UNIT IV. Economic reforms in Russia

ECONOMIC REFORMS IN RUSSIA

Text I

■ Skimming

Ex. 1.

5) 4) 2) 3) 1)

■ Scanning

Ex. 2.

1) Russia’s economic power lies in its key natural resources − oil and gas because oil and gas dominate Russian exports.

2) The energy giant Gazprom is called by critics an economic andpolitical tool of the Kremlin.

3) Russia has tried to develop a market economy since the collapse of the Soviet Union in 1991.

4) The term "shock therapy" refers to the sudden release of price and currency controls, withdrawal of state subsidies, and immediate trade liberalization within a country.

5) Shock therapy usually includes large scale privatization of previously public owned assets.

6) The reforms resulted in economic collapse, with millions being plunged into poverty and corruption and crime spreading rapidly.

7) Outrageous financial manipulations enriched the narrow group of individuals at key positions of the business and government mafia. Many took billions in cash and assets outside of the country in an enormous capital flight.

8) A lot of TV channels in Russia are either run directly by the state or owned by companies with close links to the Kremlin. Independent reporting has suffered as a result.

9) The protection of property rights is still weak and the private sector remains subject to heavy state interference.

Ex. 3.

1) nominal value, purchasing power parity

2) Russian exports

3) economic, political tool

4) consistent, growth

5) proceed with, the lines

6) economic collapse, plunged into, rapidly

7) cash, assets, capital flight

8) severe recession

■ Vocabulary Study

Ex. 5.

1) – e); 2) – f); 3) – c); 4) – b); 5) – h); 6) – i); 7) – d); 8) – a); 9) – g)

Ex. 6.

1) withdrawal

2) collapse

3) flight

4) interference

5) subsidy

6) dominance

7) growth

8) release

9) achievement

10) export

Ex. 7.

1) proceed with

2) dependent on

3) refer to

4) result in

Ex. 8.

1) – f); 2) – d); 3) – e); 4) – a); 5) – c); 6) – b)