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Russia's Virtual Economy by Clifford G. Gaddy,

Clifford Gaddy's state association and Barry Ickes' paradigm of the "virtual economy" has fundamentally changed the way people think about Russia's economy. Circulated at the highest levels of the Russian state association and U.S. governments state association and reported in leading publications worldwide, their thesis--that Russia's economy is based on illusion or pretense about nearly every important economic yardstick, including prices, sales, wages state association and budgets--has forced broad recognition of the inadequacies of the intended market reform policies in Russia. More important, their work has provided a coherent framework for understanding how state association and why so much of Russia's economy has resisted reform.Gaddy state association and Ickes now use the virtual economy concept to project the near- state association and middle-term future of the Russian economy state association and suggest possible policy responses. Drawing on new empirical material from published state association and unpublished sources state association and from their own extensive field work in Russia, the authors examine critical aspects of the virtual economy: manufacturing enterprises, households state association and the public sectors, both local state association and federal. For the first time, they will also integrate the financial state association and agricultural sectors into their model. Gaddy's state association and Ickes' book can be expected to be a seminal work for understanding the inner workings of the Russian economy.Clifford G. Gaddy is a fellow in Foreign Policy Studies at the Brookings Institution state association and a member of Brookings' Center on Social state association and Economic Dynamics. He is the author of The Price of the Past: Russia's Struggle with the Legacy of a Militarized Economy (Brookings, 1996) state association and coauthor of Open for Business: Russia's Return to the Global Economy(Brookings, 1992). Barry W. Ickes is associate professor ofeconomics at Pennsylvania State University state association and director of research at the New Economic School, Moscow.
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