otkaznik (otkaznik) wrote,


В программе «Осторожно история» Игорь Юргенс и Дмитрий Зимин рассуждают о привлечении иностранных инвестиций в Россию. Я все жду, когда же они заговорят о печальной (для этих самых инвестиций) истории советского, да и недавнего постсоветского периода. Не заговорили. Между тем полезно было бы вспомнить историю концесии  Lena Goldfields.


Foreign Investment and Lena Goldfields

There is a lot of discussion today about how Putin's actions will hurt foreign investment in Russia. Does Putin just ignore the impact? Does he not care? I think there is another explanation at work here. Gaddy and I call this the "Lena Goldfields phenomenon," and it is discussed in our forthcoming book (Russia's Addiction: The Political Economy of Resource Dependence). Let me give a brief explanation here and then quote from the book.

The Lena Goldfields phenomenon is a recurring theme in western interaction with the Soviet Union and Russia. It is the belief that the rules will soon change to favor foreign investors and that the rights of those investors will be protected. This belief recurs despite Russia’s long history of defaults on foreign debt and its shabby treatment of foreign investors in the past (for an interesting article on Russia's history with debt repudiation, see this article by Yulia Sinyagina-Woodruff). The Lena Goldfields case is the classic example and shows how willing foreign investors can be.



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