Historical Dictionary of the Russian Federation

ECONOMY

Economy: translation

With the exception of a brief period of entrepreneurial experimentation underVladimirLenin’s “New Economic Policy” (NEP) from 1921 to 1928, the Soviet economy was historically dominated by the state.JosephStalin’s centrally planned economic policies, as well as the collectivization ofagriculture, ensured that theCommunist Party of the Soviet Unionexercised almost total authority over farming, manufacturing,foreign trade, and natural resource exploitation. The production, pricing, distribution, and availability of nearly all goods and services were thus within the dominion of the state.
During theBrezhnevera, the high price of hydrocarbons buoyed the Soviet economy; however, the 1980s saw a dramatic downturn in the country’s fortune asoilprices plummeted. This was exacerbated by expenses incurred during theSoviet-Afghan Warand the arms race with theUnited States. By this point, preference for spending on themilitaryand heavyindustryover light industry and consumer goods had produced a “shortage economy” in the Union of Soviet Socialist Republics (USSR), contrasting sharply with the consumerand information-based economies ofJapan, Western Europe, and North America.
Hoping to bring about economic “acceleration” (uskoreniie>), the new premierMikhail Gorbachevinstituted a “restructuring” (perestroika) of the economy in the mid-1980s, focusing on technological advancement and liberalization of the centrally planned economy in an effort to “keep up” with the West.The new environment allowed for the proliferation of new cooperatives and the marketization of certain firms, which could produce badly needed goods and engage in profit taking (colloquially referred to as “self-financing”), something that had been anathema to the system for generations. Entrepreneurial individuals with well-developed networks (blat), particularly among thenomenklatura>, were able to increase their fortunes quickly.
However, reduced tax income due to Gorbachev’s anti-alcoholismcampaign, increasingunemployment, food rationing, and the lessening of subsidies on necessary goods produced a combined effect that lowered standards of living. Hoping to lessen the pain of transition by speeding up the shift to a market economy, the most liberal members of the government advocated a500 Days Programto overhaul the economy, attract foreign investment, and establish a functioningbankingsystem. However, this was watered down and produced few results before thedissolution of the Soviet Unionin late 1991. After the dissolution of the Soviet Union,Boris Yeltsinundertook serious reforms, including the marketization of prices and the opening of the country toforeign investment. Banking and commercial regulation, however, were only half-heartedly implemented during his first administration. The failure of the rule of law to take root during these years allowed themafiato exert substantial control over the economy, a fact that was admitted by the president himself on more than one occasion. During the transitional period, the need for state protection of these budding commercial ventures produced an environment conducive to clientelism and widespreadcorruption. During the 1990s, these relationships led to the “insiderprivatization” of many formerly state-owned enterprises to joint-stock companies, thus transferring massive amounts of property from the “people” to a small number ofoligarchs. This process was abetted by the distribution in 1992 of state-issued privatization vouchers worth 10,000 rubles toward the purchase of state assets; wealthy speculators purchased and consolidated these transferable vouchers to acquiremining, oil, steel, and other companies. Concurrently, the end of theCold Warand the opening of Russia to economicglobalizationresulted in the closure of a significant percentage of the country’s factories, throwing many out of work. Wage arrears also emerged as a major issue for many regional and federal government employees. Transfer of wealth from the periphery to the country’s two principal cities—MoscowandSt.Petersburg—also accompanied the transition process, and certainfederal subjects(e.g.,Khantiya-Mansiya,Tatarstan, andTyumen) enjoyed the benefits of economic liberalization while others (Kalmykiyaand portions of theFar Northand theNorth Caucasus, in particular) saw their regional economies ruined.
Application ofshock therapyto the Russian economy ultimately produced mixed results: while production was rationalized, inflation was rampant during the early 1990s as the amount of currency in circulation was doubled several times. Many Russians moved into the “shadow economy” during this time, engaging in nontaxable forms of work. During Yeltsin’s second term, the Asian economic “flu” spread to Russia, resulting in the 1998ruble crisisthat destroyed much of the population’s savings. However, Yeltsin’s resolve not to return to state control of the economy won him support outside Russia, ultimately resulting in a spot for the country within theGroup of Eight(G8) advanced economies.
