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Discusses economic policy issues up to the end of 1991. Presents the historical and political background of the economic climate.
Review: "In 1998, President Boris Yeltsin's government defaulted on its domestic debt and Russia experienced a financial meltdown that brought it to the brink of disaster. In No Precedent, No plan, Martin Gilman offers an insider's view of Russia's financial crisis. As the International Monetary Fund's senior person in Moscow, Gilman was in the eye of the storm. Russia's policy response to the economic collapse stemming from the disintegration of the Soviet Union was chaotic. Fiscal deficits loomed in anticipation of future budget revenue that never seemed to materialize--despite repeated promises to the IMF. The rapid buildup of sovereign debt would have challenged even a competent government. In the new Russia, with its barely functioning government and no consensus on the path toward democratic and economic transformation, domestic politics trumped economic common sense." "Gilman argues that the debt default, although avoidable, actually spurred Russia to integrate its economy with the rest of the world. In analyzing the ordeal of the 1998 crisis, Gilman suggests that the IMF helped Russia avoid an even greater catastrophe. He details the IMF's involvement and underscores the unique challenge that Russia presented to the IMF. There really was no precedent, even if economist Joseph Stiglitz and others argued otherwise. In recounting Russia's emergence from the IMF's tutelage, Gilman explains how the shell-shocked Russian public turned to Vladimir Putin in search of stability after the trauma of 1998. And although Russia's own prospects are favorable, Gilman expresses concern that the 1998 Russian default could serve as an unfortunate precedent for sovereign defaults in the future with the IMF once again playing a similar role." "No Precedent, No Plan offers a definitive account--the first from an insider's perspective--of Russia's painful transition to a market economy."--BOOK JACKET
Russia has embarked upon a difficult process of systemic transformation and economic opening up. While the initial strong GDP decline seemed to have ended in 1997, the real development was facing even more difficult problems as output declined sharply after the Ruble and banking crisis of August 1998: inflation started to increase again, exports and imports were falling, capital flight increasing and unemployment rising. There is broad disappointment in Russia regarding the transformation failure in 1998 since so many people had hoped that the end of the Soviet command economy would bring democracy, prosperity and international integration. While Poland has been able to double per capita income in the 1990s it has fallen by 50% in Russia and this despite considerable IMF involvement and some (modest) support from other international organizations. What were the reasons for transformation failure in the 1990s? What are the ingredients for long term sustainable transformation? What are the internal and international requirements to avoid a second - possibly tragic - failure of transformation in Russia? An international group of researchers has focussed on these problems during a two-year research project financed by the Alfried Krupp von Bohlen und Halbach Foundation. A series of papers were presented at workshops in Potsdam, Bonn and Moscow in 1999 where this book is devoted to four important issues: the Russian transformation crisis, the topic of restructuring, the need for stabilizing Russia and the requirements for modernizing Russia.
Russian influence in Central Asia is waning. Since attaining independence, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan have forged their own paths—building relationships with outside powers and throwing off the last vestiges of Soviet domination. But in many ways, Moscow still sees Central Asia through the lens of the Soviet Union, and it struggles to redefine Russian relations with the region. In The Fight for Influence, Alexey Malashenko offers a comprehensive analysis of Russian policies and prospects in Central Asia. It is clear that Russian policy in the formerly Soviet-controlled region is entering uncharted territory. But does Moscow understand the fundamental shifts under way? Malashenko argues that it is time for Russia to rethink its approach to Central Asia. Contents 1. Wasted Opportunities 2. Regional Instruments of Influence 3. Russia and Islam in Central Asia: Problems of Migration 4. Kazakhstan and Its Neighborhood 5. Kyrgyzstan—The Exception 6. Tajikistan: Authoritarian, Fragile, and Facing Difficult Challenges 7. Turkmenistan: No Longer Exotic, But Still Authoritarian 8. Uzbekistan: Is There a Potential for Change? Conclusion Who Challenges Russia in Central Asia?
A new history shows that, despite MarxismÕs rejection of money, the ruble was critical to the Soviet UnionÕs promise of shared prosperity for its citizens. In spite of Karl MarxÕs proclamation that money would become obsolete under Communism, the ruble remained a key feature of Soviet life. In fact, although Western economists typically concluded that money ultimately played a limited role in the Soviet Union, Kristy Ironside argues that money was both more important and more powerful than most histories have recognized. After the Second World War, money was resurrected as an essential tool of Soviet governance. Certainly, its importance was not lost on Soviet leaders, despite official Communist Party dogma. Money, Ironside demonstrates, mediated the relationship between the Soviet state and its citizens and was at the center of both the governmentÕs and the peopleÕs visions for the maturing Communist project. A strong rubleÑone that held real value in workersÕ hands and served as an effective labor incentiveÑwas seen as essential to the economic growth that would rebuild society and realize CommunismÕs promised future of abundance. Ironside shows how Soviet citizens turned to the state to remedy the damage that the ravages of the Second World War had inflicted upon their household economies. From the late 1940s through the early 1960s, progress toward Communism was increasingly measured by the health of its citizensÕ personal finances, such as greater purchasing power, higher wages, better pensions, and growing savings. However, the increasing importance of money in Soviet life did not necessarily correlate to improved living standards for Soviet citizens. The Soviet governmentÕs achievements in Òraising the peopleÕs material welfareÓ continued to lag behind the WestÕs advances during a period of unprecedented affluence. These factors combined to undermine popular support for Soviet power and confidence in the Communist project.
This book offers a rich ethnographic account of blue-collar workers’ everyday life in a central Russian industrial town coping with simultaneous decline and the arrival of transnational corporations. Everyday Post-Socialism demonstrates how people manage to remain satisfied, despite the crisis and relative poverty they faced after the fall of socialist projects and the social trends associated with neoliberal transformation. Morris shows the ‘other life’ in today’s Russia which is not present in mainstream academic discourse or even in the media in Russia itself. This book offers co-presence and a direct understanding of how the local community lives a life which is not only bearable, but also preferable and attractive when framed in the categories of ‘habitability’, commitment and engagement, and seen in the light of alternative ideas of worth and specific values. Topics covered include working-class identity, informal economy, gender relations and transnational corporations.
Tracing the history of economic sanctions from the blockades of World War I to the policing of colonial empires and the interwar confrontation with fascism, Nicholas Mulder combines political, economic, legal, and military history to reveal how a coercive wartime tool was adopted as an instrument of peacekeeping by the League of Nations.This timely study casts an overdue light on why sanctions are widely considered a form of war, and why their unintended consequences are so tremendous.