Putin, the Oligarchs & the End of Political Liberalization

President Putin’s reassertion of state control over more and more of the economy combined with his radical reversal of many of the country’s political reforms is ominous. Correcting for some of the political and economic excesses of the original reforms is all to the good, but unless he can do so without sowing the seeds of future recriminations and turmoil, Russia will find it difficult to establish the climate of stable property ownership, encourage long-term investment or spur the diversified economic growth, all of which are essential for political stability and legitimacy.