The Construction of Market Institutions in Russia: A View from the Institutionalism of Polanyi

This article presents information on the construction of market institutions in Russia and includes the institutional conception provided by analyst Karl Polanyi. Polanyi's main ideas will be expounded in regard to his interest in analyzing the transition. These ideas will be adapted to the object of study and then specified so that they will be efficient criteria for analyzing the present economic transition. Second, the results obtained will be applied to the Russian case, and an attempt will be made to draw some conclusions about whether Russia is moving toward a market economy. Although several distinct parts of the work of Polanyi may be of great interest in analyzing the transition process that is occurring in countries that until the 1990s were organized by central planning.. This paper discusses only the aspects which are most closely related to the construction of market economies will be mentioned. According to Polanyi, the commercialization of productive factors and money are among the determining elements for the construction of an economic market.