• "Social Sciences"
  • Date:07-01-99(SSC-No.003)
  • Size:40,960 Kb.
  • Words: 6631

VIEWS AND OPINIONS...The Crisis Within a Crisis

Nikolay SHMELEV

Apparently, the autumn of 1998 was the most difficult and dangerous period of all the years of radical economic reforms Russia is going through. We have lastly witnessed that downfall about whose possibility, and the more so whose inevitability, many people in our country and abroad warned us long before. The "avalanche" has set to move down, burying the whole of the monetary-financial system of the country. Now the point is in that whether we are able to stop this "avalanche" half-way or it will go through to the very end turning, as a result, Russia's economy into a heap of ruins. What are the reasons for the current "crisis within a crisis"? What has been done recently in the wrong way? Is there a way out of the existing situation or are we doomed to watch furthermore helplessly this huge country is falling to pieces?

The diagnosis of the on-going is evident-this is payment that has ripen long ago for that speculative, dogmatic policy which has lately been conducted. To my mind, this policy was based on one thing: on several most primitive provisions which were taken from the fundamentals of macroeconomics. These provisions have a far remote relation, if any, to real life, let alone the life of such a specific country as Russia. It was no accident that even American professor Geoffrey Sachs (who turned to be most sober-minded of all our ...hapless foreign advisers) had to admit once in the long run at an international conference: we tried to operate on one patient, dissecting his chest, but it appeared that he had a different anatomy.

The Reasons for the Crisis in the Autumn of 1998

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