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What is meant by the “virtual economy” in Russia in the mid 1990s?

What is meant by the “virtual economy” in Russia in the mid 1990s?

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Answer #1
  • It was the system of informal rent distribution that arose in soviet Russia in the 1990's
  • Enterprise directors, government officials colludes to use non market prices and various forms of non monetary Exchange.
  • Such as Barter to transfer value from Resource sectors to manufacturing industry.
  • The virtual Economy reached a peak in the run up to the country's financial crisis in August 1998.
  • The virtual Economy was a peculiar system of Rent distribution in which the primary vehicle through which agents laid claim to rents was production.
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