The transition from plan to market provides a rare opportunity for insight into the endogenous development of economic institutions. Economic activities during the Soviet regime were co-ordinated by a central authority. These co-ordinating mechanisms were disrupted during the transition period,...

The absence of new business in Russia is striking. Reforms to make Russia more competitive should start with eliminating regulatory and institutional barriers to the entry of new competitors. Many industrial firms in Russia have undergone changes in ownership, but relatively few have been...