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Marhsall Goldman is a Professor of Economics Emeritus at Wellesley College and Senior Scholar at the Davis Center for Russian Studies at Harvard University. In his book, Petrostate: Putin, Power, and the New Russia , Goldman chronicles Russia’s dramatic reemergence on the world stage, illuminating the key reason for its rebirth: the use of its ever-expanding energy wealth to reassert its traditional great power ambitions. In the article below Goldman reflects Russia’s role in increasing energy prices.

As energy prices rise to record heights, most consumers are unaware that it’s not only OPEC members who are the beneficiaries, but Russia which today actually produces more petroleum that Saudi Arabia. Russia has been the world’s largest producer of petroleum several times in the past including at the beginning of the twentieth century and again in the 1950s. But its role today when energy prices are at record levels has made Russia an especially important economic and political power, more so than ever before in the country’s history.

In more recent times, the bounty brought in by Russian petroleum exports has transformed Russia from near bankruptcy in August 1998 to levels of prosperity unmatched not only in Soviet but Czarist history. The Russian government today has built up nearly $500 billion in foreign currencies—not bad considering that less than a decade ago, in 1998, Russia’s treasury was effectively empty. Moreover the Russian company, Gazprom, the world’s largest producer of natural gas has just recently become the world’s second largest corporation as measured by the combined value of its corporate stock, a distinction that until just recently was held by General Electric. Today only Exxon-Mobil is larger than Gazprom, but Prime Minister Putin has promised that he will do all he can to help Gazprom reach first place. More than that Putin has begun to question why it is that the dollar is the world’s currency standard. As the US dollar loses value, the ruble has strengthened, gaining 20 per cent in recent weeks.

Not surprisingly both Putin and his protégé, Dmitri Medvedev his successor as President, have begun to demand that the ruble be included as a world currency (not bad considering that only a few years ago the ruble was not even convertible into other currencies) and that Russia have a say in selecting the leaders of international financial groups such as the International Monetary Fund and the World Bank.

Given the likelihood that energy prices will remain at high levels for some time to come, it is likely that Russia will seek to use its new wealth to reassert itself as both an energy and a political superpower.

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Marhsall Goldman is a Professor of Economics Emeritus at Wellesley College and Senior Scholar at the Davis Center for Russian Studies at Harvard University. In his forthcoming book, Petrostate: Putin, Power, and the New Russia , Goldman chronicles Russia’s dramatic reemergence on the world stage, illuminating the key reason for its rebirth: the use of its ever-expanding energy wealth to reassert its traditional great power ambitions. In the article below Goldman reflects on Medvedev’s recent victory in the Russian elections and on what it means for Russia.

Dmitri Medvedev’s election (or more accurately, selection) as president of Russia was not much of a cliffhanger. By eliminating any viable contender, his patron, Vladimir Putin did all he could to ensure his protégé’s election. For many Russians, there was little point in even bothering to show up at the polling station–everything had been decided in advance. Except for Medvedev, no other candidate (or even a potential candidate) was allowed meaningful access to TV, much less campaign funding. Large public rallies were restricted, if not banned outright. (more…)

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At the International Spy Museum in Washington, D.C., you can buy the following real items. Wouldn't they make perfect gifts for writers?

• A rubber bracelet that reads: I LIE FOR A LIVING (fiction writers only, please)


• A T-shirt imprinted with the words: YOU DON'T KNOW ME (perfect for the pre-published writer or the sales-challenged)


• A coffee mug that says: DENY EVERYTHING (2 for 1, for ghostwriters)
  


• A Nancy Drew MadLibs game (to solve cases of writer's block. Bess and George, extra.)
  


• A digital spy plane (for research) Replaces earlier model, Pigeon Camera.


• The book, The Enemy Within (15 % discount if you show your internal critic)


• Handcuff earrings (only if you're re-writing Pretty Woman)


• An electronic voice transformer (instantly converts 1st person to 3rd)


• Crystal lipstick pen (guaranteed to produce a hot pink cover)
  


• An invisible journal (to record your first royalty statement)

Please note:
• Tree Stump Listening Device no longer available, due to protests about The Giving Tree