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The Institutional Economics of Russia's Transformation


Description: This book applies institutional theory to the analysis of the post-Soviet Russian economy to bring to light the reasons why reforms have gone awry. Emphasis is put on the elements missed in the early blueprints of reforms: constraints embodied in formal and especially informal institutions. Other aspects considered include the dominant model of power relationships and the networks of localized and personalized relationships among economic actors.

The first part provides a general description of the core concepts of institutional theory, including both the 'old' institutionalism of T. Veblen and J. Commons and the 'new' institutional economics of R. Coase, O. Williamson and D. North, and in the second part an institutional model of the post-Soviet Russian economy is developed. In the course of the analysis the authors discuss such unresolved issues as post-privatization development in Russia and validity of the Coase theorem in the post-Soviet institutional context. Rich empirical data grounds the discussion throughout.

About the Editor:

Anton N. Oleinik is Assistant Professor of Sociology at Memorial University of Newfoundland, St. John's, Canada, and is Senior Research Fellow at the Institute for International Economic and Political Studies of the Russian Academy of Sciences, Moscow, Russia.


Contents: Preface: Institutional traps in the post-privatization development of the Russian economy
Anton Oleinik

Recent Developments in Institutional Theory: The evolution of institutional theory and its structure
Rustem Nureev

Values, coordination and rationality: the economy of conventions
Laurent Thevenot, Francois Eymard-Duvernay, Olivier Favereau, Andre Orlean and Robert Salais

Transaction cost economics: from the Coase theorem to empirical studies
Claude Menard

Theory of optimal contract: modeling contractual relationships
Stephane Saussier

Theory of organizations: the diversity of arrangements in a developed market economy
Claude Menard

Institutionalism in a new economic history
Rustem Nureev and Yuri Latov

An Institutional Model of Russian Capitalism: The main institutional models of the emergence and development of capitalism
Rustem Nureev

A model of network capitalism: basic ideas and post-Soviet evidence
Anton Oleinik

A distrustful economy: an inquiry into foundations of the Russian market
Anton Oleinik

Post-Soviet privatization in the light of the Coase theorem: transaction costs and governance costs
Wladimir Andreff

Russian privatization at bay: some unresolved transaction and governance cost issues in post-Soviet economies
Wladimir Andreff

Institutional analysis of the state
Anton Oleinik

The extralegal economy and the methods for analyzing it
Anton Oleinik

Business groups in Russian industries
Svetlana Avdasheva

Bibliography

Index




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