Written by Thorbjorn Waagstein
The Russian economy has apparently resisted the ‘sanctions from hell’ which were supposed to lead to an economic collapse. This has left a lot of economists and politicians perplexed. But it is no mystery. Sanctions hurt, but they also create opportunities, particularly in big and relatively advanced countries as Russia. The reason it is so difficult for many economists to understand is that they have enclosed themselves in a narrow neoliberal universe. What is happening in Russia has an important message for developing countries.