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Vladimir Putin has pursued an anti-pluralist strategy, remaking the balance of power in Russian politics to favor “force” (the coercive apparatus of the old state bureaucracy, especially the KGB) over “money” (those who gained new wealth after 1991, especially the “oligarchs”). Will this new balance endure? Business has many reasons — and increasing resources — for pursuing a larger political role. The future of Russian pluralism depends above all on the response of business interests to changing economic and political circumstances. Will they doubt their legitimacy and seek a protector — or ally with others to alter Putin’s bureaucratic order?