Estimating the outcomes of the Russian reforms, the authors suggest the idea of raising of institutions. This insight opposes to the concept of radical institutional changes and the concept of strong institutional inertia. An approach to institutional reforms which is confined to the adoption of "good laws" is criticized. It is pointed out that special continuous efforts should be made for achieving embeddedness of new institutions, diminishing institutional gaps, providing institutional complementarity, and building up a balance of social forces to ensure the success of institutional reforms.

     The paper is devoted to the analysis of civil society's positive influence on any country's economic development. In addition to well-known arguments, at least two extra mechanisms exist: civil society organizations produce goods that other organizations (business and public) don't; civil society organizations increase the bargaining power of citizens in their interaction with business and state and enhance the resource allocation efficiency.

     The authors consider the organizations in different branches of the social sphere (schools, clinics, theatres) as complex institutional formations where the "cluster" of economic norms and rules is subordinated to the "cluster" of social values. These organizations perform the dual function: formation of human capital and compensation of poverty of poor people. According to the authors' opinion, complex reforming of the health care branch requires creation of new economic norms and rules combining plan, semimarket and market relations. This approach will rise the effectiveness of this sphere and will not undermine its social function.

     The article analyzes urgent issues of the development of Russian banks. The probability of Moscow banks' regional expansion is noted. Hence the necessity for regional banks to find market niches. Competitive advantages of small and medium-sized banks as well as barriers to their activity are considered. Special attention is paid to the problems of corporate governance in banks. The results of the survey conducted by the Association of Regional Banks of Russia in summer of 2004 are analyzed.

     The article is devoted to the questions of development of tax strategy of the state in the field of stimulation of investment activity of banks. The author analyzes the influence of taxation on the yield of credit transactions of banks. Special attention is paid to tax risks of banks in realization of investment operations. Issues of tax stimulation of investment demand and investment supply are considered.

     Public discussion around social security tax reform is mostly concentrated on the size of possible rate cuts. At the same time, game-theoretic analysis shows that the existing mechanism of tax collection and calculation stimulates tax evasion. The stimulating effect is based on the mutual interest of employer and employee in tax minimization schemes, which results in establishing unofficial agreements between them and formation of the social norm of common tax evasion. The analysis also shows that the negative influence of the tax can be minimized by transfering the social security tax from employer to employee. Such transfer results in an occurrence of the conflict of interests between the parties, which under certain conditions can cause formation of the social norm of common compliance with tax legislature.

     The article is devoted to the analysis of the draft law "On Protection of Competition", which must substitute the laws "On Competition and Limitation of Monopolistic Activity on Commodity Markets" and "On Protection of Competition on the Financial Services Market". The innovations enhancing the quality of Russian competition law and new norms providing at least ambiguous effects on antimonopoly regulation are considered. The first group of positive measures includes unification of competition norms for commodity and financial markets, changes of criteria and the scale of control of economic concentrations, specification of conditions, where norms are applied "per se" and according to the "rule of reason", introduction of rules that can prevent the restriction of competition by the executive power. The interpretation of the "collective dominance" concept and certain rules devoted to antimonopoly control of state aid are in the second group of questionable steps.

     The evolution of antimonopoly policy in Russia is analyzed. The positive nature of policy transformation is stressed: it has been evolving from purely prohibitive measures towards monopolies in the 1990s to a more reasonable approach in terms of recommendations and ex ante regulations. Russian antimonopoly policy is being transformed to competition policy with broader view on inter-firms interactions and industrial organization.

     WTO plays the key role in regulating international foreign trade. The article considers basic problems, which Russia will face after joining this organization. Advantages as well as risks connected with membership in WTO are noted. The necessity of safeguarding national interests and fulfilling the requirements of the country's economic security is stressed.

     The article is devoted to P. Bauer who promoted the principles of liberty around the world. Lord Bauer considered that the development is the expansion of individual choices. He underlined that the role of the state was to protect life, liberty, and property. Bauer's works focus on the process of development measured by the extent of economic freedom. P. Bauer insists that economic development depends on institutions, culture, and conduct. J. Dorn declared P. Bauer a hero of market revolution and a protector of "laissez-faire".