Russia's economy remains reliant on natural resources from "summary" of A People's Tragedy by Orlando Figes
Russia's economy has always been dominated by its natural resources. The country's vast landmass is rich in materials like timber, furs, minerals, and, most importantly, oil and natural gas. These resources have been the primary source of wealth for Russia throughout its history. The Russian state has consistently relied on the revenue generated from the extraction and sale of these resources to finance its operations. The dependence on natural resources has had significant implications for Russia's economy. It has made the country vulnerable to fluctuations in global commodity markets. When prices for oil and gas are high, Russia experiences economic growth and prosperity. However, when prices are low, the economy suffers. This volatility has made it difficult for Russia to diversify its economy and devel...
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