Under communism, trade had been restricted with western countries like the us. When trade did happen, mostly teen nations in the soviet block, they often didn't use money. Freeing trade meant people could buy stuff from outside the country and from companies that weren't just the state ro monopolies. By freeing prices and freeing trade and reforming the currency, jess playbook said this little, fragile market economy would boot up. Within a few years, people were calling the country's boom the polish miracle. But we should say there were these big risks that came with market reform. Moving away from price controls, especially given the shortages, meant inflation was kind of a given. The next part
In the early 90s, American economist Jeffrey Sachs was a part of a team that tried to transform Russia's economy. It did not go as planned. He tells us what he thinks went so wrong. | Subscribe to our weekly newsletter
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