Incentives and Institutions: The Transition to a Market Economy in Russia. By Serguey Braguinsky and Grigory Yavlinsky. Princeton, NJ: Princeton University Press, 2000. 282p. $39.50

Stephen Wegren

American Political Science Review, 2001, vol. 95, issue 1, 231-231

Abstract: After a decade of market reforms, it is obvious to most observers that something has gone wrong in Russia. Some economic indicators suggest modest successes in instituting a market economy, but most of the evidence is clear that the economic and social crisis has far exceeded what might be expected in terms of a "transformation recession." Industrial and agricultural output is down substantially, capital renewal is not keeping pace with the retirement of old machinery, the nation is deindustrializing, real living standards have plum- meted, and investment capital is fleeing the country. The authors of this book conclude that "the Russian privatization program was nothing but a grandiose failure" (p. 6).

Date: 2001
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