TY - BOOK AU - Logvinenko,Igor O. TI - Global Finance, Local Control: Corruption and Wealth in Contemporary Russia T2 - Cornell Studies in Money SN - 9781501759604 AV - HC340.12 U1 - 330.947 23 PY - 2021///] CY - Ithaca, NY : PB - Cornell University Press, KW - Globalization KW - Economic aspects KW - Russia (Federation) KW - Globalization-Economic aspects-Russia (Federation) KW - Foreign economic relations KW - Russia (Federation)-Economic conditions-1991- KW - Russia (Federation)-Foreign economic relations KW - General Economics KW - Soviet & East European History KW - POLITICAL SCIENCE / World / Russian & Former Soviet Union KW - bisacsh KW - financial globalization in Russia, oligarchs and global finance, Russian stock market, internationalization of Russian economy, investing in russia N1 - Frontmatter --; Contents --; Preface --; Acknowledgments --; Abbreviations and Acronyms --; Note on Transliteration --; Introduction: Russia as a Globalized Kleptocracy --; 1. Local Control and Global Access --; 2. Episode 1: Dividing the Debris of the Soviet Colossus (1987–94) --; 3. Episode 2: The Oligarchs Embrace Openness (1995–98) --; 4. Episode 3: State Capitalism Goes Global (1999–2008) --; 5. Coda: Financial Openness as a Mainstay of Kleptocratic Capitalism (2009–2020) --; Conclusion: Western Finance and Russian Politics --; Appendix --; Notes --; Bibliography --; Index; restricted access N2 - Exploring Russia's re-entry 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 UR - https://doi.org/10.1515/9781501759628?locatt=mode:legacy UR - https://www.degruyter.com/isbn/9781501759628 UR - https://www.degruyter.com/document/cover/isbn/9781501759628/original ER -