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Ponzi Capitalism Russian-style

In: Fragile Finance

Author

Listed:
  • Anastasia Nesvetailova

    (City University)

Abstract

There is, of course, little doubt that post-Soviet Russia was even more remote from the capitalism of Minsky’s time than East Asian ‘tigers.’ Large, structurally disrupted, ungoverned and saturated with corruption, the 1990s Russia had neither an established system of property rights, nor a functioning system of financial intermediation. The only segment of the economy where the cosmetic progress of ‘transition’ reforms was somehow notable was the financial market. It was the design of the Russian financial market, and its key players, that became the centre of a giant Ponzi pyramid that ultimately brought the era of the Yeltsin ‘marketeering’ of the 1990s to the end.

Suggested Citation

  • Anastasia Nesvetailova, 2007. "Ponzi Capitalism Russian-style," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Fragile Finance, chapter 7, pages 105-127, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-0-230-59230-8_8
    DOI: 10.1057/9780230592308_8
    as

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