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This paper examines the problems of Russia's post-communist economic transformation. Its main thesis is that the Russian attempt at radical economic reform largely failed, because of extraordinary rent-seeking by old enterprise managers through export rents, subsidized credits, import subsidies and direct government subsidies, while they gained little from privatization.
Globalization, for all its benefits, also creates a risk of increasing inequality, as much or more in developing countries as in today's industrialized countries. High inequality makes the design and implementation of good social policy difficult. However, despite this, Latin America has a reason to be optimistic.
China is slowly modernizing its strategic nuclear forces. Chinese doctrine is centered around the maintenance of a "limited nuclear deterrent" capable of launching a retaliatory strike after an adversary’s nuclear attack.