mention any three features of Russian economy Related: The Russian Revolution - Socialism in Europe & the Russian Revolution, CBSE Class 9 SST (History)

Question

mention any three features of Russian economy Related:  The Russian Revolution - Socialism in Europe & the Russian Revolution, CBSE Class 9 SST (History)

Answer

1) it is the ninth largest economy in the world by nominal value
2) it is the sixth largest economy by purchasing power parity (PPP)
3) it have transferred into market based and globally integrate economy

Answer

1) State control of key industries: The Russian economy has traditionally been characterized by state control of major industries such as energy, telecommunications, and transportation. This has allowed the government to exercise significant influence over the direction and development of these sectors.

2) Natural resource dependence: Russia is rich in natural resources, particularly oil, gas, and minerals. These resources have played a crucial role in the Russian economy, with exports of oil and gas serving as a major source of revenue. However, this reliance on natural resources has also made the Russian economy vulnerable to fluctuations in global commodity prices.

3) Oligarchic capitalism: Following the collapse of the Soviet Union, Russia transitioned to a market economy, but this process was marked by the rise of a small group of wealthy individuals known as oligarchs. These oligarchs amassed immense wealth and influence, often through the controversial privatization of state assets. This has led to a highly unequal distribution of wealth and power in the Russian economy.

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