Word: shleifer
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...Jones Professor of Economics Andrei Shleifer ’82 about shock therapy, and he’ll tell you that Yeltsin’s privatization plan did just what it was designed to do—successfully destroy the vestiges of state control over the Russian economy...
...turn of the century, Russia had come to be viewed as a disastrous failure and the 1990s as a decade of catastrophe for its people,” Shleifer writes. “Journalists, politicians, and academic experts typically describe Russia not as a middle-income country struggling to overcome its communist past and find its place in the world, but as a collapsed and criminal state...
...fact, Shleifer speculates that the magnitude of Russia’s post-Communist economic collapse has been greatly overstated because official Soviet statistics were quite inflated. Shleifer further argues that Russia’s woes closely resemble those of middle-income countries such as Argentina, Brazil, Malaysia, and Mexico, which all have per capita GDPs that hover around Russia’s of $8,000. Hardly exceptional, the economic problems that addle Russia—from capital flight to debt defaults—are standard fare for these middle income countries...
...activities for middle-income heads of state, comparing the level of election fraud, voter intimidation and vote-buying in the Russian Federation to those of Argentina and Brazil. So Russia is “normal,” at least according to the conveniently quantifiable indicators economists such as Shleifer use to gauge the economic and political life (or lack thereof) of a country...
...wake of the University’s legal problems regarding two grants totaling $57.8 million from the U.S. Agency for International Development. The University was held liable for up to $34.8 million when a federal judge ruled that the University breached contract and Jones Professor of Economics Andrei Shleifer ’82 and former Harvard employee Jonathan Hay conspired to defraud the government and violated the False Claims Act while advising the Russian government on its transition to capitalism. The University must ensure that something similar does not happen again...