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Examines the significant failures Russia has faced under Vladimir Putin's leadership and presents an important counterpoint to a broad range of studies emphasizing Russia's resurrection, status as a persistent power, or successful military reform.

Despite Putin's claims of restoring Russia's rightful place in the world, reviving the economic and industrial capacity destroyed in the 1990s, and improving living standards, data show that the gains from the oil price bonanza of 2000-2008 have l...