Constructing an economically democratic society in the former Soviet Union: Post-Keynesian Institutionalist insights in historical perspective

Anna Klimina

Chapter 8 in A Modern Guide to Post-Keynesian Institutional Economics, 2022, pp 194-215 from Edward Elgar Publishing

Abstract: Building on Institutionalists' pioneering recognition of concentrated economic power and the need for comprehensive democratic economic restructuring to achieve a more just and equitable approach to social provisioning, this chapter presents a Post-Keynesian Institutionalist approach to constructing a more economically democratic market order in advanced industrial societies. In particular, it outlines a framework for progressively reforming neoliberal capitalist orders in the emerging markets of the former Soviet Union, with a focus on state capitalist Russia and oligarchic Ukraine. Since important features of post-Soviet economies have much in common with an earlier era of Western industrial capitalism, insights from Post-Keynesian Institutionalist forerunners and early contributors are especially relevant, but so too are ideas Soviet reform economists of the 1960s-1980s. The outlined template for progressive reform includes democratization of relations of large-scale productive property, progressive regulation of industry by the state, and the nurturance of all-encompassing participatory processes throughout the economy.

Keywords: Economics and Finance; Politics and Public Policy (search for similar items in EconPapers)
Date: 2022
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