Author: aje

Welcome to my four part series on transition. Join me to understand more about the transition from communism to capitalism in Central and Eastern Europe, and the battle between the Russian oligarchs and the current Putin regime.

Each video is posted below (a link to the YouTube playlist is here):

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To listen to the lectures as a podcast just paste this RSS feed into your favourite podcast app (if you use Apple Podcasts select Library > … (More) > Follow a show by URL.

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You can also listen to the audio below (a link to the the SoundCloud playlist is here):

Contents

Part 1: “Steps in the Dark: Why socialist calculation is impossible” (YouTube | Vimeo | SoundCloud)

In the first of this four part series we see why capitalism became the only economic system left standing.

Part 2: “Economic transition in Central and Eastern Europe: Shock therapy or gradualism?” (YouTube | Vimeo | SoundCloud)

In the second of this four part series we understand more about the circumstances following the end of the USSR, and the alternative transition strategies that former communist countries faced.

Part 3: “The Oligarchs: How the new tycoons rose to power” (YouTube | Vimeo | SoundCloud)

In the third of this four part series we look at how a new type of business leader emerged in Russia and took advantage of the transition process.

Part 4: “Russia’s kleptocracy: And the rise of Putin” (YouTube | Vimeo | SoundCloud)

In the fourth of this four part series we uncover how Putin came power, how he gained control of the Russian economy, and how he has disrupted the global geopolitical order.

Credits: Thank you to Simulus for recording and editing the content.

Background materials:

I devoted a section of Chapter 12 of my Managerial Economics textbook to transition. You can read it for free here.

Here are two videos defining capitalism and liberal democracy:

I used Google Notebook to create a video version of Marek Dabrowski’s 2024 Bruegel paper called “A special historical analysis: Europe’s 35-year journey since the fall of the Berlin Wall“. It’s on YouTube but unlisted.

I have another lecture in this series, on Fukuyama’s ‘End of History’ thesis and how this relates to Eastern Europe, identity politics, and populism. I intend to record that as a live talk, so if you’re interested in hosting me get in touch!

Although many markets today are virtual, it is important to recognise the culture and tradition contained within long standing physical market places. Known as one of the biggest open air markets in Europe, Porta Palazzo is also one of Turin’s most popular tourist attractions. It contains a wide range of different stalls, exemplifying the bustle and atmosphere of routine commercial activity. It has historically been the centre for people’s livelihoods, their access to goods and services, and their social identity. The market serves multiple purposes:

• Food distribution
• Tourist attraction
• Community resource

I’ve been coming to teach in Turin for many years, but only found out about Porta Palazzo when I read Rachel E. Black’s anthropological study. So on my visit in November 2023, I took a quick taxi ride from the ESCP campus to have a look around. The outdoor market meets the covered part at its entrance:

The inside section is a labyrinth with multiple vendors selling whatever meats, fish and bread you can imagine. Behind the counters some stalls have ladders leading up to their hidden storage areas, and vendors serve you from a height.

I was particularly impressed by the variety of animals and cuts of juicy meat!

There is a “new” section of the market, which is modern, quieter, and more civilised. But it’s familiar and a little boring.

Across the road there is the open air market, and at first I made my way through stalls selling household items.

I even found a Porta Palazzo truck!

The most colorful and lively area by far contains the fruit and vegetable stands. Here, vendors are at the same level as their customers, and there is much greater noise and discussion.

Here are some of the orange and clementine stalls. The prices were all very consistent with each other.

Like many markets, the pace of activity changes throughout the course of the day. It tends to be busiest around meal times, and better deals are made just before it closes. Across Italy, people are most likely to visit markets on weekends, but they are usually closed on Sundays. Many shoppers – especially older ones – wheel a trolley bag with them. Some of the younger customers appeared to be buying in bulk for commercial purposes.

There are several reasons why markets such as this have an older demographic. It can often be a combination of factors such as:

• Low prices
• Habit
• More free time
• Social aspects
• Convenience

I also noticed younger vendors on the periphery of the market, selling mint and other fresh herbs.

These tended to be immigrants, who are becoming an increasingly important source of custom for markets across Italy.

I’ll finish this photo essay with the words of Rachel Black:

Although it is easier to focus on the big picture of the market as an institution, the complexity, personalities, and passions of the people who participate make markets truly extraordinary places. Through the people and their daily interactions, the marketplace takes on life and meaning. The time I spent in markets taught me that these are not waning sites of tradition and history; they are dynamic places of lively sociability that resist homogenization and remain open to the general public. Markets have always embraced globalization as a force that creates diversity and encourages social, economic, and cultural exchanges across borders and barriers, making them extremely timely institutions that have the potential to bring people together and help create community.

Black, 2012, p. 180-181

To learn more about Porta Palazzo:

• Black, Rachel E., 2012, Porta Palazzo: The anthropology of an Italian market, University of Pennsylvania Press
• Porta Palazzo market – Arrival guides

Further videos: