Global Finance, Local Control
Product details
- ISBN 9781501759604
- Weight: 907g
- Dimensions: 152 x 229mm
- Publication Date: 15 Oct 2021
- Publisher: Cornell University Press
- Publication City/Country: US
- Product Form: Hardback
- Language: English
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Exploring Russia's reentry into global capital markets at the dawn of the twenty-first century, Global Finance, Local Control shows how economic integration became deeply entangled with a bare-knuckled struggle for control over the vestiges of the Soviet empire. Igor Logvinenko reveals how the post-communist Russian economy became a full-fledged participant in the international financial sector without significantly improving the local rule of law.
By the end of Vladimir Putin's second presidential term, Russia was more integrated into the global financial system than at any point in the past. However, the country's longstanding deficiencies—including widespread corruption, administration of justice, and an increasingly overbearing state—continued unabated. Scrutinizing stock-market restrictions on foreign ownership during the first fifteen years of Russia's economic transition, Logvinenko concludes that financial internationalization allowed local elites to raise capital from foreign investors while maintaining control over local assets. They legitimized their wealth using Western institutions, but they did so on their terms.
Global Finance, Local Control delivers a somber lesson about the integration of emerging markets: without strong domestic rule-of-law protections, financial internationalization entrenches oligarchic capitalism and strengthens authoritarian regimes.
Igor O. Logvinenko is an Associate Professor of Diplomacy and World Affairs and an affiliate of the John Parke Young Initiative on Global Political Economy at Occidental College. His articles have appeared in Communist and Post-Communist Studies, Democratization, Europe-Asia Studies, and Review of International Political Economy. Follow him on X @igorlogvinenko.
