Discussion Of Whether Putin’s Economic Policy Has Been Successful

Putin was born to a poor family on October 7, 1952. He spent his childhood in old and shabby homes, where Soviet workers shared. His father was a former member of NKVD, which was a secret service of Soviet, and injured due to mission at Leningrad. His mom’s family either got kidnapped or died at Leningrad War. Putin was an only child that his siblings died at an early age because of illness. He admired the KGB since he was young and was selected as an agent of the KGB after college.

As President Yeltsin resigned from bad health, Putin was promoted from Prime Minister to President. In fact, he became the acting President. In 2000, Putin was elected as Third President of Russia. In the early 2000s, he established diplomacy with Western nations and became acquainted with leaders. As oil and gas prices rose, Putin didn’t want to miss the opportunity to raise approval rating. As he took advantage of the rising prices, the Russian welfare was improved and restored the economy. Approval rating of Putin highly increased as expected. His accomplishment won popularity of Russian.

Since Putin became the President, Russian influence has been reaching the whole world. Foreign relationship between Kremlin may change, but Putin’s influence is heavily growing. As Putin succeeded in his final re-election in 2018, Putin aimed at modernizing economy. He added by saying “ranks among the world’s leading nations” yet it has not reached the required level in the context of guaranteeing people’s quality of life and prosperity.” In order to fulfill the commitment of modernizing economy, Putin promised to digitalize the government, building wide construction, and increase export. He expects Russia to enter the top five as soon as possible and economically grow above average. Recent Putin’s commitment seemed to have increased the interest of Russian in the Kremlin because Russian capital has been advanced into the Kremlin a lot.

Since the 2012s, Putin has failed to achieve many economic goals. The failure of achieving his goal led him to media and public in tired form, but he soon regained his honor by conquering Crimea in 2014. It didn’t take Putin long to decide send troops to Crimea as he was thirsty on regaining his honor. As Russia officially designated Crimea as their land in 2014, the Russian people recognized him as a real patriot.

Crimea is abundant in natural resources, and there are many Russian companies. Conquering Crimea is economically efficient for both Russian and Putin. It obviously boosted approval rating of Putin. The happiness of Crimea didn’t last long. Russia shortly declared to join in Syrian Operations, but people not as interested as Crimea. People only understood Crimea as economic development and did not think of it as something else.

How can Putin satisfy Russian with other economic achievement beside the conquest of Crimea? The cycle of economy is long and repetitive. It doesn't end up with one thing. For the nation to keep stable structure of economy, Putin has to continue to take action. As many economic experts suggest increase jobs and subsidize to people with federal budget. Rather than forcibly suggesting these solutions to people, it’s better to recommend them in autonomously. The economic system of Russia is too focused on the exploitative model. The Russian government has been working on their project by hiring labors with using taxes. This kind of government operation caused corruption between executives and many people lost their property rights. After all, Russia faced economic downturn before Putin became president. The Russia economy is still struggling with exploitative model even with Putin’s administration.

Economic operation system of Russia is falling behind compared to other countries. Most countries now give their people autonomy as they prefer peace and freedom. However, Russia is still far from autonomy. Russia has not abandoned its notion of centralism for many decades.

They have pursued oppressive orders and high pressures on workers. That absolutely formed Russia to maintain strong military forces. The government’s centralism has been historically applied to industry. Therefore, Russians rarely had a chance to protest the government. Russian army was too strong to face for them. Only reform of Soviet Union gave Russian hope which happened in 1991. As the Soviet Union changed to Russia, quality of living in Russia started to get better. In the early 2000s, new government secured people property rights and “implemented tax cuts.” This was when Putin took advantage of the oil markup. Not only the people took advantage of his action, many companies could maintain their business.

As the years pass by, economic experts claimed that they are uncertain for Russian companies to move forward with Putin’s action. There is also an analysis that some of them won’t survive. It’s a problem that companies have been relying on Putin for too long and unresponsive responsibility of government. It might be the reason why none of Russian companies are globally missing among the top 10 companies. Putin has been communizing only companies that support him to hold his enemy in check. This method derived benefit on big companies, but industrially harmed small businesses. Nobody knows if the situation will change. Putin is planning on spending trillion rubles to increase the production of big companies and limit foreign trade.

Putin has had numerous economic policies during his term of President. Most of his economic policies showed effective results. Therefore, he could gain public sentiment and stay where he is now. If he did like Yeltsin, there was no fifth run. He has been responsible for every single policy. His leadership has made Russia where it is now.

Citations

• Pudovkin, Evgeny. “Vladimir Putin’s top priority is not foreign adventure but restoring Russia’s economy.” Published 4 Sept. 2018. Caps. Accessed 6 Oct. 2019
• Biography. “Vladimir Putin Biography.”. Published 19 Mar. 2018. Biography. Assessed 6 Oct. 2019