[lbo-talk] Re: Sachs...

Mark S bunyak1 at hotmail.com
Wed Dec 8 11:32:07 PST 2004


Chris Doss wrote:


>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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