According to Migranyan, the major trouble of Russian democracy is inability of civil society to rule the state, underdevelopment of public interests. He sees that as the consequence of Yeltsin's era family-ruled state being unable to pursue "a favorable environment for mid-sized and small businesses". Migranyan sees modern Russia as democracy, at least formally. While "the state, having restored its effectiveness and control over its own resources, has become the largest corporation responsible for establishing the rules of the game". Migranyan wonders how much might this influence extend in future. In 2004, he saw two possibilities for the Putin regime: either transformation into a consolidated democracy, either bureaucratic authoritarianism. However, "if Russia is lagging behind the developed capitalist nations in regard to the consolidation of democracy, it is not the quality of democracy, but rather its amount and the balance between civil society and the state".