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The paper seeks to explore via a series of interview-based case studies aspects of the emergence of an entrepreneurial middle-class in Russia. The paper notes the origins of those studied in the professional or highly skilled workers in the former Soviet Union. The paper reveals the complexity and fragility of the circumstances of these entrepreneurs and suggests that commentary in both Russia and the West that pins its hopes for social stability on the emergence of a new property owning middle class in Russia are, at best, premature. [ABSTRACT FROM AUTHOR]