2010/08/01 by Оане Виссер, Don Kalb · 1 citation
Social Sciences · Economics, Econometrics and Finance · Business, Management and Accounting · #Russia and Soviet political economy #Housing, Finance, and Neoliberalism #State Capitalism and Financial Governance
paper · doi:10.1017/s000397561000010x
openalex publication_date 2010/08/01 · openalex created_date 2016/06/24 · openalex updated_date 2026/08/04
Abstract Looking for new ways to interpret the failings of the neo-liberal economy, this article argues that financialised capitalism at the eve of the 2008 financial crisis showed striking analogies with the characteristic combination of oligopoly and informality of the Soviet economy at the eve of its collapse. State capture by oligopolists, a large "virtual economy", the inability of agencies to obtain insight into economic and financial operations, the short term orientations of managers not coinciding with enterprise viability, and a "mystification of risk" by high science are some of the analogies to be discussed. It is argued that not only the origins but also the aftermath of the crisis may show significant analogies.