In the aftermath of sovereign default of August 1998, the hypothesis of virtual economy in Russia developed by Gaddy … and Ickes has gained popularity. The hypothesis states that the country has not moved towards free-market economy but …

about Russia's economy. Circulated at the highest levels of the Russian and U.S. governments and reported in leading … publications worldwide, their thesis--that Russia's economy is based on illusion or pretense about nearly every important economic … of Russia's economy has resisted reform. Gaddy and Ickes now use the virtual economy concept to project the near- and …