Economic Elites and Eastern European Capitalism

Theories about the transformation of Eastern European economies often place emphasis on the role of economic elites in shaping national outcomes (Hellman 1998, Eyal et al 1998, Walder 2003, Hoff and Stiglitz 2004). However, relatively little is known about who holds economic power in these emerging economies almost a quarter-century after the fall of communism, and what impact these domestic elites have on the emerging forms of Eastern European capitalism. I use data on the “100 richest” business people in five post-communist countries (Poland, Romania, Bulgaria, Russia and Ukraine) to investigate these issues. Biographical information on age, education, and business history is combined with economic variables such as net worth and favored economic sectors, and with data on political involvement of elites to create a comparative picture of the relationship between elites and economic and institutional outcomes in post-communist emerging economies.