I don't think you need "система" in English.
I don't think "bandit" sounds right, and I can't think of any other such word e.g. pirate) which does.
So I feel I have to settle for a less literal translation, which of course leaves the field open for a lot of possibilities: rampant capitalism, dog-eat-dog capitalism, etc.

The recession must be a particularly bitter pill for the former socialist states to swallow. In the early 1990s, the rest of the world was in no hurry to tell them that they were not being transformed into successful social democracies but were being abandoned to what one Russian analyst has called bandit capitalism. Today, it is the apparently successful capitalist countries that have been hit hardest by the very bandit capitalism they foisted upon their former enemies in Eastern Europe.

http://www.thehindu.com/2009/03/10/stories/2009031054590800....

Can't think of any other collocations for this context, but this seems to encompass the general meaning.

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That's, by the way how mafia is "officially" called in the cultural anthropology and sociology of Sicily (lookitup if you wanna)

But these days, as Preobrazhensky's last chapters report with the factual precision of the investigative journalist he is, Putin's Russia is dominated by a criminal capitalism...
http://www.gerardgroup.com/newsletter/nl2009-06-10.php

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Note added at 15 mins (2009-11-17 19:18:45 GMT)
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Путинизм как высшая и заключительная стадия бандитского капитализма в России
http://www.yabloko.ru/Publ/Book/Fire/fire_002.html

From Criminal Communism to Criminal Capitalism
http://www.hudson.org/index.cfm?fuseaction=publication_detai...

Capitalism is a system which divides society into two: a tiny ruling gang of white-collar criminals who will do anything and everything to stay wealthy, no matter how it hurts the other part of society.
http://maxlaneonline.com/2009/11/06/review-michael-moores-ca...



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Note added at 16 mins (2009-11-17 19:19:10 GMT)
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Либо, как это назвал Пол Хлебников: criminal-gang capitalism
It would be hard to judge post-Soviet Russia a resounding success, afflicted as it has been by organized crime, corruption and a kind of Grand Guignol politics presided over by the brilliantly erratic Boris Yeltsin, recently retired from the scene. But few writers have portrayed the Russia of the last decade in starker terms than Paul Klebnikov, a reporter for Forbes magazine, does in his effectively angry new book, "Godfather of the Kremlin." In it Mr. Klebnikov details what he describes as a kind of criminal-gang capitalism, abetted by both murder and official corruption, that has resulted in the virtual expropriation of large portions of Russia's economy and political system.

http://www.zundelsite.org/english/zgrams/zg2000/zg0011/00111...

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Note added at 17 mins (2009-11-17 19:20:09 GMT)
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With the harsh official and ideological constraints of the Soviet system suddenly removed, corruption — labeled by one observer "criminal gang capitalism" http://books.google.com/books?id=ZWTBUX10gaQC&pg=PA763&lpg=P...

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Note added at 22 mins (2009-11-17 19:25:28 GMT)
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Only the "appearance" of the old Soviet system failed, while its underlying reality "morphed" itself into the new "Criminal Gang Capitalism" http://thetyee.ca/News/2006/06/23/P3/

I like it despite the syntactic adjustment

Sarkozy blamed financial speculators for encouraging a system fueled on debt. He called financial capitalism based on speculation "an immoral system" that has "perverted the logic of capitalism."

"It's a system where wealth goes to the wealthy, where work is devalued, where production is devalued, where entrepreneurial spirit is devalued," he said.

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Note added at 18 час (2009-11-18 13:34:22 GMT)
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also "savage capitalism", "cowboy capitalism"

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Note added at 19 час (2009-11-18 14:52:25 GMT)
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rape and pillage capitalism?