[lbo-talk] Re: Sachs...

Doug Henwood dhenwood at panix.com
Tue Dec 7 12:36:07 PST 2004


Tommy Kelly wrote:


>If privatization is such a disaster, and exposes the true flaw of
>capitalism, why not let it happen?

If it had been done right, it didn't have to be any more of a disaster than capitalism normally is - as in China, where the authorities have remained in masterful control of the process. (That's not to say it's been pretty or human - it hasn't been.) But the Russian privatization was stupid as well as brutal, and threw scores of millions into poverty. And the reaction to that poverty wasn't any kind of left upsurge, either - it was more like detachment and despair.

Doug



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