Russia's Economy

Essay by GatlockUniversity, Bachelor'sA, May 2011

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Russia's Economy

Since the collapse of the Soviet Union, Russia has undergone significant changes, moving from a globally isolated centrally planned economy to adopting a more market based economy. The adoption of a market economy has lead to an increase in wealth for highly educated individuals as well as growth in the energy and defense industries. However, many Russians still face various challenges due to a lack of governmental support and poor administrative procedures leading to increased corruption and slow foreign investment.

Russia's current governmental organization, the Russian Federation, was formed as an independent state with the collapse of the communist USSR in 1991. The then President Boris Yeltsin adopted various democratic and market reforms as well as their current constitution. The administrative structure of the Russian government is a federal system consisting of eighty-five subnational governments including twenty-one republics, fifty-five provinces, eleven autonomous regions, and two cities of federal status.

The executive branch is a dual executive with a president and prime minister, who hold six year terms through direct election of the president and presidential appointment of the prime minister. Currently the president of Russia is Dmitry Medvedev who was hand chosen as successor of former President Vladimir Putin, who currently holds the position of Prime Minister. The legislative branch is bicameral, with the Federation Council consisting of the upper house, who is appointed by heads of regional executive and representative agencies. The lower house, or State Duma, is directly elected and has the power to approve the Prime Minister. Both their powers include proposal and approval of legislation and approval of presidential appointees. The Judicial branch is an independent constitution court with nineteen justices, nominated by the president and approved by the Federation Council. Each justice has a holding of twelve year terms with...