By Peter Rutland

Business and the kingdom in modern Russia is the latest quantity within the John M. Olin severe matters sequence, released by way of Westview together with Harvard’s Davis middle for Russian examine. during this most recent deploy, members talk about matters as far-ranging because the dynamics of rule in modern Russia, the banking elite, the politics of the Russian media enterprise, the political financial system of the Russian oil and coal industries, and the factors and effects of the August 1998 crash.

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World Bank, 1996); John Williamson, "Democracy and the 'Washington Consensus,'" World Development, vol. 21, no. 8, pp. 1329-1337. 4. David G. : World Bank, 1996); Oleg Davydov, Inside Out: The Radical Transformation of Russian Foreign Trade, 1992-1997 (New York: Fordham University Press, 1998). 5. For data on economic performance see the quarterly and monthly reports Russian Economic Trends, published by the Working Center for Economic Reform, in Moscow. 6. Sergei Pavlenko's analysis of 300 decrees giving special privileges to economic interests in the course of 1992 found that 45 percent of the decrees favored individual firms; 15 percent, individual regions; 15 percent, the energy sector; and 12 percent the farm sector.

The leading corporations have their accounts audited by major international accountancy firms. They sell shares and float bonds in domestic markets—and prior to August 1998, did so also in international markets. The banks belonging to these corporations were receiving international, credit ratings. The FIG structure has the advantage of spreading the group's activities through a range of sectors. This spreads risk, increases the company's pool of managerial skills, and hopefully encourages managers to develop a broader and more longterm outlook.

45-65; Vladimir Lepekhin, "Ot administrativnopoliticheskoi diktatury k fmansovoi oligarkhii" [From administrative-political dictatorship to financial oligarchy], Obshchestvennye nauki i sovremennost', no. 1, 1999, pp. 66-82. Our attention here is focused on big business. For a look at the political ties of small entrepreneurs, see N. Lapina, Biznes i politika v savremennoi Rossii [Business and politics in contemporary Russia] (Moscow: UNION, 1998). 53. Tatyana Lysova, "Reforma oligarkhov" [Reform of the oligarchs], Ekspert, 18 March 1998; Paul Klebnikov, "An enthusiastic convert," Forbes, I December 1997; "Dawn raiders turn into gentlemen," Eummoney, November 1997, 54.

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