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The Emergence of Organizations and Markets$
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John F. Padgett and Walter W. Powell

Print publication date: 2012

Print ISBN-13: 9780691148670

Published to Princeton Scholarship Online: October 2017

DOI: 10.23943/princeton/9780691148670.001.0001

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PRINTED FROM PRINCETON SCHOLARSHIP ONLINE (www.princeton.universitypressscholarship.com). (c) Copyright Princeton University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in PRSO for personal use.date: 19 October 2019

Deviations from Design

Deviations from Design

The Emergence of New Financial Markets and Organizations in Yeltsin’s Russia

Chapter:
(p.316) 10 Deviations from Design
Source:
The Emergence of Organizations and Markets
Author(s):

Andrew Spicer

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691148670.003.0010

This chapter is an overview of Yeltsin's economic reforms, with a focus on the financial markets and banks associated with privatization. The architects of Russian reform hoped that private activity could be rapidly and irreversibly severed from the polity such that a “depoliticized” market would quickly fill the void left by the rapid destruction of the state planning system. In contrast, the emergence of a new market system actually evolved through a gradual process of economic experimentation and political settlement where the domains of states and markets were inextricably intertwined. Market reform policies helped dismantle the economic and political structures of the Soviet regime, but they did not dictate what emerged in its place.

Keywords:   Boris Yeltsin, Russia, economic reforms, financial markets, privatization, depoliticized market, state planning system, economic experimentation, political settlement, market reform policies

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