• Table of Contents
    • Abstract
    • Keywords
    • Article
      • Who are the oligarchs?
      • How important are the oligarchs?
      • What do oligarchs control?
      • How did the oligarchs gain control?
      • Oligarchs’ dilemmas
      • Economic performance of the oligarchs
      • Oligarchs and Russia's future
    • See Also
    • Bibliography
    • How to cite this article


Sergei Guriev
From The New Palgrave Dictionary of Economics, Second Edition, 2008
Edited by Steven N. Durlauf and Lawrence E. Blume
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In several countries economic transition was accompanied by the emergence of ‘oligarchs’ –businessmen who amassed fortunes and used them to influence economic policies. At their height in 2003, a few oligarchs controlled much of Russia's economy, as did a similar elite in Ukraine. Oligarchs seem to run their empires more efficiently than other domestic owners. While the relative weight of their firms in the economy is huge, it is not excessive by the standards of the global economy where most of them are operating. Policymakers should therefore focus on ‘political antitrust’ to prevent state capture and subversion of institutions.
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See Also

This article draws substantially on Guriev and Rachinsky (2005) and mostly refers to the situation in Russia prior to the renationalization campaign that started in 2004.
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How to cite this article

Guriev, Sergei. "oligarchs." The New Palgrave Dictionary of Economics. Second Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008. The New Palgrave Dictionary of Economics Online. Palgrave Macmillan. 17 January 2018 <http://www.dictionaryofeconomics.com/article?id=pde2008_O000095> doi:10.1057/9780230226203.1218

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