The Impact of Globalization Chances and Risks for Russia as a Transformation Country

Bernhard Seliger

Eastern European Economics, 2004, vol. 42, issue 1, 5-24

Abstract: The process of economic transformation brought dramatic changes to Russia's society and economy. The disappointing economic results of the first decade of transformation, which brought macroeconomic instability and increasing poverty and inequality, are often understood as results of Russia's opening in the context of globalization. In this article, the impact of globalization on Russia is discussed, and it is shown that responsibility for the economic crisis is not globalization but a combination of the legacy of the centrally planned economy, together with incorrect policy choices after the beginning of transformation. Early attempts to transform Russia using shock therapy and applying a few guidelines dubbed the "Washington consensus" failed due to the complexity of institutional change. But this does not mean a failure of the market economy and is not at all an inevitable consequence of globalization, as popular misconceptions would imply. In this article, an alternative view of globalization is offered, including policy implications for Russia.

Date: 2004
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