Skip to main content
SpringerLink
Log in

Conclusions

  • Chapter
  • First Online:
Tilting at the Windmills of Transition

Part of the book series: Societies and Political Orders in Transition ((SOCPOT))

  • 101 Accesses

Abstract

This chapter revisits the research questions and demonstrates the overall implications of the study’s findings for theory and policy-making. It also points out the limitations of this work, offers points of reference for future research, and closes with some concluding remarks.

The best time to plant a tree was 20 years ago. The second-best time is now.

Chinese proverb

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution
Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 84.99
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 109.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info
Hardcover Book
USD 109.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

Notes

  1. 1.

    However, caution needs to be advised in designing the requirements for additional sources of financing. For example, Chepurenko et al. (2011) has shown that, particularly in a transition context, increasing access to public funding may negatively affect the share of opportunity entrepreneurship in a given region if the funds are also open to other economic agents.

  2. 2.

    However, Russia observed a surge in corporate deposits subsequent to the first capital market sanctions, when Russian firms repatriated cash formerly held abroad due to fear of further escalation (Reuters 2016).

  3. 3.

    Since the 1990s, Calvey and his investment firm Baring Vostok have been major investors in Russia. In February 2019, Calvey was sent to pretrial detention due to allegations related to embezzlement of funds from Vostochny bank, one of the firms in Baring Vostok’s portfolio. The supposed initiators are two politically connected minority shareholders of Vostochny Bank (Courtney 2019).

  4. 4.

    A regularly mentioned role model is Estonia, which claims that its digital administration initiatives have resulted in an annual reduction of more than 800 years of public and private sector work time, as well as in savings of about 2% of GDP (E-Estonia 2019).

References

  • Acemoglu, D., & Johnson, S. (2005). Unbundling institutions. Journal of Political Economy, 113(5), 949–995.

    Article  Google Scholar 

  • Acemoglu, D., & Robinson, J. (2012). Why nations fail: The origins of power, prosperity and poverty. New York: Crown Publishing.

    Google Scholar 

  • Acs, Z. J., Autio, E., & Szerb, L. (2014). National systems of entrepreneurship: Measurement issues and policy implications. Research Policy, 43(3), 476–494.

    Article  Google Scholar 

  • Acs, Z. J., Audretsch, D. B., Lehmann, E. E., & Licht, G. (2016). National system of innovation. Journal of Technology Transfer, 42(5), 997–1008.

    Article  Google Scholar 

  • Aidis, R., & Adachi, Y. (2007). Russia: Firm entry and survival barriers. Economic Systems, 31(4), 391–411.

    Article  Google Scholar 

  • Andersen, J. J., & Aslaksen, S. (2008). Constitutions and the resource curse. Journal of Development Economics, 87(2), 227–246.

    Article  Google Scholar 

  • Audretsch, D. B., Keilbach, M., & Lehmann, E. E. (2006). Entrepreneurship and economic growth. New York: Oxford University Press.

    Book  Google Scholar 

  • Barro, R. J. (1997). Determinants of economic growth: A cross-country empirical study. Cambridge, MA: MIT Press.

    Google Scholar 

  • Baumol, W. J. (1990). Entrepreneurship: Productive, unproductive, and destructive. Journal of Political Economy, 98(5), 893–921.

    Article  Google Scholar 

  • Berkowitz, D., & DeJong, D. N. (2005). Entrepreneurship and post-socialist growth. Oxford Bulletin of Economics and Statistics, 67(1), 25–46.

    Article  Google Scholar 

  • Bjørnskov, C., & Foss, N. J. (2008). Economic freedom and entrepreneurial activity: Some cross-country evidence. Public Choice, 134(3–4), 307–328.

    Article  Google Scholar 

  • Boisot, M., & Child, J. (1996). From fiefs to clans and network capitalism: Explaining China’s emerging economic order. Administrative Science Quarterly, 41(4), 600–628.

    Article  Google Scholar 

  • Boschini, A., Pettersson, J., & Roine, J. (2009). The constitutional channels of the resource curse. In Proceedings form Meeting Global Challenges in Research Cooperation, May 27–29 2008, Uppsala.

    Google Scholar 

  • Brieden, A., & Gritzmann, P. (2012). On optimal weighted balanced clusterings: Gravity bodies and power diagrams. SIAM Journal of Discrete Mathematics, 26(2), 415–434.

