Russian economist Georgi Arbatov describes the tragedy of perestroika: it created too little incentive for the transition to a free market system, yet cut social services too much for the government to serve the Russian people.
Obvious that the old system is not functioning
Yegor Gaidar proposes a “Chicago school” program (so named after the influential group of U. Chicago economists who advocated laissez-faire)
Results: disastrous.
Some problems: inflation, loss of social benefits, lower quality of life
Losing pensions
Tremendous increase in medicinal prices
No social services: Education falling precipitously
Less access to culture: books, movies, etc.
Widespread corruption throughout the system
"The way of ordinary Russians has deteriorated remarkably."
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