Seven years ago, the economist Brigitte Granville and I published an article in the Journal of Economic History titled "Weimar on the Volga," in which we argued that the experience of 1990s Russia bore many resemblances to the experience of 1920s Germany.

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Having more or less stifled internal dissent, Russia is now ready to play a more aggressive role on the international stage. Remember, it was Putin who restored the old Soviet national anthem. And it was he who described the collapse of the Soviet Union as a "national tragedy on an enormous scale."

It would be a bigger tragedy if he or his successor tried to restore that evil empire. Unfortunately, that is precisely what the Weimar analogy predicts will happen.