Tax the Oligarchs

Around the world, there is concern about the arrest of Russian oil billionaire Mikhail Khodorkovsky. The worry is that Russia may be backtracking from democracy and the rule of law.

Russia faces numerous problems posed by the legacy of Communism and the way the transition from Communism to a market economy was handled. One set of problems concerns politics and the difficulties of creating democracy and the rule of law after decades of totalitarianism. Another relates to economics.

Two grievous economic policy errors were committed during Yeltsin's presidency. The first, as I argue in my book Globalization and its Discontents , was to create incentives that led to asset stripping rather than wealth creation. The other was to squander the few positive legacies left from the Communist era.

To continue reading, please log in or enter your email address.

To access our archive, please log in or register now and read two articles from our archive every month for free. For unlimited access to our archive, as well as to the unrivaled analysis of PS On Point, subscribe now.

required

By proceeding, you agree to our Terms of Service and Privacy Policy, which describes the personal data we collect and how we use it.

Log in

http://prosyn.org/cSXhQXy;

Cookies and Privacy

We use cookies to improve your experience on our website. To find out more, read our updated cookie policy and privacy policy.