PRIVATIZATION IN RUSSIA: DECISIONS AND OUTCOMES, 1991-1997

St. Antony’s College, University of Oxford, 12-13 November 2010

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Anders Åslund	Marie-Hélène Bérard	Simon Commander	Julian Cooper	Giovanni Andrea Cornia
Christopher Davis	Padma Desai	John Earle	Saul Estrin	Chris Gerry
Marshall Goldman	Brigitte Granville	Christopher Granville	Phillip Hanson	Tina Jennings
	Ira Lieberman	Carol Leonard	Silvana Malle	Vladimir Mau
Tomasz Mickiewicz	Patrick Naegeli	Peter Oppenheimer	David Pitt-Watson	Judith Shapiro
Wolfram Shrettl	Pekka Sutela	William Tompson	Dmitry Vasiliev

Anders Åslund

Anders Åslund is a leading specialist on the East European economies, especially Russia and Ukraine. Since 2006, he is a senior fellow at the Peter G. Peterson Institute for International Economics in Washington, DC. He also teaches at Georgetown University. He served as an economic advisor to the Russian government, 1991-94, to the Ukrainian government, 1994-97, and to the President of the Kyrgyz Republic, 1998-2004.

Dr. Åslund is the author of ten books, including The Last Shall Be the First: The East European Financial Crisis, 2008-10 (Peterson Institute, 2010), How Ukraine Became a Market Economy and Democracy (Peterson Institute, 2009), Russia’s Capitalist Revolution (Peterson Institute, 2007), How Capitalism Was Built: The Transformation of the Central and Eastern Europe, Russia, and Central Asia (Cambridge University Press, 2007), Building Capitalism (Cambridge University Press, 2002), How Russia Became a Market Economy (Brookings, 1995), Gorbachev's Struggle for Economic Reform (Cornell University Press, 1989), and Private Enterprise in Eastern Europe: The Non-Agricultural Private Sector in Poland and the GDR, 1945-83 (Macmillan, 1985). He has edited fourteen books, most recently Russia after the global Economic Crisis (2010) and The Russia Balance Sheet (2009). He has also published widely, including in Foreign Affairs, Foreign Policy, National Interest, New York Times, Washington Post, Financial Times, and Wall Street Journal.

Marie-Hélène Bérard

Marie-Hélène Bérard is President of MHB SAS, a French consulting and investment firm specialising in Eastern Europe, Russia and the Central Asian republics. Before this position, she was 1990-2000: Member of CCF direction générale.1988-1989: Deputy Chief Executive Officer, Marceau Investissements. 1986-1988: Advisor to Prime Minister Jacques Chirac. 1981-1986: Deputy Director, Ministry of Finance. 1978-1981: Adviser to Prime Minister Raymond Barre. 1976-1978: Advisor to Minister of Social Welfare Mrs Simone Veil.1972-1976: Head of Department, Budget Direction, Ministry of Finance. She is a graduate from Ecole Nationale d'Administration, Paris and from Institut d'Etudes Politiques, Paris. She is Commandeur de la Légion d'honneur et Commandeur de l'ordre nationale du mérite.

Simon Commander

Simon Commander is Managing Partner of Altura Advisers and Senior Adviser at the European Bank for Reconstruction and Development in London as well as Professor at the IE Business School, Madrid.

Between 1999 and 2008, he was a faculty member and Director of the Centre for New and Emerging Markets at London Business School. He holds a BA from Oxford University and a PhD from Cambridge University. He previously worked for over a decade at the World Bank in Washington, DC, in research, training and operations, while serving in a range of university posts.

Among recent publications is his book on The Software Industry in Emerging Markets (Edward Elgar 2007). Recent journal articles touching on issues relating to ownership include articles in the Review of Economics and Statistics, and the Journal of Development Economics.

Julian Cooper

Julian Cooper is Professor of Russian Economic Studies at the Centre for Russian and East European Studies of the University of Birmingham and was Director of the Centre from 1990 to 2001 and again during 2007-08. He is also Co-Director of the Centre for East European Language Based Area Studies (CEELBAS) and Associate Fellow of the Chatham House Russia and Eurasia Programme. His research is concerned with the development of the Russian economy, with particular emphasis on Russia’s external economic relations, prospects for diversification away from resource-led growth, the economics of defence and security, and, recently, the impact of the global economic crisis. He has participated in projects and consultancy for the UK government, OECD, European Commission, NATO, ILO, SIPRI and other international organisations. Recent publications include. ‘The ‘Security Economy’’ in Galeotti, Mark (ed.) (2010), The Politics of Security in Russia. Ashgate, Farnham and Burlington; ‘The National Innovation System of the Russian Federation’ in V. K. Narayanan and Gina Collarelli O’Connor (eds.), Encyclopedia of Technology and Innovation Management, Wiley, Chichester, 2010; and ‘Russia’s trade relations within the Commonwealth of Independent States’ in Elana Wilson Rowe and Stina Torjesen, The Multilateral Dimension in Russian Foreign Policy, Routledge, London and New York, 2009.

