Politics for profit: business, elections, and policymaking in Russia
In: Cambridge studies in comparative politics
"In 2008, the worldwide financial crisis dealt a severe blow to the construction industry in Tomsk, a charming academic center in Russia dubbed the "Siberian Athens" for the numerous universities that call the city home.1 A crisis of liquidity forced banks to stop lending altogether to the industry, freezing almost two-thirds of construction projects dead in their tracks. Demand for apartments dropped by nearly 80% and dozens of firms teetered on the brink of bankruptcy. One construction manager become so desperate he started spreading false rumors to customers that his competitors had already closed up their shops. Out of the half million total residents in Tomsk, some 30,000 construction workers risked losing their jobs.2"--