ABSTRACT
This chapter outlines general developments, but focus on the oil industry, and to a lesser extent financial services. The relationship of companies in the energy sector to government is particularly important, as the scale and importance to the economy of energy involves state intervention to secure national interests. The chapter considers not only the formation of a capitalist class, but also the ways that the oil industry has adapted to a world market economy, the divisions within the industry between management and financial interests, and, finally, make some generalizations about the Russian model of capitalism. The transformation process was one which turned their administrative control over state assets into their private property. In terms of class formation, rather than industrial assets being the product of a bourgeois class, a bourgeois class was predicated on an administrative and financial process which gave individual rights to productive state assets.
