A distinguished French specialist on the Soviet and Russian economies analyzes the financial, political, and institutional crises facing Russia in 1999. Discussion of the vulnerabilities of the economy prior to the crash of 1998 is followed by a suggested program for coping with the currency, banking, and public finance crises, and for building market institutions. Comparisons are drawn with the post-war experiences of France, Italy, and Japan. The article includes an extended critique of the assumptions underlying alternative interpretations and prescriptions.
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Jacques Sapir (1999) studied this question.
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