UnderVladimir Putin, Russia’s economic fortunes improved greatly, due mostly to a rise in oil andnatural gasprices. However, growth inarms exports, manufacturing, foreign trade, agricultural output, the financial industry, and the services sector (particularly outsourcing) also occurred during the Putin era. The national gross domestic product increased sixfold on his watch, though inflation is a perennial problem in Russia. The 2008–2009global economic crisisseverely affected the Russian economy. Adding to the problem, capital flight—a major issue during the 1990s—reemerged in the wake of the 2008South Ossetian Waras skittish investors and wealthy individuals quit Russia for more stable countries. However, the country’s stabilization fund, implemented to mitigate the effects of a drop in hydrocarbon prices, allowed the Kremlin to partially stabilize the situation, while buying up a number of former state assets that had fallen into the hands of the oligarchs during the Yeltsin era. Regardless, the Russian economy plummeted by more than 10 percent in the first half of 2009, the first drop since the early 1990s.

  1. economy—Economy translation The Egyptian economy was primarily based on agriculture as the fertility of the soil engendered by the Nile flood allowed a crop surplus to fulfill th...Ancient Egypt
  2. economy—economy translation noun strong operation of a countrys money supplyADJECTIVE booming buoyant esp. BrE dynamic healthy prosperous robust sound stable strong thriving vib...Collocations dictionary
  3. economy—Economy translation see English Economy and the Wars of the Roses...Encyclopedia of the Wars of the Roses
  4. economy—economy bersetzung . Wirtschaft f Volkswirtschaft f Wirtschaftslehre f Konjunktur f . Organisation f Anordnung f . Wirtschaftlichkeit f Sparsamkeit f...Englisch-Deutsch Worterbuch gesetz
  5. economy—economy translation I. strong economystrong economy sup [knmi k] noun economies PLURALFORM . strong [countable] ECONOMICS the system by which a countrys goods and ser...Financial and business terms
  6. economy—Economy translation The earliest economic development of Brussels reflected its role as a military and administrative center. The castrum built by Charles of Francestrong...Historical Dictionary of Brussels
  7. economy—Economy translation Israels economy has made impressive progress and the economic wellbeing of its people has improved significantly since independence when Israel was a ...Historical Dictionary of Israel
  8. economy—ECONOMY translation The basis of the Mesopotamian economy throughout history until very recent times was agriculture. The alluvial lowlands supported cereal crops date pa...Historical Dictionary of Mesopotamia
  9. economy—Economy translation Italy has a very anomalous economy. Parts of the country especially the North are highly industrialized the South by contrast never fully experienced ...Historical Dictionary of modern Italy
  10. economy—Economy translation The Dutch economy has been oriented toward the world for ages. Tradebrought riches to a selected number of merchant fam ilies particularly during the ...Historical Dictionary of the Netherlands
  11. economy—Economy translationThe large set of interrelated economic production and consumption activities which aid in determining how scarce resources are allocated. The economy e...Investment dictionary
  12. economy—economy translationSynonyms and related wordsGNP barter economy brevity briefness budget capitalistic economy carefulness cheap cheeseparing collectivized economy compact...Moby Thesaurus
  13. economy—экономика экономия city fuel economy fuel economy...Англо-русский автомобильный словарь
  14. economy—[knm]хозяйство экономика народное хозяйствобережливость расчет расчетливость экономиясэкономленное сбереженияорганизация строение структура устройство система...Англо-русский большой универсальный переводческий словарь
  15. economy—. экономика хозяйство. . бережливость расчет экономия расчетливость...Англо-русский вспомогательный словарь
  16. economy—.strong хозяйство water economy...Англо-русский гидрогеологический словарь
  17. economy—transcription транскрипция [ iknm ] хозяйство народное хозяйство экономика экономия бережливость меры экономии сбережения экономичность страна economy class e...Англо-русский деловой словарь
  18. economy—хозяйство экономика экономия бережливость часто pl сэкономленное сбережения структура организация...Англо-русский дополнительный словарь
  19. economy—Расчетливость...Англо-русский морской словарь
  20. economy—экономика народное хозяйство экономическая система экономический строй бережливость расчтливость экономия выгодность экономичность сбережение экономичный economy in...Англо-русский научно-технический словарь
  21. economy—экономия...Англо-русский онлайн словарь
  22. economy—экономия...Англо-русский онлайн словарь
