Take a read: http://www.economist.com/blogs/easternapproaches/2012/08/putins-perks
Friday, April 19, 2013
Questions behind Putin's Wealth
This article details the questions behind the truth of Putin's wealth. There are many claims of how much money he really has, however, many sources cite different levels of wealth. The base of their claims come from his lavish lifestyle, that is seemingly sustained on his income from his position in public service. The article discusses a few interesting points: Putin owns a few planes, he has 20 residences, a watch collection that is reportedly worth over $680,000, and a personal yacht collection. Although this article is from 2010, it relates very well to our discussions in class regarding Russia, corruption during the economic transition, and the relationships between oligarchs and public officials. The article is quite short but very interesting.
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4 comments:
Especially after watching the film in class, I am fascinated by Russia's peculiar transition from communism to capitalism. As we have seen in other countries, this huge shift does not always happen smoothly and greatly affects economic-social-political institutions. I wonder if Russia will ever break out of its cycle of corruption and strengthen the legitimacy of their judicial system. Also, I thought it was hilarious how the article says that Putin paid the Abba cover band 'Bjorn Again' to perform a personal concert.
The corruption level in Russia is huge. Some type of personal fiances disclosure act like the STOCK Act here in America might help to increase transparency in the government.
Like most transition economies Russia faced a lot of challenges when it came to having a smooth economic system. Falling under the trap of corruption is very easy in these situations, the video we watched in class was quite an eye opener. Strong democratic government, heavy checks and balances and honest leadership can bring change!
it surprises me that people aren't afraid to discuss such an issue. Power comes with authority. The video we watched in class showed just how much power Putin had/has. With that kind of power in such a corrupt country, it is almost inevitable that government officials will become wealthy while in power. The same thing is currently going on in Africa.
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