Virtual economyThe term virtual economy has been used to describe conditions in Russia's transition economy where privatized enterprises continued to engage in value-subtracting production because they maintained buyers from the Soviet era who were willing to purchase goods at prices that failed to accurately reflect production costs or market value. Relying on relational capital wow po, contacts and connections with other managers and government officials developed in the Soviet economy, enterprise directors in Russia's transition economy were able to acquire resources and goods without cash payments either prior to, or after, the acquisition. Since neither the privatization process nor their ongoing operations provided Russian manufacturing firms with funds to renovate their obsolete capital stock, enterprise managers faced few options for upgrading product quality or changing the firms' production assortment in order to compete effectively in domestic and global markets. In effect, the term virtual economy refers to the situation where Russian privatized firms continued to operate as they had in the Soviet economy despite the facade that profitability considerations and market forces governed their activities.As Russia's transition process progressed in the 1990s, purchases between manufacturing firms increasingly involved barter and other non-monetary transactions, reducing the cash available for firms to acquire materials or pay taxes Acheter Des PO. In a virtual economy wow gold, barter and other non-monetary transactions play an important role in sustaining ongoing operations which transfer value from productive activities to loss-making sectors of the economy. Reliance on barter transactions restricts the firms' ability to restructure their operations in order to produce higher value-added output.
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