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No. Russia overspent because it was riding on an oil boom stemming from the oil crisis, instead of having to do reforms in the 70s. Then they got poor when oil
by yxhuvud 4y ago
No. Russia overspent because it was riding on an oil boom stemming from the oil crisis, instead of having to do reforms in the 70s. Then they got poor when oil prices came down and failed to reform fast enough to counter the new budgetary realities.
- JamisonM 4y agoYes people overthink it but it was essentially a resource economy boom-bust cycle situation, the belief that the good times will last forever is a hell of a drug.