Word: shock
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...operating loss of $480 million. Moreover, the company is continually playing catch-up to XM, which has leapfrogged Sirius with its technology and consumer electronics and boasts its own compelling programming, including dozens of ad-free music channels, Major League Baseball games and, not to be outraunched, shock jocks Opie & Anthony and Playboy Radio (the latter for a premium over the standard $12.95 monthly...
...average Russian about Boris Yeltsin’s “shock therapy” approach to privatization in the early 1990s, and you’ll get anything from a sour frown to a brief sampling of the more colorful metaphors Russians use to describe the activities those they don’t like perform on their mothers...
...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...
...book, “A Normal Country: Russia After Communism,” Shleifer’s vociferous defense of the application of laissez-faire economics to post-Soviet Russia culminates in a daring claim—that, thanks to shock therapy, Russia is now a “normal country.” He does not hide the fact that he is taking on deeply entrenched popular wisdom in the United States; indeed, he revels...
...Normal Country” is, first and foremost, a book for specialists. It offers a needed response to the retroactive criticism of the shock privatization by arguing that its result—a normal Russia—was well worth the social price paid during the turbulent 1990s. The book is also predictably economics-centric, and if you’re not comfortable pretending to understand regressions, you may want to steer clear. But even the casual Kremlin watcher will appreciate the surprisingly accessible final chapter, which should be required reading for any class on modern Russia. Americans have been...