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The Problem of Credible Commitment in the Sphere of Ownership and the Russian Way of Vertical Political Integration

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  • V. Volkov

Abstract

The article is devoted to the relationship of state and business in todays Russia. The author briefly summarizes the history of those relations and shows that due to mutual distrust and lack of incentives with regard to formalization of their interactions as well as to the states inability to provide credible commitments in the sphere of ownership both the state and Russian oligarchs preferred creating a vertically integrated state capitalism in Russia. Such a form of economic organization in this case involves concentration of power in the hands of top officials and bureaucrats and manual management of the national economy based on personal ties.

Suggested Citation

  • V. Volkov, 2010. "The Problem of Credible Commitment in the Sphere of Ownership and the Russian Way of Vertical Political Integration," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 8.
    • Handle: RePEc:nos:voprec:y:2010:id:1057
    DOI: 10.32609/0042-8736-2010-8-4-27
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