| Abstract: | The paper, based on extensive field interviews in 2009, examines regional investment policies in Russia, focusing on the Novgorod and Kaluga regions. The author, a Finland-based geographer specializing in Russia's economy, argues that some Russian regions (including the ones not well endowed with natural resources) can succeed in promoting investments despite the generally unfavorable economic environment. He also questions the ability of so-called regional "growth machines" to be sustained over the long term, by contrasting the cases of Novgorod and Kaluga, whereby Novgorod represents a region transformed from a leader in promoting investment into a corrupted autarchic regime. Kaluga, on the other hand, is presented as a successful region on the basis of an innovative but somewhat risky investment promotion strategy. |
