Reinvention of Capitalism

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This study focuses on Russia as a binary economy in progress. Louis Kelso’s Two-Aspect theory – the basis of binary economics – was the guiding principle of Russia’s economic reformers during the late 1980s and early 1990s. Adapted to special conditions in Russia, binary economics reinvented capitalism and was the foundation on which Russia’s successful transition to a market system was achieved. A core component of the binary economy in the Russian context is direct worker ownership which, from 1992 to 1994, was the centerpiece of Russian economic reform and of an emerging Russian capitalism. Using binary economics as a guide, the goal was to create a reformed economy that was both efficient and socially just – a “People’s Capitalism,” the Russian alternative to the command system and corporate concentration – a “Third Wave.”


“ ... Readers upon finishing this provocative book may find that it has stimulated them to think afresh about how to reconnect capitalism and liberal economics to each other, to their original objectives, and modern conditions. That alone would justify reading this book as a bold and important contribution ... Dr. Piveronus has presented an intellectual contribution, indeed a gift, of inestimable value.” – (From the Foreword) Douglas Steeples, Professor Emeritus, Mercer University

“ ... [this work] is a valuable contribution to scholarship on Russia, economic theories, and globalization dynamics. It is well researched for the period of reforms in question. Should the Russian president embark on a thorough revision of fraudulent aspects of privatization, Dr. Piveronus’ book may prove very timely.” – Dr. W. George Krasnow, President, Russia & America Goodwill Associates

“ ... the book provides a very valuable correction to the overly grim assessment of privatization in Russia, as well as an interesting framework for analysis ...” – Dr. Corey Rosen, National Center for Employee Ownership

Table of Contents

Foreword by Douglas Steeples
Introduction – The “Third Wave”
1. Louis Kelso Goes to Moscow: The Binary Economic Experiment Takes Root
2. “A Revolution from Below”: The BUTEK Experiment
3. Fast Track – Slow Track: The Politics of Privatization
4. “Make Everyone an Owner”: Voucher Privatization
5. Direct Worker Ownership: Centerpiece of the Binary Economic Experiment
6. The Russian Binary Construct: Adjunct Components
7. New Russia – New Paradigm
8. Beyond 2000: The Future of Russia’s Experiment in Binary Economics
9. Conclusion: Peoples’ Capitalism: Russia’s Alternative to the Command Economy and Corporate Concentration
Postscript: Whither Russia?
Appendices A, B, C

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