On Russia

Jim Drysdale jimd48 at btinternet.com
Thu Dec 13 10:22:44 MST 2001


>From Jim Drysdale,

LP writes....

snip> "The result was an unmitigated disaster. In the first year of reform,
industrial output collapsed by 26 percent. Between 1992 and 1995, Russia's
GDP fell 42 percent and industrial production fell 46 percent—far worse
than the contraction of the U.S. economy during the Great Depression.
Worse, pace Dr. Sachs, it has yet to recover. Since 1989, the Russian
economy has halved in size, and continues to drop. Real incomes have
plummeted 40 percent since 1991; 80 percent of Russians now have no
savings. The Russian government, bankrupted by the collapse of economic
activity, stopped paying the salaries of millions of employees and
dependents. Unemployment soared, particularly among women."

JD:  The above, the unfortunate but logical outcome of 'a clock without a
spring'.

Jim.




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