Chris Miller: Russia Is a Case Study in Global Business Complexity

A faculty full of influential thought leaders ranks among the many attributes distinguishing the Master of Global Business Administration from the Fletcher School of Law and Diplomacy at Tufts University. 

Take Chris Miller, for example. After publishing three highly regarded books on Russia—We Shall Be Masters: Russian Pivots to East Asia from Peter the Great to Putin, Putinomics: Power and Money in Resurgent Russia, and The Struggle to Save the Soviet Economy: Mikhail Gorbachev and the Collapse of the USSR—Miller turned his attention to the microchip industry in Chip War: The Fight for the World’s Most Critical Technology. Among the many accolades the book received was inclusion on Barack Obama’s Favorite Books of 2023 list.

Miller teaches international history at Fletcher. In this interview, he explains how deeply Russian history informs the country’s present policies and actions, and he discusses the benefits of pursuing a GBA at Fletcher.

What drew you to the field of international history and, more specifically, Russian history?

My interest in international history stems from a deep fascination with the forces that shape global politics and economics—political ideologies, economic systems, and historical narratives. Russia is a country defined by dramatic transformations, both positive and negative, from the tsarist era, through Soviet times, to the present day. 

Studying Russian history also offers insights into how historical legacies shape contemporary politics. Russia’s leaders frequently draw on historical precedents to justify domestic and foreign policy. Understanding Russia’s past is crucial for interpreting its present actions, from its approach to governance and economic management to its geopolitical ambitions.

You’ve written about Russian history all the way back to the eighteenth century. Before we discuss modern Russia, what do contemporary international business students need to know about Russia’s past and how it impacts its actions today?

To understand Russia’s current economic and political landscape, students must appreciate the way the country’s long history still shapes contemporary realities: centralized power, a resource-driven economy, and strategic self-perception. Since the eighteenth century, Russia has oscillated between reform and conservatism, often favoring strong state control over economic and political life. This dynamic is present today, too.

Historically, Russia’s economy has been reliant on natural resources: first agricultural products, now oil and gas. The Tsarist empire, Soviet Union, and modern Russian Federation all leveraged these assets for economic growth and geopolitical influence. This dependency made Russia vulnerable to shifts in export markets and fluctuations in global commodity prices.

What will students in the GBA program learn about the business climate in contemporary Russia?

Students in the Global Business Administration (GBA) program will gain a nuanced understanding of Russia’s economy, including its historical trajectory, political institutions, and economic regulation. The course covers key aspects such as government-business relations, regulatory dynamics, foreign economic relations, and economic sanctions.

One critical theme is Russia’s state-driven economic model. Unlike many Western economies, where private enterprise thrives, major industries in Russia—such as energy, banking, and defense—are deeply intertwined with the government. Understanding how state-owned enterprises operate and how government policies influence business decisions is crucial for understanding Russia.

Students will also explore Russia’s role in the world economy. Western sanctions have dramatically decreased its interconnection with the West, so Russia has increasingly turned to China, India, and other non-Western economies for trade and investment. 

What potential future developments in the Russian economy should we be keeping an eye on?

Several developments will shape Russia’s economy in the coming years. The first is the war, which is determining the structure of the economy. Second, the country’s economic pivot toward Asia—especially China—is critical. China and India have provided economic lifelines for Russian exports during the war. Third, Russia’s drive for economic self-sufficiency is accelerating. 

Government initiatives to boost domestic production, reduce reliance on Western technology, and develop alternative financial systems (such as the MIR payment system) are driving structural shifts. 

Fourth, the energy sector remains a focal point. Russia’s vast oil and gas production continue to underpin its economy, but Russia has struggled to find new, non-Western markets for its gas. Finally, financial stability may be undermined by the Russian government’s vast on and off-balance sheet spending on the war.

What do you hope that GBA students learn from your portion of the course Economic Policy Challenges in Emerging Markets?

My goal is for students to develop a sophisticated understanding of how political and economic factors interact in emerging markets. Russia serves as a case study for examining how government policies, historical legacies, commodity prices, and geopolitical ambitions all influence business environments.

I want students to appreciate the complexities of doing business in and around economies where regulatory frameworks may be unpredictable, corruption risks are substantial, and political considerations heavily influence market outcomes. 

Additionally, I hope to foster critical thinking about economic policy choices. How do governments balance economic growth with political goals? What factors drive investment decisions in high-risk environments? How do international sanctions, trade conflicts, and geopolitical tensions affect businesses in emerging markets? These are the types of questions we will explore.

What, in your opinion, sets the Tufts GBA program apart from other international business degrees?

The Tufts GBA program stands out for its interdisciplinary approach, global perspective, and focus on real-world applications. Unlike traditional business programs that primarily emphasize finance and management, the GBA program integrates political economy, international relations, and regional studies into its curriculum. This broader perspective helps students understand not just how businesses operate but also how economic and political environments shape business strategies.

Another distinguishing factor is the program’s emphasis on emerging markets. Many business schools focus on established economies, but Tufts equips students with the tools to navigate complex and often volatile markets, from Russia to Latin America to Southeast Asia. This positions graduates well for careers in global strategy, international trade, and economic policy.

What advice would you offer prospective students considering the Tufts GBA program?

My primary advice is to approach the program with an open mind and a global perspective. The Tufts GBA program is not just about acquiring technical business skills—it’s about understanding the interconnectedness of global markets, the influence of political dynamics on business decisions, and the challenges of operating in diverse economic environments.

Learn From Thought Leaders at Fletcher

The Fletcher faculty includes experts in business, economics, international law, government, marketing, the military, technology, and more. Students in the GBA program receive a multidisciplinary education that informs a nuanced, sophisticated understanding of international business. To learn more, contact an enrollment advisor. If you are ready to apply, you can start your application online today.