Business Commentary for Rational Individuals

Russians Love Putin

Dr. Bill Belew

Issue I - June 10, 2006

Introduction by Mr. Stolyarov: Russia's economic growth is taking place while the authoritarian Putin administration is in power, yet the average Russian does not detest Putin. Rather, the average Russian is pessimistic and sees no viable alternative to Putin's rule. Dr. Bill Belew describes Russia's recent economic growth-- which happened despite Putin-- not because of him. Certainly, the Russian government's attempts to bring ever more industries under government control do not bode well for economic prosperity in the future. Perhaps the Russian people are wise to be saving for hard times; they will need their savings in the future when government mismanagement will ruin the economic situation once more.

"You can never be optimistic about anything in our country, because if you're optimistic, it will turn out badly." This is typical of the average Russian on the street.

Also typical is "There is no alternative to (Putin). Stability is important for business."

The Russians love their president or at least they approve of him. 

Russia took a dive in the early 90s when the Soviet Union collapsed. It got worse during the Yeltsin-year crisis in 1998 when the government temporarily suspended debt repayments and devalued the ruble by 30%.

But, the economy recovered - quicker than anyone expected.

What are the signs of Russia's economic recovery? Click here to continue reading and comment on this article.

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Dr. Bill Belew is a former Intelligence Officer for a Destroyer Squadron. He lived 20 years in Japan, where he started a language school for Japanese ECS. Dr. Belew teaches classes for a vocational school and online for a national university.

See Dr. Belew's blog, PanAsianBiz, for news and discussions about business and current events in Russia and Asia. See ZhongHuaRising for Dr. Belew's reports on business in China and RisingSunofNihon on business in Japan.

Click here to view TRBJ's Issue I Index.

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