    Article  Google Scholar 

  • Brüggmann, M. (2019, March 1). Fonds ziehen Millionen aus Russland ab. Handelsblatt (in German). Accessed March 2019, from https://www.handelsblatt.com/finanzen/banken-versicherungen/affaere-um-us-fondsmanager-michael-calvey-fonds-ziehen-millionen-aus-russland-ab/24053850.html

  • Bruno, R. L., Bytchkova, M., & Estrin, S. (2013). Institutional determinants of new firm entry in Russia: A cross-regional analysis. Review of Economics and Statistics, 95(5), 1740–1749.

    Article  Google Scholar 

  • Bruton, G. D., Ahlstrom, D., & Li, H. L. (2010). Institutional theory and entrepreneurship: Where are we now and where do we need to move in the future? Entrepreneurship: Theory & Practice, 34(3), 421–440.

    Google Scholar 

  • Cassar, G. (2006). Entrepreneur opportunity costs and intended venture growth. Journal of Business Venturing, 21(5), 610–632.

    Article  Google Scholar 

  • Chepurenko, A., Gabelko, M., & Obraztsova, O. (2011). Early-stage entrepreneurial activity: An explanatory model for cross-country comparisons (Working Paper no. WP1/2011/04). Moscow: Higher School of Economics.

    Google Scholar 

  • Courtney, W. (2019, March 1). Investing in Russia’s future. The Moscow Times. Accessed March 2019, from https://www.themoscowtimes.com/2019/03/01/investing-in-russias-future-a64675

  • Demirguc-Kunt, A., Love, I., & Maksimovic, V. (2006). Business environment and the incorporation decision. Journal of Banking and Finance, 30(11), 2967–2993.

    Article  Google Scholar 

  • Di Bella, G., Dynnikova, O., & Slavov, S. (2019). The Russian State’s size and its footprint: Have they increased? (IMF Working Paper WP/19/53). Washington, DC: International Monetary Fund.

    Google Scholar 

  • E-Estonia. (2019). Information on Estonia’s E-Government solutions. Accessed February 2019, from https://e-estonia.com/solutions/

  • Estrin, S., Meyer, K., & Bytchova, M. (2006). Entrepreneurship in transition economies. In M. Casson, A. Basu, B. Yeung, & N. Wadesdon (Eds.), The Oxford handbook of entrepreneurship. Oxford: Oxford University Press.

    Google Scholar 

  • Faccio, M. (2006). Politically connected firms. American Economic Review, 96(1), 369–386.

    Article  Google Scholar 

  • Fidrmuc, J., & Gundacker, L. (2017). Income inequality and oligarchs in Russian regions: A note. European Journal of Political Economy, 50(5), 196–207.

    Article  Google Scholar 

  • Filatotchev, I., & Mickiewicz, T. (2006). Private benefits of control and debt financing. In T. Mickiewicz (Ed.), Corporate governance and finance in Poland and Russia (pp. 159–176). Houndmills: Palgrave Macmillan.

    Google Scholar 

  • Friedman, T. L. (2009, September 8). Our one-party democracy. The New York Times. Accessed September 2018, from http://www.nytimes.com/2009/09/09/opinion/09friedman.html

  • Fritsch, M., & Wyrwich, M. (2014a). The long persistence of regional levels of entrepreneurship: Germany 1925 to 2005. Regional Studies, 48(6), 955–973.

    Article  Google Scholar 

  • Fritsch, M., & Wyrwich, M. (2014b). The effect of regional entrepreneurship culture on economic development – Evidence for Germany. Jena Economic Research Papers 2014 – 014, Friedrich Schiller University and Max Planck Institute of Economics Jena.

    Google Scholar 

  • Guriev, S., & Rachinsky, A. (2005). The role of oligarchs in Russian capitalism. Journal of Economic Perspectives, 19(1), 131–150.

    Article  Google Scholar 

  • Klapper, L., Laeven, L., & Rajan, R. (2006). Entry regulation as a barrier to entrepreneurship. Journal of Financial Economics, 82(3), 591–629.

    Article  Google Scholar 

  • Klapper, L., Amit, R., Guillen, M., & Quesada, J. (2007). Entrepreneurship and firm formation across countries (Policy Research Working Paper 4313). World Bank.

    Google Scholar 

  • Lerner, J., & Schoar, A. (2005). Does legal enforcement affect financial transactions? The contractual channel in private equity. The Quarterly Journal of Economics, 223–246.