  23. economy—n народное хозяйство хозяйство экономика...Англо-русский словарь Лингвистика-98
  24. economy—economy [knm] nu хозяйство экономика экономия бережливость частоem plu сэкономленное сбереженияlittle economies маленькие сбережения структура организация...Англо-русский словарь Мюллера
  25. economy—сущ. хозяйство экономика народное хозяйство market economy рыночная экономика national economy народное хозяйство национальная экономика peacetime economy экономика м...Англо-русский словарь общей лексики
  26. economy—n .strong хозяйство экономикаeconomy absolute абсолютная экономияeconomy actual фактическая экономикаeconomy farming фермерское хозяйствоeconomy khutor хуторское хозя...Англо-русский словарь по социологии
  27. economy—strong экономика народное хозяйствоstrong plem экономия бережливость экономия как область знания economies in constant capital economies in labor economies in the means o...Англо-русский словарь по экономике
  28. economy—n экономика хозяйство экономия бережливость to afflict the worlds economy отрицательно влиять на мировую экономикуto animate the economy оживлять экономикуto apply the...Англо-русский словарь политической терминологии
  29. economy—n. хозяйство экономика экономия сбережения сэкономленное структура организация...Англо-русский словарь редакция bed
  30. economy—.strong экономия .strong экономика хозяйство economy of fabrication energy economy heat economystrongАнглорусский строительный словарь. М. Русский Язык.С.Н.Корчемкина С....Англо-русский словарь строительных терминов
  31. economy—хозяйство народное хозяйство экономика экономия бережливость меры экономии сбережения экономичность страна economy class economy in capital charges economys...Англо-русский словарь финансовых терминов
  32. economy—iknmхозяйство народное хозяйство экономика экономия бережливость страна меры экономии сбережения экономичность...Англо-русский словарь экономических терминов
  33. economy—сущ.emstrong хозяйство экономика absolute economy[m] actual economy[m] farming economy[m] khutor economy[m] national economy[m] planned economy[m] relative economy[m] rur...Англо-русский социологический словарь
  34. economy—хозяйство выгадывание выгодность сбережение экономичность экономность экономия бережливость расчетливость economy car expanding economy fuel economy national economy plan...Англо-русский технический словарь
  35. economy—автоu economyэкономичный режим работы...Англо-русский универсальный дополнительный практический словарь И. Мостицкого
  36. economy—сущ. эк. экономика хозяйствоnational economy народное хозяйство национальная экономикаshaky economy нестабильная экономикаsound economy стабильная экономикаadvanced ec...Англо-русский экономический словарь
  37. economy—licit economy shadow economy...Англо-русский юридический словарь
  38. economy—n господарствоnational economy народне господарство економка краниpolitical economy полтична економя ощадливсть економнстьlittle economies маленьк заощадження структур...Англо-украинский словарь
  39. economy—n . господарство економка . економя бережливсть nonmarket неринкова економка political полтична економя rural сльське господарство економка сльського господарства...Англо-український дипломатичний словник
  40. economy—хазяйство структура ощадливсть господарство...Англо-український словник
  41. economy—n господарство економка national народне господарство економка крани political полтична економя rural сльське господарство економка сльського господарства ощадливсть...Англо-український словник Балла М.І.
  42. economy—ек. . економка народне господарство господарство . економя ощадливсть ощаднсть економнсть . сфера суспльних вдносин виробництва обмну споживання результатв людсько дяльн...Англо-український тлумачний словник економічної лексики
  43. economy—.strong [knm] n. хозяйство экономикаpolitical economy политическая экономияnational economy народное хозяйство национальная экономикаrural economy сельское хозяйство э...Новый большой англо-русский словарь
  44. economy—economy . [knm] ni . хозяйство экономика political политическая экономия national народное хозяйство национальная экономика rural сельское хозяйство экономика сельс...Новый большой англо-русский словарь II
  45. economy—economy . [knm] ni . хозяйство экономика political политическая экономия national народное хозяйство национальная экономика rural сельское хозяйство экономика сельс...Новый большой англо-русский словарь II
  46. economy—.strong knm n . хозяйство экономика political политическая экономия national народное хозяйство национальная экономика rural сельское хозяйство экономика сельско...Новый большой англо-русский словарь под общим руководством акад. Ю.Д. Апресяна
  47. economy—.strong knm n . хозяйство экономика political политическая экономия national народное хозяйство национальная экономика rural сельское хозяйство экономика сельско...Новый большой англо-русский словарь под общим руководством акад. Ю.Д. Апресяна