Coping in global financial system? The political economy of nonpayment in Russia

Nesvetailova, Anastasia (2004) Coping in global financial system? The political economy of nonpayment in Russia. Review of International Political Economy, 11 (5). pp. 995-1021. ISSN 0969 2290

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The phenomenal spread of unconventional means of payments has been one of the most controversial features of Russia's post-socialist economic development. Orthodox analyses tend to trace the causes of the non-monetary economy to the inconsistency of political reforms, to the legacy of the past, and to endemic corruption. This article challenges such accounts. From the perspective of international political economy, the proliferation of nonpayments, severe liquidity squeeze and the structural disjuncture between Russia's financial and productive circuits are the outcomes of the country's pursuit of the paradigm of the Washington Consensus. In this light, barter and nonpayments in Russia are neither the‘inevitable’features of the market restructuring, nor simply the residue of the command system. The non-monetary economy in Russia is a peculiar reaction to the politico-economic imperatives brought onto the country by the deregulated financial markets and by the neoliberal political ideology that underpins their global expansion.

Item Type: Article
Schools and Departments: School of Global Studies > International Relations
Depositing User: EPrints Services
Date Deposited: 06 Feb 2012 15:27
Last Modified: 23 Jul 2012 11:16
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