The Price of Power: Corruption, Kleptocracy, and the New Russian Elite
An in-depth look at how wealth and political power merged to create a kleptocratic regime under Putin.
Power and wealth have long been intertwined, but under Vladimir Putin, this relationship took on a distinct and troubling form. The emergence of a kleptocratic elite — a ruling class that uses political power to accumulate vast personal fortunes — has become a defining feature of modern Russia.
At the center of this narrative is the infamous 'Putin’s Palace,' a symbol of the regime’s excess and corruption. Lavish estates, luxury cars, private jets, and exclusive parties illustrate the scale of wealth concentrated among a small circle of insiders. This accumulation was facilitated by the fusion of state and business interests, where favoritism, embezzlement, and patronage networks flourished.
The economic inequality resulting from this system has deepened social divisions and eroded public trust. While the elite enjoy unprecedented luxury, many ordinary Russians face economic hardship and limited opportunities. The kleptocratic system also stifles competition and innovation, undermining long-term development.
Understanding this fusion of power and wealth is critical to grasping the challenges facing Russia today. It reveals how corruption is not merely a side effect but a structural feature of the regime, shaping its policies and priorities.
Sources: The New Tsar by Steven Lee Myers, Putin and the Rise of Russia by Michael Stürmer, New Statesman’s Best Books on Putin 1 2 4
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