The official view is that Russia is an outstandingly successful economy temporarily derailed by a financial shock of foreign origin. Its annual economic growth in real terms averaged 7 per cent in the years during which Vladimir Putin was president (2000-08), annual real wages rose by almost 15 per cent, the federal budget was continually in surplus. Mr Putin, now prime minister, was quick to blame America for the downturn. Before the crisis hit home Dmitry Medvedev, Russia's president, boasted in June that Russia was not part of the problem but part of the solution. Its cash-rich companies would invest abroad, Moscow would become a world financial centre, the rouble would become a reserve currency and so on.

The first question to ask about a political system is: what are the checks on the uncontrolled exercise of executive power? Britain does not have a written constitution with a formal division of powers, but the traditional answer would have been parliament, which, by successfully asserting the right to authorise spending, was able to check the absolutist claims of the monarchy.

Conspicuously missing from the coming British general election will be a debate about the size of the state. An uneasy consensus rules that the present scope of activities is about right. The government spends or dispenses 40 per cent of the national income. That is quite a bit more than in 1960 but a lot less than it might have been had the Thatcher privatisations not happened. True, the Conservatives talk about shrinking the state but they are not willing to take political risks to do so.