Nemtsov begins by pointing out that Putin enjoyed an average oil price more than double what Yeltsin had to work with, five times greater in recent months, and that Putin has not used any of the oil windfall to “carry out economic reforms, create a modern army, and establish public health and pension systems.” All but the economy, he says, have degraded, and the economy has merely been “stabilized through a stroke of luck” having nothing to do with Putin. He shows that there were already clear signs of recovery before Putin came to power, and argues convincingly that the...