As of 2014, the economy of Russia is a more market-based and global economy. Economic reforms that took place in 1990 has lead to privatized industries.Continue Reading
The Russian economy had a more socialist structure when they were controlled by the Soviet Empire. Since the fall of the Soviet Empire, a middle class emerged for the first time. Since Russia relied so much on commodities to be exported to them, they were very vulnerable to the economic crisis that took place. In 2008, they experienced a steep fall in the global demand, a tightening of credit and commodity prices almost brought Russia's economy to a halt. They started to recover in 2010.
Russia is considered one of the most industrialized republics of the former Soviet Union. The Russian industry is still considered highly inefficient because of years of low quality investment. Russia has a resource-based industry. They've also developed a large manufacturing capacity that includes metals, food products and transportation equipment. Russia is now considered the world's third-largest exporter of primary aluminum and steel. Russia does still have many import barriers from their Soviet Union days. They often use non-tariff barriers to restrict foreign access to their market. It's considered a constant strain on their Russian World Trade Organization negotiations.Learn more about Economics
Afghanistan has a primitive type of economy dependent on agriculture, the illegal opium trade and foreign aid. Though its abundance of natural resources such as natural gas, petroleum and many types of minerals has the potential to make it a wealthy nation, due to decades of war, little infrastructure exists with which to exploit this abundance.Full Answer >
A diversified economy is an economy that has a number of different revenue streams and provides nations with the ability for sustainable growth because there is not a reliance on one particular type of revenue. This diversification provides nations with the security and reliability that they need so that if one economic revenue stream should fail, the nation knows that they have several other options for revenue.Full Answer >
People have lived in the area that is modern-day Russia for as long as 1.5 million years. However, until the ninth century, these people composed a loose collection of cities and nomadic tribes rather than a unified nation. The earliest steps toward Russian unification began in 862.Full Answer >
From east to west, Russia is 5,592 miles wide. The country has a total land mass of almost 6,600,000 square miles and spans two continents, Europe and Asia. It is the largest country in the world in terms of land area.Full Answer >