Giovanni Andrea Cornia

Since 2000 Giovanni Andrea Cornia teaches economics at the University of Florence. He also taught short courses or was a visting fellow at the EUI and the Universities of Bologna, Cambridge, Clermont Ferrand, Helsinki, Pavia and Oxford. He received a master degree in economics and another one in statistics from the University of Bologna, and received econometric training at the MIT. Between 1995 and early 2000 he was the director of WIDER, and prior to that held research positions at UNICEF, UNCTAD, UNECE and the Economic Studies Centre of FIAT. Cornia's work has focused primarily on macroeconomic, inequality, poverty, mortality and human development issues in developing and transitional economies. Some of his work on the transitional economies includes:

- Children and the Transition to the Market Economy: Safety Nets and Social Policy in Central and Eastern Europe (with Sándor Sipos), Avebury 1991;
- Poverty, Food Consumption and Nutrition During the Transition to the Market Economy in Eastern Europe, AER, May 1994;
- The Transition's Population Crisis: an Econometric Investigation of Nuptiality, Fertility and Mortality in Severely Distressed Economies, MOCT-MOST, 1996;
- Causes of the Russian Mortality: Evidence and Interpretation (with V.Shkolnikov, and P.Leon), World Development, 1998;
- The Transition’s Mortality Crisis (with R.Paniccia), OUP, 2000;
- Transition and Institutions: the Experience of Late Reformer (with V.Popov), OUP, 2001
- Hetherodox transition, inequality, poverty: the case of Uzbekistan, Questione Agraria, 2004
- Transition, structural divergence, and performance: EE and FSU over 2000-2007, WIDER RP, 2010

Christopher Davis

Christopher Davis is Reader in Command and Transition Economies at the University of Oxford. His main concerns are the theory of the command and transition economies (especially shortage and disequilibrium models, second economy and de-monetized processes such as barter), economics of the health sectors in the USSR/Russia and Eastern Europe, industrialization and industrial policy in the USSR and Russia, and economics of the defense sector in the USSR and Russia. A recent paper is “The Defence Sector in the Economy of a Declining Superpower: Soviet Union and Russia 1965-2000," Economics Series Working Papers 008, University of Oxford, Department of Economics.

Padma Desai

Padma Desai is the Gladys and Roland Harriman Professor of Comparative Economic Systems, Director of the Center for Transition Economies at Columbia University and an elected member of the Council on Foreign Relations. President of the Association for Comparative Economic Studies (2001) and US Treasury’s Advisor to the Russian Finance Ministry (1995), she is regarded as a leading scholar today on the Soviet Union and Russia, while her writings extend also to the problems of other transition and emerging market economies.

Her main books with leading publishers include Marxism, Central Planning and the Soviet Economy (ed) (The MIT Press, 1983); The Soviet Economy: Problems and Prospects (Blackwell, 1987); Perestroika in Perspective: The Design and Dilemmas of Soviet Reform (Princeton University Press, 1989); Going Global: Transition from Plan to Market in the World Economy (ed) (The MIT Press, 1997); and (jointly with Todd Idson) Work Without Wages: Russia’s Nonpayment Crisis (The MIT Press, 2000). Her Financial Crisis, Contagion, and Containment: From Asia to Argentina (Princeton University Press, 2003) was described by Paul Krugman as the ‘best book yet on financial crises’. Her Conversations on Russia, published by Oxford University Press, was selected as a Best Book of 2006 by The Financial Times and her C.V. Starr Lecture on it was taped and broadcast by C-Span Book TV.

She has combined scholarly publications in the leading professional journals with frequent writings in the The Wall Street Journal, The New York Times and The Financial Times and many appearances on the MacNeil-Lehrer News Hour, CNN, BBC, Debates-Debates, Bloomberg TV, Jim Lehrer News Hour, and the Charlie Rose Show.

John Earle

John S. Earle is Professor of Economics and Public Policy at George Mason University, Professor of Economics and Director of the Labor Project at Central European University, and President-Elect of the Association for Comparative Economic Studies. His main research interests are in labor, development, and transition economics with a particular focus on firm behavior and performance under conditions of structural and institutional change. Among his recent writings on Russia and post-communist privatization are the following papers:

“Employment and Wage Effects of Privatization: Evidence from Hungary, Romania, Russia, and Ukraine” (with D. Brown and A. Telegdy), Economic Journal, June 2010.

