The Conundrum of Russian Capitalism : The Post-Soviet Economy in the World System

In this book Ruslan Dzarasov reveals the nature of Russian capitalism following the fall of the Soviet Union, showing how the system originated in both the degenerated Soviet bureaucracy and the pressures of global capital. He provides an unprecedented analysis of Russian firms' corporate governance and labor practices, and makes sense of their peculiar investment strategies. By comparing the practices of Russian companies to the typical models of corporate governance and investment behavior of big firms in the West, Dzarasov sheds light on the relationship between the core and periphery of the capitalist world-system. This groundbreaking study proves that Russia's new capitalism is not a break with the country's Stalinist past, but is in fact the continuation of that tradition. At the same time, the brutal and deficient character of the current system also reflects the realities of the modern globalized and financialized world capitalist system. The fall of the Soviet Union and the emergence of contemporary Russian capitalism are often all too often read as a juncture with the past. In reality, Russia's current capitalist system originated in the degenerated Soviet bureaucracy, alongside the pressures of global capital.

From Roman Abramovich to Leonid Mikhelson, the reign of the CEO in Russia corporations mirrors the autocracy of the Soviet Union's leaders: the Russian tradition of the Cult of Personality lives on. The conception of the massive corporations, and the autocrats that lead them, occurred towards the end of the Soviet Union, when the would-be owners seized corporate assets and, taking advantage of Gorbachev's reforms, transformed publicly owned industry into private enterprises with themselves at the helm. By comparing the practices of Russian corporate governance, labour practices and investment strategies to the typical models of corporate governance and investment behaviour of big firms in the West, Ruslan Dzarasov exposes the parallels between the core and the periphery of the capitalist world-system.

Drawing on the theory of Leon Trotsky, as well as Immanuel Wallerstein and Robert Brenner, this study disrupts many of the myths about Russia's political economy.
Global accumulation and the capitalist world-system From central planning to capitalism Russian big business: corporate governance and the time horizon Rent withdrawal, social conflict and accumulation Insider rent and conditions of growth in the Russian economy The accumulation of capital by Russian corporations: some empirical evidence.