HIST 1500 Lecture Notes - Boris Yeltsin, Benjamin Barber, Nomenklatura

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Friedman is in the middle of the globalization argument, not taking sides. Perestroika aimed to break the hold of the oligarchy on the economy and the political system. Boris yeltsin succeeded gorbachev as the president of russia in 1991. However, yeltsin didn"t have a clue about economics. The government rationed many commodities but eventually gave up on some of that because there wasn"t enough of anything. Anatole chubais fairly young russian government official that wanted to cut government spending. Government spending was cut and they started to ease price controls, which only made things worse. Yeltsin and chubais turn to the us and japan. Some harvard economists went over to russia to advise yeltsin. They told him they needed to make the immediate transition to capitalism. Jan 1992, russia took all price controls off, and took the government out of certain industries. Yeltsin needed financing and the media to say nice things about him.

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