Markets and Democracy in Russia

Abstract

paper looks into convergence of Russian institutions with those of other democratic, free-market-oriented states, and considers definitions of normalcy that incorporate the concepts of free market, democracy, and government efficiency. The author provides an estimate of Russia's institutional convergence to the standards of the G7 and the "Big Five" group of large, middle-income countries that includes Brazil, China, and India. In some areas Russia outperforms Big Five countries, in others it trails behind. Finally, public mistrust, corruption, and inefficient governance in Russia are discussed in light of the Putin administration's current reform policies.

Keywords: free market, democracy, institutions, Russia

JEL Classification: O57, P30, P52