After the breakup of the USSR, it briefly appeared as though Russia's emerging commercial banks might act as engines of growth for a new capitalist economy. However, despite more than a decade of "reforms," Russia's financial system collapsed in 1998. Why had ambitious efforts to decentralize and liberalize the banking industry failed? In A Fistful of Rubles, Juliet Johnson offers the first comprehensive look at how Russia's banks, once expected to revitalize the nation's economy, instead became one of the largest obstacles to its recovery.Drawing on interviews with Russian bankers, policymakers, and entrepreneurs, Johnson traces the evolution of the banking system from 1987 through the aftermath of the 1998 crash. She describes how dysfunctional institutional procedures left over from the Soviet period hindered the subsequent development of sound financial practices. Johnson argues that these legacies, along with misguided, Western-inspired liberalization policies, led to the creation of parasitic banks for which success depended on political connections rather than on investment strategies. Johnson demonstrates that banking reform efforts ultimately did more harm than good, because Russian officials and their international advisers failed to build the corresponding economic, legal, and political institutions upon which modern market behavior depends.

A study of the actors and institutions that shaped decision-making on privatization in the Russian oil industry between 1992 and 2006. The book analyses the origins of privatization as a policy on a macro, industry-wide level, as well as presenting three in-depth case studies of privatization on a company level.

The politico-economic reforms launched during the late twentieth century in post-Soviet Russia have led to contradictory and ambiguous results. The new economic environment and mode of governance that emerged have been subjected to serious criticism. What were the causes of these developments? Were they unavoidable for Russia due to specific factors grounded in the country’s previous experiences? Or were they an intended result of actions taken by the leaders of the country during the last few decades? The authors of this book share neither a deterministic approach, which implies that Russia is bound to fail because of the nature of its economic and political evolution, nor a voluntarist approach, which implies that these failures were caused only by the incompetence and/or malicious intentions of its leaders. Instead, this study offers a different framework for the analysis of political and economic developments in present-day Russia. It is based on four ‘i’s—ideas, interests, institutions, and illusions.

Taking the achievements, ambiguities, and legacies of World War II as a point of departure, The Shadow of War: The Soviet Union and Russia, 1941 to the Present offers a fresh new approach to modern Soviet and Russian history. Presents one of the only histories of the Soviet Union and Russia that begins with World War II and goes beyond the Soviet collapse through to the early twenty-first century Innovative thematic arrangement and approach allows for insights that are missed in chronological histories Draws on a wide range of sources and the very latest research on post-Soviet history, a rapidly developing field Supported by further reading, bibliography, maps and illustrations.

Russia's transition to a market economy has been tortuous to say the least. However, this book argues that the arguments and counter-arguments that pitch shock therapy against gradualism are wide of the mark and quite pointless. Indeed, the reasons for the warped outcomes can actually be traced back through the long sweep of Russian history. Decisions made in the distant past can fully influence policy- making in the present. Hedlund's thesis can, like this, be seen as influenced by the 'path dependency' theories of Paul David among others.

Seven leading specialists present chapters devoted to key themes in Soviet and post-Soviet Russian politics. Those themes include: the personal versus the institutional in the political process; legitimacy and legitimation; and change and collapse of a mono-organisational society. While the book focuses on these major themes, individual chapters deal with wide-ranging and even unusual cases: Graeme Gill analyzes the legitimating functions of Moscow's architecture, Sheila Fitzpatrick uses the archives to draw a picture of Stalin 'the boss' dealing with his closest colleagues, Eugene Huskey provides a detailed description of post-Soviet Russian pantouflage, and Archie Brown and Peter Reddaway present their different takes on Gorbachev and the Soviet collapse. Stephen Fortescue provides an overview of policy-making processes from Lenin and Putin, and Leslie Holmes updates the concept of goal-rational legitimacy.