are unstable, which means that a permanent cloud of uncertainty hangs over every deal. And the mafia threatens the entire economy (1993, pp. 240-241).
Most of the investors in the first wave of investors were very large companies; however, there was also a sprinkling of small entrepreneurs, some of whom were hurt very badly. Galuszka cited the case of Paul Tatum who formed a joint venture with the Moscow City Property Committee to build and manage hotels in Moscow for Radisson. He said that
A number of joint ventures launched in the glamour of the Gorbachev years are on the rocks . . . joint ventures were the only options for pioneers, including many entrepreneurs and small companies. Most were built on high hopes, shaky laws, and naivete. By far the biggest complaint among foreigners is that once their joint venture gets running and there's a profit, the Russian side suddenly wants a controlling interest or total ownership" (1995, May 1, p. 55). Yergin and Gustafson say that the obstacles which have faced most foreign investors in Russia are so great
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