the transformation of formerly state-owned companies into joint-stock companies or private enterprises. Majority of control is in the hands of employees and managers.
A small group of powerful and wealthy individuals who gained ownership and control important parts of Russia's economy
A situation in which a government or organization takes debt obligations at higher rates of intrest in order to pay off existing debt
the ability of firms to systematically turn state regulations to their advantage through payoffs to officials.
A strategy of economic transformation the involves reducing the role of the state and increasing the role of the market economy