As a historical overview, I like Kevin Spacey introducing the Scorpions for "Winds of Change" (Gorbachev's 80th birthday party):
https://www.youtube.com/watch?v=huQL5SHpFJ0
Now we're right back in the Cold War, tensions right up around Able Archer level, ready to torch much of the world on another misunderstanding. No, you won't hear about it on social media but I bet all the nuclear submarine commanders have been doing extra drills lately, what?
As far as economics, what did Russia ever have that China didn't? An absence, that's what China had. An absences of lucrative fossil fuel reserves to sell to Western countries, isn't that the Russian resource curse model? What if Europe stops buying Russian gas? But China never had any gas to sell, just rice. Now, what, we'll all be buying Chinese silicon instead? Why didn't Russia develop modern tech, while China did?
Putin would have got on just fine with Wall Street, like Mohammed Bin Bone Saw Sultan did, but he didn't sign up for petrodollar recycling, so war. Not much more to it than that, really. Same with Qadafy, Sadam, etc. Old dying empires are so ugly on their way down aren't they?