Economic and Social Transformations in the Caspian ‘Rentier States’

The article raises the issue of various challenges and conditions related to the economic and social transformation of post-Soviet countries in the Caspian region. Effective economic transformation was limited by significant dependence on Russia in this respect and the lack of regional cooperation. In recent years, the newly established countries of the region have largely focused on exporting energy raw materials. All countries in the Caspian region are examples of the “paradox of wealth” phenomenon related to energy nationalism. Countries producing fossil fuels control the energy industry, which enables them to pursue specific political and social goals.