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 1970s and 1980s ― with a stagnating economy and 70-80 percent approval ratings for its political leaders.
Read Full Article »
