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The Economics Show
The real Russian economy. With Sergei Guriev
Feb 17, 2025
Sergei Guriev, Dean of the London Business School and an economic advisor to Russian opposition figures, discusses the real state of the Russian economy amid the Ukraine war. He debates the effectiveness of Western sanctions against Russia and distinguishes between Putin's propaganda and economic reality. The conversation delves into how military spending distorts GDP, the impact of inflation, and public perception in wartime. Guriev also highlights the challenges of enforcing sanctions on the oil industry and the complex dynamics between dictatorships and economic stability.
42:16
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Quick takeaways
- Russia's economy demonstrates a facade of growth primarily driven by military spending, masking deeper, unsustainable economic challenges faced by civilians.
- The ethical implications of targeting economically disadvantaged families for military recruitment reveal the societal impact of the ongoing conflict and its resource prioritization.
Deep dives
The State of Russia's Economy amid Sanctions
Despite claims of resilience, the reality of Russia's economy is complex, particularly in light of ongoing sanctions. Official numbers suggest growth due to increased defense spending, yet much of this GDP growth is attributed to military expenditures that do not translate into real economic value. For instance, the government's procurement of weapons results in recorded economic activity, but these products are often rendered useless in conflict. Additionally, with diminishing sovereign wealth and increasing inflation from monetary policies, the sustainability of such economic practices is in question.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode