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Try this as a thought experiment: imagine a dynamic modern Russia with a robust knowledge economy, diversified industry, and reasonably functioning legal system where starting a business –or adjudicating disputes -- is no more difficult than in say, Turkey or Malaysia. Not easy, is it? In fact, in a remarkable article published on Gazeta.ru, a Russian webzine, President Medvedev starkly outlines his country’s challenges and poses the question whether Russia can change enough to “own tomorrow.”

It may be one of the BRICs, but when I think how things are likely to change in coming decades, it is not hard to conjure up impressive scenarios for China, for India or even for Brazil. But when you get to Russia, it is difficult to envision anything like the sort...