The idea of modernization of the Russian economy, once so popular in the Russian political discourse, has now almost come into oblivion. The current economic crises has greatly changed the Russian political and economic agenda, despite the fact that there is still no lack of political will to modernize the country. Drawing on the concept of peripheral capitalism suggested by Raúl Prebisch, the article argues that any attempt to overcome the economic backwardness of Russia will face serious obstacles. The quality of political elite in a peripheral economy is the crucial factor for a successful implementation of development strategy.
modernization, Russian economy, peripheral capitalism.