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| determined the central plan |
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| Stalin's first 5 year plan |
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| Fatal Weakness with the Soviet Command Economy in the 1970's |
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| Why did the Soviet Command economy die in the early 1990's? |
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due to the discovery of vast oil reserves in Siberia in
the late 1960s and the rising oil prices in 1970s. |
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“A country that was in outer space, that had this kind
of defense, could not make enough panty hose for
women, not enough toothpaste or the simplest things
for people’s lives” |
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| Who initiated Perestroika and Glasnost? |
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would later describe
Gorbachev’s error as wanting “to combine things
that cannot be combined, to marry a hedgehog
and a grass snake”. |
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gave more independence to directors
of factories, and created some incentives for
private firms, especially with a 1988 law that
legalized any company with three or more owners
to be counted as a “cooperative”. Cooperatives
were, in reality, nothing but private enterprises. |
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“broad
stratum of private owners” |
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became the first
liquid financial security in Russia. People could hold
on to them and acquire shares in specific companies,
exchange them for shares in mutual funds, or sell
them. |
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few. By 1995, it became clear that
privatization created a class of wealthy
tycoons called the |
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has been used
to describe a small number of Russian
businessmen who came to prominence under
President Boris Yeltsin.
They tended to achieve vast wealth by
acquiring Government assets very cheaply
during the privatization |
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two of the “young reformers” chiefly
responsible for “shock therapy” privatization in
the early 1990's. |
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Anatoly Chubais and Yegor
Gaidar, |
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–a
former trade official turned banker- visit to
“Norilsk Mining and Metallurgical Combine”.
He realized that the company was sitting on
one of the world’s richest reserves of nickel,
copper, palladium, and silver.
By the mid 1990s, despite its |
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The loans-for-shares program led to
sweeping disillusionment with democracy and
capitalism. In a sense, the deal became the
symbol of the corrupt process of privatization,
and it was called |
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