“The Normalization of Deviant Organizational Practices: Wage Arrears in Russia, 1992-1999” (with A. Spicer and K.S. Peter), Academy of Management Journal, April 2010.

“Did Postcommunist Privatization Raise Mortality?” (with S. Gehlbach). Summary in The Lancet, Jan. 2010.

“Complementarity and Custom in Wage Contract Violation” (with K.S. Peter), Review of Economics and Statistics, Vol. XCI(4), 832-849, November 2009.

“Helping Hand or Grabbing Hand? State Bureaucracy and Privatization Effectiveness” (with D. Brown and S. Gehlbach), American Political Science Review, May 2009.

“Nonstandard Forms and Measures of Employment and Unemployment in Transition: A Comparative Study of Estonia, Romania, and Russia” (with D. Brown et al.), Comparative Economic Studies, September 2006.

“Information Technology, Organizational Form, and Transition to the Market” (with U. Pagano and M. Lesi). Journal of Economic Behavior and Organization, August 2006.

“Wages, Layoffs, and Privatization: Evidence from Ukraine” (with D. Brown and V. Vakhitov), Journal of Comparative Economics, June 2006.

“Job Reallocation and Productivity Growth in the Ukrainian Transition” (with D. Brown), Comparative Economic Studies, June 2006.

“The Productivity Effects of Privatization: Longitudinal Estimates from Hungary, Romania, Russia and Ukraine” (with D. Brown and Á. Telegdy), Journal of Political Economy, February 2006.

Saul Estrin

Saul Estrin, head of the Department of Management at the London School of Economics and Political Science, was formerly Adecco Professor of Business and Society at the London Business School, where he was also the research director of the Centre for new and Emerging Markets. He was also director of the CIS Middle Europe Centre at the London Business School and director of the Programme on Post Communist reform at LSE. He is currently on the board of Barings Emerging Markets and Foursquare Ltd. Among numerous articles on privatization is the following:

Estrin, S., J. Hanousek,E. Kocenda and J. Svejnar (2009): "The Effects of Privatization and Ownership in Transition Economies", Journal of Economic Literature, 47, 699-728.

Bennett, John and Estrin, Saul and Maw, James (2007) “The choice of privatization method in a transition economy when insiders control a firm”, European Journal of Political Economy, 23 (3). ISSN 01762680

Estrin, Saul and Bakanorova, M (2007) "Enterprise restructuring in Belarus". In: Estrin, Saul and Kolodko, G and Uvalic, M, (eds.) Transition and beyond, Palgrave Macmillan. ISBN 9780230546974

Estrin, Saul and Aidis, Ruta (2006) Institutions, networks and entrepreneurship development in Russia: An exploration. Discussion Paper No. 2161. University of Bonn, Germany

Estrin, Saul and Meyer, Klaus and Bytchkova, M (2006) "Entrepreneurship in Transition Economies". In Casson, M and Yeung, B and Basu, A and Wadeson, N, (eds.) The Oxford Handbook of Entrepreneurship, Oxford University Press, Oxford, UK, pp. 693-725. ISBN 978-0199288984

Chris Gerry

Chris is Senior Lecturer in Political Economy at University College London where his research in health and welfare in Russia, Eastern Europe and Eurasia has resulted in publications in leading outlets in topics relating to poverty, inequality and health as well as in privatisation and democratic reform. His current research examines the explanations for mortality patterns across the region and the role of alcohol in understanding well-being in Russia. He is also currently involved as a research coordinator in a Medical Research Council study examining the health behaviours and attitudes of East Europeans in London. At UCL Chris teaches courses on Russian Political Economy, European Macroeconomics and Health, Development and Welfare and has supervised 5 PhD students in related areas. Chris has also been instrumental in working to establish networks and partnerships between UCL and academic institutions across the region and as a result UCL is currently supported by the European Union in leading a consortium of universities involving partners from Russia and Eastern Europe.

