A different country: Russia’s economic resurgence
Lúcio Vinhas de Souza 13 June 2008
Russia has enjoyed impressive economic performance in recent years. This column takes stock of its success, identifies its growth drivers, and highlights the need for microeconomic and structural reforms.
Russia is now once again one of the ten largest economies in the world.1 Moreover, Russia is the third largest EU trade partner and one of its essential energy suppliers. This recovery makes Russia an economic – and political – actor that we cannot ignore.
Russia, growth, economic performance, structural reforms
Morality matters for economic performance
Guido Tabellini 22 December 2007
Morality – defined as individual values and convictions about the scope of application of norms of good conduct – is an important factor in individual behaviour and thus economic outcomes. Such values evolve slowly so they are an important channel through which distant political history can influence current economic performance. Here is new evidence supporting this view.
Economic backwardness is typically associated with a wide range of institutional, organisational and government failures – and these along many dimensions. In numerous poor or stagnating countries, politicians are ineffective and corrupt, public goods are under-provided and public policies confer rents to privileged élites, law enforcement is inadequate, and moral hazard is widespread inside public and private organisations. There is not just one institutional failure. Typically, the countries or regions that fail in one dimension also fail in many other aspects of collective behaviour.
Frontiers of economic research
morality, economic performance, individual behaviour, values