In Search of a Lost Market: The Features of Moldovan Capitalism Today

Abstract

The nature of post-Soviet Moldovan capitalism has hardly been discussed since the uncritical adoption of neoclassical economic theory by both local scholars and non-academic experts from NGOs. Most analyses are framed by theories that appear to be forcibly grafted onto empirical facts, reflecting other logics of functioning that characterize Moldovan capitalism. This article argues for viewing the Moldovan economy through, following Polanyi, the “logic of reciprocity”. In Polanyian terms, the form of economic integration based on reciprocity refers to an institutional structure—norms, practices, rules, etc.—that facilitates reciprocal informal economic and social exchanges. I argue that reciprocity characterizes, and can be observed through, monetary and in-kind transfers from Moldovan emigrants abroad. Many everyday, informal Moldovan socioeconomic exchanges and consumption practices operate based on local moral and social rules. Moreover, the logic of reciprocity coexists and interacts with Moldova’s oligarchic political economy, thus defining the dynamics of Moldovan capitalism.