Marshall Goldman

Marshall I. Goldman is a professor emeritus in the Wellesley College Department of Economics. He is also Associate Director of the Davis Center for Russian Studies at Harvard University. Professor Goldman is a 1952 graduate of the Wharton School of the University of Pennsylvania and received M.A. and Ph.D. degrees in Russian studies and economics from Harvard University in 1956 and 1961, respectively. An internationally recognized authority on Russian economics, politics, and environmental policy, Professor Goldman is the author of over a dozen books on the former Soviet Union, including The USSR in Crisis: The Failure of an Economic System, and Gorbachev's Challenge: Economic Reform in the Age of High Technology(1987), in which he envisioned the monumental problems that would confront Perestroika and which threw the country into economic and political turmoil. His works also include What Went Wrong with Perestroika: The Rise and Fall of Mikhail Gorbachev (W.W. Norton, 1991), monographs entitled Lost Opportunity: Why Economic Reforms in Russia Have Not Worked (W.W. Norton, 1994) and Lost Opportunity: What Has Made Economic Reform in Russia So Difficult (Norton, 1996), and The Piratization of Russia: Russian Reform Goes Awry (Rutledge, 2003). His most recent book is Petrolstate: Putin, Power and the New Russia (Oxford University Press, April 2008).

Brigitte Granville

Brigitte Granville is Professor of International Economics and Economic Policy and co-director of the Centre for Globalisation Research (CGR) at Queen Mary, University of London. Formerly, she worked in Chatham House as the director of the International Economics Program from 1999 until she joined Queen Mary in 2004.Her research interests focus on the application of macro monetary economics to critical contemporary issues. She is working on a monograph on inflation "Remembering Inflation" for Princeton University Press. She is also a Member of the Editorial Board, The New Palgrave Perspectives in Macroeconomics. She has been part of a team advising Russia's Ministry of Finance, and has been a major contributor to the analysis of the successes and problems of Russian monetary reforms. She is the co-editor of Granville & Oppenheimer (eds), Russia’s Post-Communist Economy (Oxford University Press, 2001).

Christopher Granville

Christopher Granville is a co-founder and Managing Director of Trusted Sources. He is directly responsible for research on Russian and other former Soviet markets where he has spent most of his career. Previously, he spent six years as chief strategist and political analyst at United Financial Group (UFG), a Moscow-based investment bank now owned by Deutsche Bank. In several surveys of fund managers conducted during this period by Institutional Investor and Thomson Extel, he was ranked No. 1 EMEA Strategist and/or Analyst on Russia. Christopher joined UFG from Fleming-UCB, where since 1995 he had held the position of managing director and head of research. Prior to that, he was a UK diplomat, and served for four years in the Political Section of the British Embassy in Moscow. He contributed a long essay on the political and societal background to economic reform in Russia in Granville & Oppenheimer (eds), Russia’s Post-Communist Economy (Oxford University Press, 2001).

Phillip Hanson

Professor of the Political Economy of Russia and Eastern Europe, Retired Emeritus (from 2002) Professor of the Centre of Russian and East European Studies, University of Birmingham. He is the author of: The Rise and Fall of the Soviet Economy (2003); The Consumer in the Soviet Economy; Advertising and Socialism; Trade and Technology in Soviet-Western Relations; Western Economic Statecraft and From Stagnation to Catastroika; co-author of The Comparative Economics of Research, Development and Innovation in East and West, and co-editor of Regional Economic Change in Russia. He is the author of numerous journal articles on the economics of transition. He is currently working on business-state relations in Russia and on the assessment of Russian economic policies.

Tina Jennings

Dr Tina Jennings is a Visiting Fellow of the Russian and Eurasian Studies Centre at St Antony's College. From 1994 to 2001, she worked in investment banking in Moscow, with Credit Suisse First Boston, and then as Head of Research for Raiffeisenbank Austria. During this time, she published 'Improving the Environment for Foreign Investment' in Doing Business with Russia, Marat Terterov, Margie Lindsay and Adam Jolly (eds.), 2001. She received her doctoral degree in Politics at the University of Oxford in 2005. Her thesis focused on oligarchic business groups and their relation to Russian power structures. After receiving her DPhil, she became the first head of Sotheby's in the Russian Federation, establishing a permanent business presence in Moscow for the international art auction house. Dr Jennings recently returned to the UK after 12 years in Russia. Her forthcoming book is 'The Rise of State Corporatism in Russia'.

Ira Lieberman

Dr. Lieberman has had a long and diverse career divided between some 20 years at or affiliated with the World Bank and some 20 years in the private sector. In between the two, he obtained his D.Phil. from Oxford University. During his years at the World Bank, Ira spent 11 years working on the transition economies of Central and Eastern Europe, the Former Soviet Union and South East Europe. He and his staff advised a number of these countries on the design and implementation of their privatization programs. Ira worked directly on the privatization programs of Poland, Russia, Kazakhstan, Ukraine, Albania and Serbia and amongst non-transition economies Mexico, Colombia, Argentina and Turkey.

