This work, written by two senior advisors to the Russian government and with unique access to documentation, tracks the decision making process in the Russian Mass Privatization process supplemented by interviews with many of the key participants.

Introduction 1. Privatization and Transition in Russia in the Early 1990s: Perspectives 2. The Mass Privatization Programme: The Ideas, their Evolution and their Embodiment in Law 3. Reforming the Communist Inheritance: 'The Goals and Limits of Priatization' 4. Implementation of Privatization, 1992-94 5. Implementation of Privatization after 1994 6. Conclusion

Carol Scott Leonard is Emeritus Fellow at St Antony's College, Oxford, UK

David Pitt-Watson is CEO of Hermes Focus Asset Management. Both served as economic policy advistors to the Russian Federation.