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Global Finance, Local Control - Corruption and Wealth in Contemporary Russia (Hardcover)
Loot Price: R1,281
Discovery Miles 12 810
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Global Finance, Local Control - Corruption and Wealth in Contemporary Russia (Hardcover)
Series: Cornell Studies in Money
Expected to ship within 12 - 17 working days
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Exploring Russia's reentry into global capital markets at the dawn
of the twenty-first century, Global Finance, Local Control shows
how economic integration became deeply entangled with a
bare-knuckled struggle for control over the vestiges of the Soviet
empire. Igor Logvinenko reveals how the post-communist Russian
economy became a full-fledged participant in the international
financial sector without significantly improving the local rule of
law. By the end of Vladimir Putin's second presidential term,
Russia was more integrated into the global financial system than at
any point in the past. However, the country's longstanding
deficiencies—including widespread corruption, administration of
justice, and an increasingly overbearing state—continued
unabated. Scrutinizing stock-market restrictions on foreign
ownership during the first fifteen years of Russia's economic
transition, Logvinenko concludes that financial
internationalization allowed local elites to raise capital from
foreign investors while maintaining control over local assets. They
legitimized their wealth using Western institutions, but they did
so on their terms. Global Finance, Local Control delivers a somber
lesson about the integration of emerging markets: without strong
domestic rule-of-law protections, financial internationalization
entrenches oligarchic capitalism and strengthens authoritarian
regimes.
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