David M Woodruff
Biographic Data
| ID | 333604 |
|---|---|
| NAME | David M Woodruff |
| GIVEN NAMES | David M |
| FAMILY NAME | Woodruff |
| SIGNATURE | WOODRUFF D M |
| AFFILIATIONS | London School of Economics and Political Science |
| VERIFIED | No |
| TOTAL WORKS | 15 |
| TOTAL CITATIONS | 125 |
| AUTHOR COUNT | 15 |
| EDITOR COUNT | 0 |
| FIRST PUBLICATION YEAR | 1999 |
| LATEST PUBLICATION YEAR | 2019 |
| H-INDEX | 6 |
To Democratize Finance, Democratize Central Banking
Robert C. Hockett's 'franchise view' argues, convincingly, that the capacity of banks or quasi-bank financial entities to create money rests on the laws, regulations, and guarantees of the state under which they operate. Fred Block advocates the use of this insight as a beachhead for establishing the legitimacy of locally embedded, nonprofit lenders whose investments would be dedicated to public purposes. However, given the pervasive influence of…
Currency Crises in Post‐Soviet Russia
Currency crises have been a recurrent feature of Russia's post‐Soviet experience. This article examines three episodes of sudden and sharp ruble depreciation in 1998, 2008, and 2014–16. We examine these crises and their political consequences as iterative episodes in the Russian government's ongoing efforts to deal with its structural dependence on energy revenues and international capital flows. We argue that the 1998 crisis and the Russian gove…
Socialist Accounting” by Karl Polanyi
Interview with David Woodruff
Э лектронный журнал «Экономическая социология» издаётся с 2000 г.Учредителями являются Национальный исследовательский университет «Высшая школа экономики» (с 2007 г.) и Вадим Валерьевич Радаев (главный редактор).Цель журнала -утверждать международные стандарты экономико-социологических исследований в России, представлять современные работы российских и зарубежных авторов в области экономической социологии, информировать профессиональное сообществ…
Governing by Panic
The Eurozone's reaction to the crisis beginning in late 2008 involved not only efforts to mitigate the arbitrarily destructive effects of markets but also vigorous pursuit of policies aimed at austerity and deflation. To explain this paradoxical outcome, I build on Karl Polanyi's account of a similar deadlock in the 1930s. Polanyi argued that a society-protecting response to malfunctioning markets was limited under the gold standard by the prospe…
The Economist’s Burden
To work on this part of the world is to encounter at every turn Åslund’s forceful, categorical, and often angry pronouncements, apparently rooted in an unshakeable conviction that he always knows both who to blame and what to do. Born in 1952, Åslund studied economics at Oxford and then joined the Swedish foreign service, spending three years in perestroika-era Moscow. Abandoning diplomacy for economics, in 1989 he published Gorbachev’s Struggle …
Cooperation Without Trust? and Rationality and the Ideology of Disconnection
Cooperation Without Trust? By Karen S. Cook, Russell Hardin, and Margaret Levi. New York: Russell Sage Foundation, 2005. 256p. $32.50. Rationality and the Ideology of Disconnection. By Michael Taylor. Cambridge: Cambridge University Press, 2006. 238p. $75.00 cloth, $26.99 paper. The two books under review differ sharply on the fruitfulness of rational choice theory. Karen Cook, Russell Hardin, and Margaret Levi posit that even trust is best under…
Commerce and demolition in Tsarist and Soviet Russia
Leaders of commodity-exporting states will sometimes push exports even when world prices are declining, if export receipts allow access to international capital markets. This article demonstrates that such state-mediated ties between commodity and capital markets shaped the politics of foreign trade in tsarist, and then Soviet, Russia. It also refutes an alternate, group-centered explanation of the same historical cases proposed in Rogowski's Com…
Boom, Gloom, Doom
In the 1990s, Russia and Argentina both tied their currencies to the dollar to combat inflation. They later devalued under pressure, but only after an extremely costly delay, and only after an explosive spread of monetary surrogates substituting for official currency. This article explains these puzzling developments using an institutional-sociological approach to money, which relates exchange-rate preferences to financial context ('balance sheet…
Property rights in context
What Do We Know Now? Postcommunist Economic Reform through a Russian Lens
Books in review
Rules for Followers
I investigate contemporary Russia's real, but shallow success in implementing two borrowed capitalist institutions-a monetary system and the joint-stock company. Even though money and shares of stock in Russia are exchanged in voluntary transactions, they fail to play the legal roles ordinarily expected of them, resulting in weak corporate governance and nonmonetary (barter) exchange. Via a criticism of game-theoretic approaches to institutions i…
Money Unmade
In this book on the Russian economy, David Woodruff argues that Moscow's inability to control the nation's currency is not a carryover from the Soviet past. Rather, the Russian government has failed to build the administrative capacity and political support demanded by monetary consolidation - a neglected but crucial aspect of capitalist state building. Through an overview of monetary consolidation in other nations, Woodruff demonstrates that the…
It's Value That's Virtual
An American specialist on Russia's political economy critically analyzes the "virtual economy" model pioneered by Clifford Gaddy and Barry Ickes. Particular focus is on the model's characterization of the allegedly value-destroying sectors of the Russian economy. An analysis of Gazprom tests propositions about rationality embedded in the model. An algebraic appendix reinforces the article's conclusions with the results of a more formal methodolog…
Money Unmade
In this book on the Russian economy, David Woodruff argues that Moscow's inability to control the nation's currency is not a carryover from the Soviet past. Rather, the Russian government has failed to build the administrative capacity and political support demanded by monetary consolidation - a neglected but crucial aspect of capitalist state building. Through an overview of monetary consolidation in other nations, Woodruff demonstrates that the…
Governing by Panic
The Eurozone's reaction to the crisis beginning in late 2008 involved not only efforts to mitigate the arbitrarily destructive effects of markets but also vigorous pursuit of policies aimed at austerity and deflation. To explain this paradoxical outcome, I build on Karl Polanyi's account of a similar deadlock in the 1930s. Polanyi argued that a society-protecting response to malfunctioning markets was limited under the gold standard by the prospe…
Socialist Accounting” by Karl Polanyi
Boom, Gloom, Doom
In the 1990s, Russia and Argentina both tied their currencies to the dollar to combat inflation. They later devalued under pressure, but only after an extremely costly delay, and only after an explosive spread of monetary surrogates substituting for official currency. This article explains these puzzling developments using an institutional-sociological approach to money, which relates exchange-rate preferences to financial context ('balance sheet…
Rules for Followers
I investigate contemporary Russia's real, but shallow success in implementing two borrowed capitalist institutions-a monetary system and the joint-stock company. Even though money and shares of stock in Russia are exchanged in voluntary transactions, they fail to play the legal roles ordinarily expected of them, resulting in weak corporate governance and nonmonetary (barter) exchange. Via a criticism of game-theoretic approaches to institutions i…
It's Value That's Virtual
An American specialist on Russia's political economy critically analyzes the "virtual economy" model pioneered by Clifford Gaddy and Barry Ickes. Particular focus is on the model's characterization of the allegedly value-destroying sectors of the Russian economy. An analysis of Gazprom tests propositions about rationality embedded in the model. An algebraic appendix reinforces the article's conclusions with the results of a more formal methodolog…
Property rights in context
To Democratize Finance, Democratize Central Banking
Robert C. Hockett's 'franchise view' argues, convincingly, that the capacity of banks or quasi-bank financial entities to create money rests on the laws, regulations, and guarantees of the state under which they operate. Fred Block advocates the use of this insight as a beachhead for establishing the legitimacy of locally embedded, nonprofit lenders whose investments would be dedicated to public purposes. However, given the pervasive influence of…
Currency Crises in Post‐Soviet Russia
Currency crises have been a recurrent feature of Russia's post‐Soviet experience. This article examines three episodes of sudden and sharp ruble depreciation in 1998, 2008, and 2014–16. We examine these crises and their political consequences as iterative episodes in the Russian government's ongoing efforts to deal with its structural dependence on energy revenues and international capital flows. We argue that the 1998 crisis and the Russian gove…
The Economist’s Burden
To work on this part of the world is to encounter at every turn Åslund’s forceful, categorical, and often angry pronouncements, apparently rooted in an unshakeable conviction that he always knows both who to blame and what to do. Born in 1952, Åslund studied economics at Oxford and then joined the Swedish foreign service, spending three years in perestroika-era Moscow. Abandoning diplomacy for economics, in 1989 he published Gorbachev’s Struggle …
Money Unmade
In this book on the Russian economy, David Woodruff argues that Moscow's inability to control the nation's currency is not a carryover from the Soviet past. Rather, the Russian government has failed to build the administrative capacity and political support demanded by monetary consolidation - a neglected but crucial aspect of capitalist state building. Through an overview of monetary consolidation in other nations, Woodruff demonstrates that the…
It's Value That's Virtual
An American specialist on Russia's political economy critically analyzes the "virtual economy" model pioneered by Clifford Gaddy and Barry Ickes. Particular focus is on the model's characterization of the allegedly value-destroying sectors of the Russian economy. An analysis of Gazprom tests propositions about rationality embedded in the model. An algebraic appendix reinforces the article's conclusions with the results of a more formal methodolog…
Rules for Followers
I investigate contemporary Russia's real, but shallow success in implementing two borrowed capitalist institutions-a monetary system and the joint-stock company. Even though money and shares of stock in Russia are exchanged in voluntary transactions, they fail to play the legal roles ordinarily expected of them, resulting in weak corporate governance and nonmonetary (barter) exchange. Via a criticism of game-theoretic approaches to institutions i…
Books in review
What Do We Know Now? Postcommunist Economic Reform through a Russian Lens
Property rights in context
Commerce and demolition in Tsarist and Soviet Russia
Leaders of commodity-exporting states will sometimes push exports even when world prices are declining, if export receipts allow access to international capital markets. This article demonstrates that such state-mediated ties between commodity and capital markets shaped the politics of foreign trade in tsarist, and then Soviet, Russia. It also refutes an alternate, group-centered explanation of the same historical cases proposed in Rogowski's Com…
Boom, Gloom, Doom
In the 1990s, Russia and Argentina both tied their currencies to the dollar to combat inflation. They later devalued under pressure, but only after an extremely costly delay, and only after an explosive spread of monetary surrogates substituting for official currency. This article explains these puzzling developments using an institutional-sociological approach to money, which relates exchange-rate preferences to financial context ('balance sheet…
Cooperation Without Trust? and Rationality and the Ideology of Disconnection
Cooperation Without Trust? By Karen S. Cook, Russell Hardin, and Margaret Levi. New York: Russell Sage Foundation, 2005. 256p. $32.50. Rationality and the Ideology of Disconnection. By Michael Taylor. Cambridge: Cambridge University Press, 2006. 238p. $75.00 cloth, $26.99 paper. The two books under review differ sharply on the fruitfulness of rational choice theory. Karen Cook, Russell Hardin, and Margaret Levi posit that even trust is best under…
The Economist’s Burden
To work on this part of the world is to encounter at every turn Åslund’s forceful, categorical, and often angry pronouncements, apparently rooted in an unshakeable conviction that he always knows both who to blame and what to do. Born in 1952, Åslund studied economics at Oxford and then joined the Swedish foreign service, spending three years in perestroika-era Moscow. Abandoning diplomacy for economics, in 1989 he published Gorbachev’s Struggle …
Socialist Accounting” by Karl Polanyi
Interview with David Woodruff
Э лектронный журнал «Экономическая социология» издаётся с 2000 г.Учредителями являются Национальный исследовательский университет «Высшая школа экономики» (с 2007 г.) и Вадим Валерьевич Радаев (главный редактор).Цель журнала -утверждать международные стандарты экономико-социологических исследований в России, представлять современные работы российских и зарубежных авторов в области экономической социологии, информировать профессиональное сообществ…
Governing by Panic
The Eurozone's reaction to the crisis beginning in late 2008 involved not only efforts to mitigate the arbitrarily destructive effects of markets but also vigorous pursuit of policies aimed at austerity and deflation. To explain this paradoxical outcome, I build on Karl Polanyi's account of a similar deadlock in the 1930s. Polanyi argued that a society-protecting response to malfunctioning markets was limited under the gold standard by the prospe…
Currency Crises in Post‐Soviet Russia
Currency crises have been a recurrent feature of Russia's post‐Soviet experience. This article examines three episodes of sudden and sharp ruble depreciation in 1998, 2008, and 2014–16. We examine these crises and their political consequences as iterative episodes in the Russian government's ongoing efforts to deal with its structural dependence on energy revenues and international capital flows. We argue that the 1998 crisis and the Russian gove…
To Democratize Finance, Democratize Central Banking
Robert C. Hockett's 'franchise view' argues, convincingly, that the capacity of banks or quasi-bank financial entities to create money rests on the laws, regulations, and guarantees of the state under which they operate. Fred Block advocates the use of this insight as a beachhead for establishing the legitimacy of locally embedded, nonprofit lenders whose investments would be dedicated to public purposes. However, given the pervasive influence of…
Economics (14 works) · Political science (13 works) · Politics (11 works) · Law (9 works) · Law (9 works) · Political economy (7 works) · Russia and Soviet political economy (7 works) · Finance (6 works) · Economic system (5 works) · Finance (5 works)