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E. YASIN. Economy Modernization and the System of Values
     The author on the example of the groups of countries (Western and Eastern Europe, Latin America and Eastern Asia) considers the connection of values and economic development. Spain has demonstrated serious advances in the system of values. The main factors are market reforms and democratization. Traditional Russian values seriously reflect relations of archaic society with agrarian-feudal economy and hierarchical structure of authorities. The Soviet system of values looked like a traditional one in many ways. In modern Russia under the influence of reforms and changes in the way of life the structure of value orientations moves more and more in the direction of liberal and productive values. As the author sees it formation of the productive system of Russian values requires time, continuation and completing of liberal institutional reforms, consecutive democratization, humanization of authorities, policy and social life.

A. YAKOVLEV. Demand for Law in the Sphere of Corporate Governance: Evolution of Economic Actors' Strategies
     The paper defines major groups of influential private and public actors involved in corporate governance processes in Russia. Their main incentives and interests as well as the evolution of their relations to corporate law are analyzed. On this base opportunities of applied analysis of the demand for law in the sphere of corporate governance are discussed.

T. MEDVEDEVA, A. TIMOFEEV. Studying Demand for Institutes of Corporate Governance: Legal Aspects
     The article analyzes legal aspects of institutes of corporate governance. Different draft laws "On Joint-Stock Companies" are considered which reflected interests of separate groups of participants of market relations. Stages of property redistribution are outlined. The advantages of the model of the open joint-stock company are formulated. Special attention is paid to the demand for legal institutes of corporate governance as well as to the process of accepting the Federal Law "On Entering Amendments to the Federal Law "On Joint-Stock Companies"" which was enacted in 2002. The article contains proposals directed at improvement of corporate legislation.

YU. SIMACHEV. Institute of Insolvency in Russia: Demand, Trends and Major Problems
     The article discusses key issues of the insolvency (bankruptcy) institute development in Russia as an important element of market economy. Main accents are made on economic and institutional factors that determine specific features of insolvency procedures in Russia and its consequences for the national economy. The structure of the demand for insolvency is evaluated. The evaluation is based on the arbitrage courts' statistics and enterprise survey data. Discussion of major problems that arise during transition to civilized insolvency system and are conditioned by institutional limitations and established motivations for bankruptcy concludes the article.

R. KAPELUSHNIKOV. Russia's Labor Market Model: What's Ahead?
     The paper outlines a specific model of the labor marker shaped in Russia in the "shock" 1990-s. Analysis reveals a striking contrast between its normative and positive characteristics. Though in terms of labor legislation this model seems rigid and sclerotic its actual functioning demonstrates surprisingly high degree of flexibility. This paradox is accounted for by prevalence of informal institutions, norms and practices and by inefficiency of enforcement mechanisms operating in the Russian labor market.

V. GIMPELSON. The Political Economy of Employment Deregulation
     The article discusses the politics of the labor market reform aimed at employment deregulation and decrease in firing costs. Such reform promises to benefit most of the population and is expected to affect positively job creation and aggregate employment. However, any reforms of labor market institutions are extremely complicated in the political aspect. The author discusses two closely interconnected questions: why these reforms are so difficult for politicians and which measures can help in overcoming the existing political constraints.

N. VISHNEVSKAYA. Employment Protection Legislation and the Labour Market (International Expierence)
     The article considers the evolution of the employment protection legislation in the context of economic policy in industrial and transition countries. The author analyses the main elements of this legislation and the experience of labour reforms, the influence of labour legislation on the parameters of the labour market: employment, unemployment, economic activity.

YU. BOBYLOV. Does Russia Need Establishing Foreign Economic Intelligence Service?
     The increasing role of foreign intelligence and industrial espionage in order to improve competitiveness of Russian business is noted in the article. In the author's view, Russia's WTO accession requires application of protective secret managing technologies. The establishment of a new Russian special service - the intelligence unit in the structure of the Ministry of Economic Development and Trade is proposed which will be able to perform important functions under conditions of Russia's growing integration in the world economy.

R. NUREEV. Public Choice Theory. A Textbook. Chapter 9. Economics of Bureaucracy
     The main features of the economics of bureaucracy are considered in the ninth chapter of the textbook. The models of bureaucracy behavior created by W. Niskanen, G. Tullock, A. Breton, G. Brennan and J. Buchanan are analyzed. Special interests groups are distinguished. The mechanism of lobbying is characterized. The concepts of rent-seeking and corruption are defined. The chapter also includes further readings, control tests and questions.




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