Russia and Europe: Lessons from the Pre-Command Era

  • Paul R. Gregory
Conference paper


Russia’s “modern” economic interactions with Europe fall into four clear periods. The first period begins with Russia’s entry into the modern world sometime between the peasant emancipation of 1861 and initiation of railroad construction in the late 1870s and early 1880s. It ends with the 1917 revolution. Russia’s second period is the NEP experiment of 1921 through 1928, during which time Russia experimented with a mixed economy and tried to reestablish normal commerce with Europe. The third is the lengthy era of the administrative-command economy from the late 1920s through the 1980s. The fourth period dates from Gorbachev’s introduction of Perestroika in 1985 to the present.


Foreign Investment Foreign Capital Foreign Debt Domestic Saving Interest Rate Differential 
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© Springer-Verlag Berlin Heidelberg 1996

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  • Paul R. Gregory

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