From 1992-1995, Ira was an advisor to Anatoly Chubais, Dmitri Vassiiev and their staff at GKI, the Russian Privatization Agency; supported privatization and other reforms through a $100 million Technical Assistance Facility financed by the World Bank, parallel financing of some $41 million from the EBRD, and a Japanese Grant Facility of $14 million; he created with Chubais the Russian Privatization Center (RPC), a not-for-profit institution, through which donors channeled support to Russian economic reforms; assisted in formulating the G7 Assistance Program to Russia. Ira has taught a graduate seminar on structural adjustment in the Russian Studies Program at Johns Hopkins ‘ School of Advanced International Studies (SAIS) and he has also published a number of books and journal articles on privatization and the transition economies, and specifically on Russian privatization including the following:(selective list):

• Lieberman and Kopf Editors, Privatization in the Transition Economies: A Retrospective, Elsever, 2007, see the Chapter on Russia
• Lieberman, Gobbo, Sukiasyan, Travers and Welch, “Europe and Central Asia Privatization Practice Note,” 10 January 2003, World Bank, ECA Region, (mimeo).
• Lieberman and Kirkness (Eds.), Privatization and Emerging Capital Markets, 1998, World Bank and Flemings.
• Lieberman, Nestor and Desai, Between State and Market: Mass Privatization in Eastern and Central Europe and the Former Soviet Union, 1997, World Bank and OECD, Studies of Economies in Transformation.
• Lieberman and Rogi Veimetra, “The Rush for Shares in the “Klondyke” of Wild East Capitalism: Loans-for-Shares Transactions in Russia,” The George Washington Journal of International Law and Economics, 1997
• Lieberman, Ewing, Mejstrik, Mukherjee and Fidler, Mass Privatization in Central and Eastern Europe and the Former Soviet Union: A Comparative Analysis, 1995, The World Bank, Studies of Economies in Transformation.
• Lieberman and Nellis, Russia: Creating Private Enterprises and Efficient Markets, 1994, World Bank.
• Lieberman, “Privatization in Latin America and Eastern Europe in the Context of Political and Economic Reform,” Journal of the World Economy, 1994.
• Lieberman, “Privatization the Development Theme of the 90s: An Overview,” Columbia Journal of World Business, Spring 1993.

Carol Leonard

Carol Leonard is University Lecturer in Regional Studies of the Post-Communist States at the University of Oxford.

She has been a Fellow of St Antony's College since January 1997 and was a Visiting Fellow of All Souls College in Michaelmas Term 1996 after spending two years as resident adviser for the US Treasury to the Ministry of Finance of the Russian Federation. A former research associate of the Russian Research Centre of Harvard University, Dr Leonard is engaged in research on regional aspects of the transition. She has been a project director and consultant for international donor agency projects on transition issues, including rural poverty, the public sector, and the regional financial sector in Russia and Ukraine.

Dr Leonard's recent projects and publications focused on agrarian reform in transition Russia, the Internet, and general technological advancement in Russia and Central and Eastern Europe.

Publications: Her forthcoming book published by Cambridge University Press is, Agrarian Reform in Russia: The Road from Serfdom (2010). She also edited the volume The Microeconomics of Transition.

Silvana Malle

Silvana Malle is the Director of CEWSEI, Centre for East-West Studies and European Integration and Professor of Economic Policy at the Department of Economic Science, University of Verona. She is also senior honourary fellow of CREES (Centre for Russian and East European Studies) – University of Birmingham, U.K. From 1994 to 2005, she was the Head of the Non-Member Economies Division at the OECD Economics Department, where she directed and supervised economic analysis and surveys of Central and Eastern European countries, Russian Federation, Brazil, Chile, and China. While she initially focused on transition economies, drafting reports for the Secretariat and contributing to the  forecasting rounds for the preparation of the OECD Economic Outlook, she later increasingly developed research and cross-country analysis on emerging market economies in Asia and South America.

She has been the founding member and first President of the Italian Association for the Study of Comparative Systems. She has been appointed International expert for the AFP (Academic Fellowship Programme) of the Open Society in Economics for Ukraine (2006.2008) and has been  advisor on European union’s  PHARE projects and coordinator of two main projects, one concerning the Russian Federation and the second Uzbekistan, financed by INTAS.

