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The Russian virtual economy turning real: Institutional change in the Arkhangel'sk forest sector

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  • Mats-Olov Olsson

Abstract

The article reports on an attempt to assess recent developments of the Russian ‘virtual economy’, a system that, some have argued, represents an alternative form of economic interaction to the modern market economy. In the virtual economy enterprises are engaged in informal non-market transactions with other enterprises and the public sector in accordance with rules that are alien to a market economy. Structural and behavioural changes that have taken place in the Russian economy after 1998 are studied with the help of official data and two surveys (from 1998 and 2005) of 15 forest sector enterprises in Arkhangel'sk Oblast’, a region in Russia's north-west with a largely forest-based economy. The outcome of the assessment indicates that the virtual economy is contracting in the Arkhangel'sk forest sector as well as in Russia at large, and that it will eventually disappear altogether, even if it is likely to exert a profound influence on the behaviour of Russian enterprises for some time yet.

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  • Mats-Olov Olsson, 2008. "The Russian virtual economy turning real: Institutional change in the Arkhangel'sk forest sector," Europe-Asia Studies, Taylor & Francis Journals, vol. 60(5), pages 707-738.
    • Handle: RePEc:taf:ceasxx:v:60:y:2008:i:5:p:707-738
    DOI: 10.1080/09668130802085117
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    1. William Tompson, 1997. "Old habits die hard: Fiscal imperatives, state regulation and the role of Russia's banks," Europe-Asia Studies, Taylor & Francis Journals, vol. 49(7), pages 1159-1185.
    2. William Tompson, 2000. "Financial Backwardness in Contemporary Perspective: Prospects for the Development of Financial Intermediation in Russia," Europe-Asia Studies, Taylor & Francis Journals, vol. 52(4), pages 605-625.
    3. Andrei Yakovlev, 2000. "Barter in the Russian Economy: Classifications and Implications (Evidence from Case Study Analyses)," Post-Communist Economies, Taylor & Francis Journals, vol. 12(3), pages 279-291.
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