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This book argues that Russia has struggled under autocratic power
and that this continues to affect economic development today. A
'cult of power' has underpinned legal nihilism, distrust, secrecy
and aversion to transparency and accountability. Informal
institutions are more important than formal institutions, and
influence macroeconomic development. Property and power are merged
while property rights are weakly developed. Russia does not only
face market failure, but also hierarchy and network failure. A
system of values and social practices, with deep historic roots,
constitutes perhaps the most formidable obstacle to social and
economic development.
By exploring the operating mechanisms of the Russian economy in a
comparative perspective, and with fascinating insights into how a
socio-economic infrastructure has been created which continues to
exert an influence on modern-day Russia and limits its development,
this book is an essential read for all interested in the Russian
economy and modern Russian history.
Hans van Zon analyzes the financialization of developed capitalism,
and argues that the emergence of finance as a dominant force has
contributed to the relative decline of the West. He demonstrates
that the neo-liberal model is inherently unstable and undermines
capitalist economies, which can only function if they are embedded
in institutions that are non- or even pre-capitalist. He shows how
a toxic combination of financialization, corporate globalization,
and a deregulated and parasitic financial industry have led to
structural economic stagnation in both the USA and the greater part
of the EU.
The Political Economy of Independent Ukraine analyses the reasons
for the abysmal economic performance of Ukraine during the 1990s.
The main thesis is that economic development was blocked by a set
of parasitic mechanisms at all levels of the economy that prevented
the development of value-added economic activities. These parasitic
mechanisms already developed under Soviet rule ('beating the
system' by redistributing goods and services while disregarding
formal rules) became a widespread practice.
Hans van Zon analyzes the financialization of developed capitalism,
and argues that the emergence of finance as a dominant force has
contributed to the relative decline of the West. He demonstrates
that the neo-liberal model is inherently unstable and undermines
capitalist economies, which can only function if they are embedded
in institutions that are non- or even pre-capitalist. He shows how
a toxic combination of financialization, corporate globalization,
and a deregulated and parasitic financial industry have led to
structural economic stagnation in both the USA and the greater part
of the EU.
The Political Economy of Independent Ukraine analyses the reasons
for the abysmal economic performance of Ukraine during the 1990s.
The main thesis is that economic development was blocked by a set
of parasitic mechanisms at all levels of the economy that prevented
the development of value-added economic activities. These parasitic
mechanisms already developed under Soviet rule ('beating the
system' by redistributing goods and services while disregarding
formal rules) became a widespread practice.
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