Her main publications include the books: The Economic Organisation of War Communism 1918-1921 (Cambridge University Press, 1985) and Employment Planning in the Soviet Union. Continuity and Change (Macmillan, 1990).  She has written extensively on mass privatization in Russia in the early nineties. She is the author of "Privatization in Russia: peculiarities, goals and agents. A critical outline from the point of view of transaction costs", in R. Narayanswami ed., Economc Transformation in Eastern Europe, Calcutta: Orient Longman, 1993; "Privatisation in Russia. A Comparative Perspective of Institutional Changes", in L. Csaba ed., Privatisation, Liberalisation and Destruction: Recreating the   Market in Central and Eastern Europe, Dartmuth, Aldershot: Brookfield USA, 1994; "La privatisation en Russie. Specificité, objectifs et agents", in M. Lavigne ed., Mutations à l'est: trnasition vers le marché et intégration Est-Ouest, Paris: Editions Economica, 1994; "Privatisation in Russia: Options and Transaction Costs", in R.W. Campbell ed., The Post-Communist Economic Transformation, Essays in Honor of  Gregory Grossman, Boulder: Westview Press, 1994, 163-194

Her recent articles focus on economic developments in Russia and China:  She is the author of:

•  “Energy and Central Asia: an Overview of Current Issues”, Transition Studies Review, 2006, no 45;
•  “Economic Transformation in Russia and China: How Do We Compare Success?” Eurasian Geography and Economics, 2008,Vol. 49, no.4, July-August 2008;
•  “The Unravelling of the Market Economy in Russia and the Challenges Ahead”, Il Politico, Anno LXXIII, No.2, 2008 May-August.
•  “Soviet legacies in post-Soviet Russia: insights from crisis management”,  Post-Communist Economies, 2009, Volume 21 Issue 3.
•  “The Impact of the Financial Crisis on Russia”, NCD Forum Paper, NATO Defense College, No.12, Research Division, Rome, 2009, December.
•  “What is the Impact of the Financial Crisis on Russia’s Economic and Political Structure?”, working paper presented at the VIII ICCEES Congress in Stockholm, 2010, July 25-31.

Vladimir Mau

Prof. Vladimir Mau is a rector of the rector of the Russian Presidential Academy of the National Economy and Public Administration.

He is on the Board of Directors of Gaidar Institute for Economic Policy (former Institute for the Economy in Transition).

Editor-in-Chief of Ekonomicheskaya Politika (Economic Policy) journal, member of editorial councils of Voprosy Ekonomiki (Problems of Economic) journal, Rossiyskoe Predprinimatelstvo (Russian Enterpreneurshp) journal, and the RAND Journal of Economic Transition.

Member of the Russian President’s Council for education, science and technology, member of the Russian Government Commission for Administrative reform, and the Russian Government Commission for budget performance, member of the Russian Government Commission for economic policy and integration.

He worked as a research fellow at the Institute of Economics USSR Academy of Sciences, senior lecturer at the Department of Economics at Moscow State University, a head of department at the Institute of Economic Policy, the Fowler Hamilton Fellow at Christ Church, Oxford, and lecturer in the Stanford University Overseas department. He was advisor to the Deputy Prime-Minister and to Prime Minister of the Russian Federation (1991-1994). In 1997-2002 he was a Director of the Working Centre for Economic Reforms of the Russian Government and the Deputy Director of the Institute for the Economy in Transition.

Dr. Mau is an author of 25 books and about 600 articles on economic policy and reforms, economics of transition, political economy of reforms, history of economic thought and economic history.

Tomasz Mickiewicz

Tomasz Mickiewicz is a Professor of Comparative Economics at University College London. His recent works (2007-2010) can be found in The Lancet, Journal of Business Venturing, Small Business Economics, Europe Asia Studies, Economics of Transition, Emerging Markets Finance and Trade, and some other journals. His new book, Economics of Institutional Change has been published by Palgrave Macmillan in September 2010. He is the vice president of the European Association of Comparative Economic Studies and serves on the editorial board of the Post Communist Economies. His publications are available at the following web page

Patrick Naegeli

Patrick Naegeli is a partner with Defence Strategy and Solutions. At that time, he advised the Russian government on privatization. Patrick has more than twenty years consulting experience working with major national and multinational clients in North America, Europe, the Middle East and Asia. He has extensive experience in developing group and business unit strategy, operational restructuring and organisational design, government industrial policy, value based management, mergers, acquisitions and post merger integration. Before joining DS&S, Patrick was with one of the largest international consultancy firms where he led the European Corporate Strategy practice.

