WANG Yuesheng
(№.5,2012)
Abstract: Since Russia transited towards free market economy, its Institution experienced an unsuccessful operation. The causes of this boiled down to Russia’s culture and traditions that were not suited to a modern economic institution, i.e. Russia did not achieve a balance between formal institution and informal institution. If Russia wants to obtain benefi ts from a new institution, it is required to establish a democratic government, a country under the rule of law and a civil society.
Key words: Russia; formal institution; informal institution; economic transition
