Thanks for posting this interesting excerpt. I'd not read it before, but I tracked it down. A (nearly) complete transcript of Putin's lengthy and complex speech at Davos (January, 2009) can be found at the following Wall Street Journal link. Putin details an impressive analysis of the global economy:
As you can read, Putin addresses the specifics of several global and national economic issues --his comments cannot be whittled down to a simple "socialism" vs. "capitalism" argument.
Very generally speaking, Putin's economic reforms in Russia strengthened Russia's social safety net for working and lower classes, while "pulling the rug out from under" irresponsible investors, oligarchs and profiteers by refusing to support their mistakes with state funds. The increased Russian military expenditures alluded to in the OP's original commentary are part of a much broader Russian economic reform strategy which includes specific checks and balances to prevent the potentially disastrous "military Keynesianism" Putin warned against in the speech.
There's plenty of fodder for debate in Putin's speech and in the economic reforms he has instituted in Russia. I'm not expert enough in economics to go very deeply into such a debate, but even I can see that biased or overly simplistic excerpts from Putin's speech or his economic reforms in Russia are not a good starting point.
Putin's speech and the history of his economic reforms in Russia made for a fascinating read. Thanks again for posting this.