Peter Oppenheimer

Peter Oppenheimer is a Student (ie Fellow) Emeritus of Christ Chuch, Oxford, and a rather frequent broadcaster on the BBC Russian Service.  In the 1990s he was delighted to join the torrent of foreign consultants in Russia funded by Western agencies in the mistaken belief that Russia's economic reform process would be beneficially influenced by external advice.  For a briefer period (1998-2001) he also had illuminating experience as a member of several Russian corporate Boards.  Some of his modest publications on Russian economic issues are mentioned here by Professor Brigitte Granville. See also (with S. Maslichenko) "Oil and the Economy, an Introduction" in M. Ellman (ed.), Russia's Oil and Natural Gas, Bonanza or Curse?, Anthem Press, 2006.  His translations into English verse of Krylov's "Quartet" (published 30 years ago in the Times Literary Supplement) and of celebrated epigrams by Tyutchev (on Russia) and Galich (on the cesspit at Serebryany Bor near Moscow) are available on request.

David Pitt-Watson

Between 1992 and 1994, David Pitt-Watson advised the World Bank and the EBRD on the reform programme in Russia; in particular the progress and likely outcome of the Mass Privatisation Programme.

At the time David was a partner at Deloitte, in its strategy practice.  He subsequently became founder and Chair of Hermes Focus Fund and Equity Ownership Service, the largest shareholder stewardship programme of any investment manager in the world.

He has enjoyed a varied business career, both as a prominent City investor and as a senior strategic advisor to corporations and governments.  In particular he advised Tony Blair and Gordon Brown on issues of industrial policy and organisation for over 20 years.

He is a director of Oxford Analytica, of the International Corporate Governance Network, and a trustee of the Institute for Public Policy Research (IPPR). He has been a member of several policy commissions.

A graduate of Oxford and Stanford Universities, David was Visiting Professor at Cranfield University School of Management from 1990 to 1996. He is the author of The New Capitalists, published by Harvard, which looks at the implications of institutional ownership and investment on the behaviour of public companies.  With Carol Leonard, he is currently writing a history of the Mass Privatisation Programme in Russia.

Judith Shapiro

Professor Judith Shapiro, Department of Economics, London School of Economics (LSE). Professor, Resident Academic Coordinator, New Economic School, Russia Senior Lecturer in Economics, 1990 – 1998 Department of Social Policy and Politics University of London, Goldsmiths’ College Lecturer, 1976-1990. Teaching experience (over 20 years) includes, first and second year principles (micro and macro), economics of social policy, economics of public policy, comparative economic systems, Post-Communist Social Policy, economics of development, economics of transition for SSEES MA (academic year 1995-1996). Co-supervised two PhDs in political economy areas, and played major informal role in supervision of recent (1999) PhD in economics for LSE European Institute (with Dr. N. Barr). Administrative experience is department wide, across the period, including variously, admissions, examinations, director of studies, research. External examiner for LSE BSc (Econ), 1995-1998. Also during this same period (additionally, or on leave) Russian European Centre for Economic Policy, Moscow (TACIS), Expert, Spring 1994 – 1998. Resident economic advisor, Macroeconomic and Finance Unit (MFU) (“Sachs team”) Ministry of Finance of the Russian Federation, 1993 - 1994). Visiting Researcher, School of Mathematical Sciences, Queen Mary and Westfield College, University of London, March-September 1994, Autumn-Winter 1997. Assistant Professor of Economics, University of Washington, 1966-1970 Consultancy in private sector, California, until return to London in 1976.

Wolfram Shrettl

Professor of Economics at Freie Universität Berlin (since 2002) and Director of Economics at the Institute for East European Studies of FU Berlin. Previously, he was inter alia Head of International Economics at DIW Berlin (1997-2002), economist with The World Bank, and visiting Professor at the University of Pennsylvania. He studied economics at Munich University and Boston University (Ph.D. 1982). He is married and has four children.

His most frequently cited publications are:

• "Intrinsic Motivation in Open Source Software Development," with J. Bitzer and Ph.J.H. Schröder, Journal of Comparative Economics, Vol. 35, No. 1, 2007.
• "Do the Russians Really Save That Much?" with P. R. Gregory and M. Mokhtari, The Review of Economics and Statistics, Vol. 81, No. 4, 1999.
• "Transition with Insurance: German Unification Reconsidered", Oxford Review of Economic Policy, Vol. 8, No. 1, 1992.

Pekka Sutela

Pursued a teaching career at the Department of Economics of the University of Helsinki first as a Junior Lecturer (tenured) and then as a Senior Lecturer (tenured). Held a researcher’s position with the Academy of Finland in 1981-1984 and 1987-1989. A visiting researcher at the University of Birmingham (UK) in 1989 and at the Federal Institute for Russian and East European Studies in Cologne (Germany ) in 1989-1990. A full-time professor in the economics of transition at the University of Helsinki in 1995-1997. 

