Word: gaidar
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...side are the reformers, led by Yeltsin and acting Prime Minister Yegor Gaidar, who want to instill the basics of capitalism through rapid privatization, price decontrol and tight money to curb inflation. On the other are the conservatives, who argue that such policies will destroy Russia's industrial base and exact too high a human cost...
...effort to break the stalemate, Yeltsin last week tried to strike a deal with critics that was aimed at easing economic hardship over the next six months while retaining the main elements of reform. But the deal fell through. Gaidar refused to yield to conservative demands for wage and price freezes or restoration of state control over distribution of resources...
Tougher still could be overcoming powerful conservative resistance to private ownership of land. Laments Gaidar: "Without private land ownership, it is almost impossible to launch the full range of market mechanisms to support agriculture." In desperation, Yeltsin issued a presidential decree last month ordering land to be included in property that Russians can buy with vouchers...
Ultimately, the fate of Russia's economy depends on the grit of reform leaders like Yeltsin and Gaidar and the animal spirits of entrepreneurs. In the paradox-riddled new Russia, Yeltsin's struggling reforms still look like & the biggest and best risks that the country can take...
Despite inflation of 1,000% this year, not everyone cared to take heed of Gaidar's advice. In private trading in Moscow, single vouchers were reportedly fetching anywhere from 500 to 50,000 rubles. Though conservative opponents called the program "deeply depraved" and have tried unsuccessfully to derail it in parliament, the government pressed on, vowing that every citizen will have received a voucher by Dec. 31. By then perhaps, Russians will have figured out whether they should buy, sell or hold...