That 70’s Show in Russia
If oil prices remain at $70-80 per barrel, Russia is likely to relive key features of the Brezhnev era of the 1970’s and 1980’s – with a stagnating economy and 70-80% approval ratings for its political leaders. That will preserve the status quo, but eventually the only choice will be genuine economic reform or dangerous civil disorder.
https://prosyn.org/2IbTcdI
MOSCOW – Can Russia escape the “resource curse” implied by high oil prices, or will it succumb to what we call a “70-80” scenario? That is the question confronting Russians today, and we fear that their fate will be the latter: if oil prices remain at $70-80 per barrel, Russia is likely to relive key features of the Brezhnev era of the 1970’s and 1980’s – with a stagnating economy and 70-80% approval ratings for its political leaders.