Since 1990, Sutela has worked in the Bank of Finland Institute for Economies in Transition (BOFIT) (previously the Unit for Eastern European Economies), initially as a senior researcher and later as an Adviser to the Board and Acting Head of Department. From 1998 to 2009 he served as Head of BOFIT, being appointed Principal Adviser, Monetary Policy and Research as of 1 September 2009.

A specialist in Russian and Soviet economic though, policies and developments, he has published widely in the field and is a frequent consultant and commentator. Sutela's research has focused on the economic history of Russia and the Soviet Union, the functioning of planned economies, and the process of transition from centrally controlled command economies to market economies, with special reference to Russia, the Baltic States and China. He has published several books and a considerable number of articles on these topics.

William Tompson

William Tompson is head of the Unit for Regional and Rural Development in the OECD’s Directorate for Public Governance and Territorial Development, having previously spent seven years as a Senior Economist in the OECD’s Economics Department. He is the author of Khrushchev: A Political Life (Macmillan/St Martin's, 1997) and The Soviet Union under Brezhnev (Longman, 2003), as well as The Political Economy of Reform: Lessons from Pensions, Product Markets and Labour Markets in Ten OECD Countries (OECD, 2009) and numerous articles and book chapters on political economy and on Soviet and post-Soviet politics and economic policy. He was the  lead author for the OECD Economic Surveys of the Russian Federation in 2004 and 2006, as well as the OECD Economic Survey of the Czech Republic (2010) and co-author of the first-ever OECD Economic Assessment of Ukraine. He was also the editor of the OECD’s recent Making Reform Happen (2010) and, together with Dr Julie Newton, of Institutions, Ideas and Leadership in Russian Politics (Macmillan, 2010). Prior to joining the OECD, Professor Tompson taught at the University of London, the University of Oxford and at the University of Texas at San Antonio. He has also worked as a private consultant and as an advisor to the Select Committee on Foreign Affairs of the British House of Commons. In addition to working at the OECD, he currently teaches at the Institut d´Études Politiques de Paris. He holds BA and MA degrees from Emory University in the United States and a doctorate from the University of Oxford.  

Dmitry Vasiliev

From 1991 to 1994, Dmitry Vasiliev was Deputy Minister at GKI (the Privatization Ministry) reporting to the Minister, Anatoly Chubais. He managed the team that designed and implemented the mass privatization program. He was critical to the program's success and was involved in all of GKI’s major policy decisions. He was a co-founder of the Institute of Corporate Law and Corporate Governance created in June 2000, he was also its Executive Director (2000-2002).

Previously, from 1996–99, Mr. Vasiliev served as the first Chairman of Russia's Federal Commission for the Securities Market (FCSM). Mr. Vasiliev, credited with having established a civilized stock market in Russia when at the helm of the FCSM, is also widely known for his active stand in campaigning for investor rights in this country. After effectively creating the FCSM, he geared its entire activities in 2000-2002 primarily to uphold investor interests. With a wealth of theoretical knowledge and practical experience gained during his years directing the FCSM, Mr. Vasiliev has decided to carry on his efforts along these lines after leaving the government. In 1999, he initiated the launch of an Association for Investor Protection and was elected its Chairman of the Board ( served as Chairman in 1999-2002). 

From 2001 to 2002, Mr. Vasiliev was Co-chairman of the Anti-Corruption and State Reform Program Carnegy Moscow Center participating in research of issues related to objective grounds of corruption in Central Bank of Russia and bankruptcy procedures in Russia.

From 2002 to 2008, Mr. Vasiliev participated in different forms in restructuring of the Russian power sector.

From 2002 to 2007, Mr. Vasiliev was First Deputy General Director on Strategy and Corporate Governance of JSC “Mosenergo” (a major Russian power companies - 40 thousand employees and 15 thousand MGW of generation capacity before reorganisation). During 2002-2005, he managed preparation and implementation of Mosenergo’s successful restructuring including spin-off of 13 new companies, a large-scale registration of legal titles for Mosenergo’s real estate (26 thousand real estate items) during a very short period (18 months). During 2005-2007, he was responsible for financing Mosenergo’s large–scale investment program including organising a USD 2600 mm new equity issue and USD 250 mm EBRD loan and two Ruble bond issues RUR 5000 mm each.

From 2007 to 2009, Mr. Vasiliev served as Managing Director for JP Morgan Plc in London, responsible for client relations in Russia/CIS. He participated in some Jumbo deals including the final restructuring of RAO UES (USD 60 000 mm), USD 900 mm sale of RAO UES stake in TGK-8 to Lukoil, USD 2200 mm sale of RAO UES stake in Mosenergo to Government of Moscow.

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