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Friedman on why Putin blinked when he realized the costs of impulsive emotional policy making for Russia's economy and his legacy of economic progress
05/27/2014
Putin's early reactions to Yakunovych, corruption and poor leadership in Ukraine, and anti-Russian feeling in western Ukraine, were emotional and impulsive. The Crimean takeover was perceived very differently and gained Putin poor media coverage in Germany after decades of effort in building German-Russian relations, surely not worth what was gained in Crimea. The capital outflows estimated to reach $160 billion at one point and the damage to foreign investment sentiment at a time of sharp economic slowdown must rate as one of the poorest displays of policy making, when Russian speaking Ukrainians could be protected without damaging Russia's image and relations with western partners. Relationships needed for modernization of what is still an emerging market in a global economy. Even in a multipolar economic world with China, Russia playing a bigger role, other competing players Japan and India, would dilute any influence gained by China, and by Russia, and no change in the global economy. A more serious effort would be for Putin to have pushed to give Russia a more effective economic role by diversifying to a tech based economy, away from oil, something that still awaits Russia under some future leadership and party.
Grouped Articles
New York Times 05.27.2014
This Is Just a Date, Not a Marriage
Wall Street Journal 06.03.2014
Tensions Are Writ Large Before Ukraine Showdown
Wall Street Journal 07.07.2014
Seeing Cost of Saber Rattling in Ukraine, Putin Alters Course
New York Times 07.11.2014
Raising Stakes on Russia, U.S. Adds Sanctions
New York Times 07.16.2014
Wall Street Journal 07.22.2014
Wall Street Journal 09.03.2014
Putin Tells European Official That He Could ‘Take Kiev in Two Weeks’
New York Times 09.02.2014
Putin Trumpets Economic Strength, but Advisers Seem Less Certain
New York Times 10.02.2014
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