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The State of the Russian State: Diagnoses and Prognoses

At two o'clock in the morning of the day that Boris fired his cabinet (23 March 1998), an investor at a large venture capital fund received a telephone call from Wall Street, asking whether she wanted to retain the standing purchase order for significant capital investments in Russia. After the cobwebs cleared from her sleepy mind, and she'd had a few seconds to think about it, she replied: Yeltsin fired his entire cabinet? Double the order! When I questioned her several weeks later, the investor explained that Russia is turning a corner economically, that attractive long-term investment oppor…

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