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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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Deviations from Design

Deviations from Design

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

(p.316) 10 Deviations from Design
The Emergence of Organizations and Markets

Andrew Spicer

Princeton University Press

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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