Russian companies are said to be run by oligarchs, some of them direct heirs of the Soviet time Red Executives. Even if it is true, emergent capitalism has influenced managerial structures and practices and thus actually changed the social profile of manager. This volume of articles presents a profound analysis of historical legacies and breaks in Russian managerial practices and entrepreneurship. The authors propose that despite a new institutional environment, the behaviour of managers and workers continues to maintain non-market norms and exchange relationships. This is reflected in persistent tendency to ignore formally prescribed rules, usually in favour of informal ethical norms that emphasise personal loyalty, company solidarity, paternalistic benevolence, and trust among and between business partners. Building upon the critical review of theories of networks, social capital and trust, and utilizing extensive qualitative and quantitative data, the articles provide a comprehensive analysis of Russian managers as a whole, and managers in Moscow and St. Petersburg in particular. The results concerning the economic character and managerial practices of St. Petersburg industrial enterprises point out that the belief in rapid and positive development in these problems is premature. Consequently, economic diversification remains one of the main challenges for Russian society.