Russia is the country of huge territory, long history, beautiful culture, vast natural resources, and enormous potential of human and physical capital. Russia is the country of Tsars, cold winters, vodka and white bears. Russia is the country of Peter the Great, Y.Stalin and V.Putin. One could say, all these characteristics - is our pride and glory. For me the answer is not so easy. This work is dedicated to Russian development and determinants of its growth. Just two decades ago Russia experienced a total change in the political and economic structure of the country. USSR fall, together will all its successes and failures. Russia went to the path of building a market economy, while the rest of the developed world was already living in such economy and using its benefits. With the heritage of the USSR, Russia had a huge potential to be successful in that road. The goal of this work is to answer the question, whether or not we were able to use it.