Jump to ContentJump to Main Navigation
External Liberalization, Economic Performance and Social Policy$
Users without a subscription are not able to see the full content.

Lance Taylor

Print publication date: 2001

Print ISBN-13: 9780195145465

Published to Oxford Scholarship Online: September 2007

DOI: 10.1093/acprof:oso/9780195145465.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 13 November 2019

Russia: Globalization, Structural Shifts and Inequality

Russia: Globalization, Structural Shifts and Inequality

Chapter:
(p.251) 8 Russia: Globalization, Structural Shifts and Inequality
Source:
External Liberalization, Economic Performance and Social Policy
Author(s):

Alexander Vorobyov

Stanislav Zhukov

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195145465.003.0008

By introducing convertibility of the national currency and liberalizing both current and capital accounts of her balance of payments, Russia fully exposed herself to globalization. In this chapter, a narrow functional meaning is ascribed to globalization: convertibility – with minor exceptions, the exchange rate regime in force from the end of 1994 until August 1998 – combined with free movements of capital and hard currency, pushed local producers into global competition. For Russia, with an economy historically built upon absolute and relative prices (and production costs) totally different from prevailing world prices, entering into global competition was an enormous shock. Seen in this perspective, globalization is the driving force in Russia's transition. The chapter is organized in six sections: post‐Soviet and economic chaos; external liberalization; dual economic structure; “shadowization” – the shift of a substantial part of production and consumption outside official recognition (a salient feature of the Russian transition) to the shadow economy; segmentation of the labor market; and conclusion.

Keywords:   convertibility, dual economy, external liberalization, labor market, market competition, shadow economy, structural reform, transition economies

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .