Kazakhstan: A State-Led Liberalized Market Economy?

Charman, Ken

doi:10.1057/9780230627574_9

Cited by 14 publications

(6 citation statements)

References 6 publications

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“…bonds and shares) in primary and secondary markets. International financial actors, including the European Bank of Reconstruction and Development, promoted and facilitated the growth of bank and micro-lending in the post-Soviet space (Guseva, 2005; Ruziev & Dow, 2013; Charman, 2007).…”

Section: The Rentierisation Of Central Asian Economiesmentioning

confidence: 99%

The other road to serfdom: The rise of the rentier class in post-Soviet economies

Sanghera

Satybaldieva

2020

Social Science Information

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This article offers a moral economic critique of the transition to a market economy in the post-Soviet space. In a reversal of the classical ideal of a ‘free market’ (a market free from land rent, monopoly rent and interest), neoliberalism celebrates and promotes rent extraction, sometimes over wealth creation (Hudson, 2017). In freeing markets from government regulation, neoliberalism enables powerful economic actors to extract income by mere virtue of property rights that entitle them to a stream of income from their ownership and control of scarce assets (Sayer, 2015). Neoliberalism has created and expanded the role of rent and unearned income in post-Soviet economies (Mihalyi & Szelenyi, 2017). This article will show the diversity and significance of rent in Kazakhstan and Kyrgyzstan that go beyond natural resources and illicit public and private rent-seeking. Using three case studies on finance, real estate and the judiciary in Kazakhstan and Kyrgyzstan, this article will examine how property relations, rentier activities and unearned income have been morally justified and normalized. Despite its moral legitimation, rentiership has been harmful and damaging. It has produced social inequalities and suffering, and has resulted in plutocracy and corruption.

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Section: The Rentierisation Of Central Asian Economiesmentioning

confidence: 99%

The other road to serfdom: The rise of the rentier class in post-Soviet economies

Sanghera

Satybaldieva

2020

Social Science Information

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“…In reality, development agencies (e.g. the European Bank of Reconstruction and Development and the Russian-Kyrgyz Development Fund) as well as foreign banks have invested significant capital in the financial sector in the region (Charman 2007). For instance, Jyldyz explained that IFC had provided direct financing to major banks in Kyrgyzstan:…”

Section: Sanctity and Myths Of Lendingmentioning

confidence: 99%

Selling debt: Interrogating the moral claims of the financial elites in Central Asia

Sanghera

Satybaldieva

2020

Capital & Class

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This article critically examines how banks and microfinance companies morally construed and evaluated their lending practices and income in Kazakhstan and Kyrgyzstan. Banks occupy a powerful position in a monetary economy, because they do not merely create money ‘out of thin air’, but can charge for it, that is, interest. In doing so, they obtain unearned income and extract wealth. The article examines how banks and microfinance companies used myths, ideals, discourses, norms and emotions to justify and de-politicise their unequal power, unearned income and damaging effects. The study draws on the moral economy perspective and the post-Keynesian theory of money to understand financial institutions’ moral justifications and rationalisations of their position and power. This article contributes to a wider literature on neoliberalism and morality in post-socialist economies.

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“…Furthermore, large-scale corruption, sheer income inequality from high unemployment rates and decreasing salaries, weak legal protection, patronage, clientelism, and an endemic rent-seeking attitude by the elite and the oligarchs (Charman, 2007;Christophe, 2007;Lane, 2013;Pomfret, 2012;Rainnie, Smith, & Swain, 2005;Stucker, 2013;Upchurch, 2012) under the backdrop of personal and authoritarian states (Gleason, 2003;Özcan, 2016) are all factors affecting the management of labour. This assumes autocratic connotations especially in privatised public organisations, SOEs as well as local firms (Gurkov, 2016) and less in foreign-owned subsidiaries, foreign acquisitions, and IJVs (Minbaeva, Hutchings, & Thomson, 2007;Minbaeva & Muratbekova-Touron, 2011).…”

Section: A Caveat: Challenging the Concept Of Hrm In The Context Of Post-state Socialist Countries Of Asiamentioning

confidence: 99%

People management after state socialism: A literature review and research agenda

Serafini

Wood

Szamosi³

2020

Human Resource Management Review

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Kazakhstan: A State-Led Liberalized Market Economy?

Cited by 14 publications

References 6 publications

The other road to serfdom: The rise of the rentier class in post-Soviet economies

The other road to serfdom: The rise of the rentier class in post-Soviet economies

Selling debt: Interrogating the moral claims of the financial elites in Central Asia

People management after state socialism: A literature review and research agenda

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