Again, Russia showed it either did not wish to play in the world of globalization, or it just fumbles the ball every time it has an opportunity to score.
Indeed, following the "debacle" that resulted in the imprisonment of Kodorkovsky, "sizable losses" were suffered "for Russian companies' stocks on national and foreign stock exchanges, as well as certain downsizing of foreign direct investments due to high political risks," the Yale writer explains.
Another viewpoint as to why Russia stumbles in the globalization game comes from Alexey Portanskiy, Head of the WTO Information office on Russia's accession to the WTO; one main reason Russia has not made it into the WTO (aside from the general reluctance on the part of Russian society to open up), Portanskiy asserts, is "the resistance of sluggish bureaucracy and lack of political commitment from the top" (Portanskiy, 2005) (World Trade Organization).
But the Yale article claims that entrance into the WTO has been postponed partly because Putin has been "crossing swords" with the World Bank, the International Monetary Fund, and the WTO. Between 2000 and 2004, "Putin has persistently refused to borrow from these institutions," Proskuryakova writes. "Putin's tough stand was made possible," at least from his point-of-view, "by high oil prices in international markets," which allowed him to embrace an ambitious plan for re-payment of Russian debt. That policy has caused the above-mentioned international financial institutions to "reconsider the extent of their presence in Russia," the Yale journalist, Proskuryakova, concludes.
The interesting sidebar story to Putin's refusal to borrow is that he had in fact able to boost Russian currency reserves from "slightly above $88 billion to over $95 billion, in a period of three months in 2004. And while that growth in currency reserves would logically be met with praise from the international community, in this case critics were not lining up to praise Putin because, Proskuryakova continues, they were "skeptical of Putin's underlying motives." Along with the refusal to borrow from international institutions - and by doing so presenting a better picture to would-be global investors - Putin cut "a wide range of social entitlements, such as
But Putin has not proved to be a reasonable man when it comes to the economic growth of his "democratic" nation. In fact, Putin has made a lot of moves to strengthen his own political position at the expense of building his nation through trade and interactions with wealthy nations. This is bad news for Russians; but at least they can speak their mind at the polling places, if, in fact, the elections are truly free of interference from the Kremlin.
Works Cited
Portanskiy, Alexey. "Russia's WTO accession negotiations." (2005). World Trade Organization Retrieved 19 Nov. 2006 at http://www.wto.org/english/news_e/events_e/symp05_e/portanskyi16_e.doc.
Proskuryakova, Liliana N. "Is Putin an Anti-Globalization Hero?" Yale Global Online (2004). Retrieved 18 Nov. 2006 at http://yaleglobal.yale.edu/display.article?id=4805.
Saunders, Paul J. "Why 'Globalization' didn't Rescue Russia." The Nixon Center. (2001). Retrieved 18 Nov. 2006 at http://www.nixoncenter.org/publications/articles/Russia%20and%20globalization.htm.
The World Factbook. "Russia." Central Intelligence Agency.. (2006). Retrieved 18 Nov. 2006 at http://www.cia.gov/cia/publications/factbook/geos/rs.html.
Wegren, Stephen K. Russia's Food Policies and Globalization. New York: Lexington
Books (2005).
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