This book examines the development of the Russian economy from
tsarist times to the present through the lens of the oil industry.
It considers the role of the state, business-state relations,
foreign participation, enterprise performance and technology.
Besides providing much rich detail on the changing nature of the
oil industry, the book also puts forward important conclusions,
including the fact that in the late nineteenth century private
enterprise rather than the state was the principal driver of
economic development, and that after the collapse of the Soviet
Union incumbent managers were more effective in running their
companies than financier entrants, whose main concern was
short-term gain.
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