Attention Economy


Friday, March 18, 2022

Post-Soviet Developments: Why History Matters

Western values? They enthroned the monster who is shelling Ukrainians today
https://www.theguardian.com/commentisfree/2022/mar/17/western-values-enthroned-monster-ukrainians-putin
Aditya Chakrabortty notes:
Spotting the flaw here doesn’t require history, it just needs a working memory. The west has already tried regime change in post-communist Russia: Putin was the end product, the man with whom Bill Clinton declared he could do business, rather than the vodka-soused Boris Yeltsin.
Indeed more than that, London and New York are not just guilty of hosting oligarchs – giving them visas, selling on their most valuable real estate and famous businesses – they helped create the oligarchy in Russia. The US and the UK funded, staffed and applauded the programmes meant to “transform” the country’s economy, but which actually handed over the assets of an industrialised and commodity-rich country to a few dozen men with close connections to the Kremlin.
In 1993, the New York Times Magazine ran a profile of a Harvard economist it called “Dr Jeffrey Sachs, Shock Therapist”. It followed Sachs as he toured Moscow, orchestrating the privatisation of Russia’s economy and declaring how high unemployment was a price worth paying for a revitalised economy. His expertise didn’t come for free, but was bankrolled by the governments of the US, Sweden and other major multinational institutions. But its highest cost was borne by the Russian people. A study in the British Medical Journal concluded: “An extra 2.5-3 million Russian adults died in middle age in the period 1992-2001 than would have been expected based on 1991 mortality.” Meanwhile, the country’s wealth was handed over to a tiny gang of men, who took whatever they could out of the country to be laundered in the US and the UK. It was one of the grandest and most deadly larcenies of modern times, overseen by Yeltsin and Putin and applauded and financed by the west.