problems have worsened with inadequate fertility, disastrous migrant policies, and health system decline.
- Science and technology sectors collapsed, with wasted funds and failed import substitution.
Putinomics Prioritizes Power Over Growth
- Putinomics prioritizes regime control over economic growth and competition.
- Early growth benefited from oil price boom; later, economic stagnation occurred alongside greater repression to maintain power.