    Google Scholar 

  • Maslikhina, V. (2017). Spatial concentration of the manufacturing industry: Evidence from Russia. Istrazivanja i Projektovanja za Privredu, 15(4), 509–517.

    Article  Google Scholar 

  • Movchan, A. (2019). No country for investors: Russia’s latest shock arrests. Carnegie Moscow Center. Accessed March 2019, from https://carnegie.ru/commentary/78431

  • Nistotskaya, M., & Cingolan, L. (2016). Bureaucratic structure, regulatory quality, and entrepreneurship in a comparative perspective: Cross-sectional and panel data evidence. Journal of Public Administration Research And Theory, 26(3), 519–534.

    Article  Google Scholar 

  • Nyström, K. (2008). The institutions of economic freedom and entrepreneurship: Evidence from panel data. Public Choice, 136(3), 269–282.

    Article  Google Scholar 

  • Paneyakh, E. (2008). Official against entrepreneur: Manipulation of law as the basic control technique. In The Post-Soviet Russia, Russian Political Science Yearbook, Moscow. Accessed October 2017, from http://www.russianpolity.ru/content10/

  • Popova, S., Karlova, N., Ponomarenko, A., & Deryugina, E. (2017). Analysis of the debt burden in Russian economy sectors. Russian Journal of Economics, 3(4), 379–410.

    Article  Google Scholar 

  • Puffer, S. M., McCarthy, D. J., & Boisot, M. (2010). Entrepreneurship in Russia and China: The impact of formal institutional voids. Entrepreneurship: Theory & Practice, Vol., 34(3), 441–467.

    Google Scholar 

  • Putnam, R. D. (1993). Making democracy work. Civic traditions in modern Italy. Princeton, NJ: Princeton University Press.

    Google Scholar 

  • Rastvortseva, S. N., & Ternovskii, D. S. (2016). Drivers of concentration of economic activity in Russian regions. Economic and Social Changes: Facts, Trends, Forecast, 2(44), 153–170.

    Google Scholar 

  • Reuters. (2016). Thomson Reuters 2016 State of innovation report – Disruptive, game-changing innovation. Toronto: Thomson Reuters.

    Google Scholar 

  • Rodrik, D. (2007). One economics many recipes: Globalization, institutions, and economic growth. Princeton, NJ: Princeton University Press.

    Book  Google Scholar 

  • Sorensen, J. (2007). Bureaucracy and entrepreneurship: Workplace effects on entrepreneurial entry. Administrative Science Quarterly, 52(3), 387–412.

    Article  Google Scholar 

  • Stenholm, P., Acs, Z. J., & Wuebker, R. (2013). Exploring country-level institutional arrangements on the rate and type of entrepreneurial activity. Journal of Business Venturing, 28(1), 176–193.

    Article  Google Scholar 

  • Szakonyi, D. (2017). Monopolies rising: Consolidation in the Russian economy (PONARS Eurasia Policy Memo no. 491). Washington, DC: Institute for European, Russian and Eurasian Studies (IERES), George Washington University.

    Google Scholar 

  • Titov, B. (2019, 20 February). quoted from “Having an honest business is not possible in Russia, majority says”. The Moscow Times. Accessed February 2019, from https://www.themoscowtimes.com/2019/02/20/having-honest-business-is-not-possible-russia-majority-says-a64563

  • Tonoyan, V., Strohmeyer, R., Habib, M., & Perlitz, M. (2010). Corruption and entrepreneurship: How formal and informal institutions shape small firm behavior in transition and mature market economies. Entrepreneurship: Theory & Practice, 34(5), 803–831.

    Google Scholar 

Download references

Author information

Authors and Affiliations

  1. Chair for International Management, Bundeswehr University Munich, Neubiberg, Germany

    Michael Schlattau

Authors
  1. Michael Schlattau
    View author publications

    You can also search for this author in PubMed Google Scholar

Rights and permissions

Reprints and permissions

Copyright information

© 2021 The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG

About this chapter

Check for updates. Verify currency and authenticity via CrossMark

Cite this chapter

Schlattau, M. (2021). Conclusions. In: Tilting at the Windmills of Transition. Societies and Political Orders in Transition. Springer, Cham. https://doi.org/10.1007/978-3-030-54909-1_6

Download citation

Publish with us

Policies and ethics

Search

Navigation