>BTW does/did Sachs endorse the Gaidar strategy of
>freeing prices before breaking up the monopolies 9n
>1992? That was pretty fucking stupid. If the ensuing
>hyperinflation had not wiped out people's savings,
>amiddle class might have started forming in Russia in
>the early 1990s instead of the early 2000s.
>
As a westerner, it was interesting to watch the ruble/dollar exchange rate
grow in 1992 in the former Soviet Union. That was a sweet time to visit the
FSU though. People were free to do whatever they wanted but goods and
services were still subsidized. I flew round-trip from Chernivtsi to Crimea
for US$12! The Moscow-Chernivtsi flight was practically free. Champagne
and caviar were also dirt cheap. A guy with dollars in his pocket could
live like Hugh Hefner. Unfortunately, most people had no access to dollar
incomes and were steamrolled when prices were freed.
M.
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