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How it all came down: The story of the last leader of the USSR

The David McWilliams Podcast

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What Happened to the Russian Economy?

There was no economic plan. They were beguiled by and persuaded by libertarians who believed in the free market, and all you've got to do is sell everything to somebody else and liberate prices,. And what actually happened was that people on very average wages, suddenly, if you have fixed prices for years and years and years, and you liberate them, prices will go upwards. But china imposed price controls on almost everything, everything material. So in russia, for example, they gave away oil, coal, gasasi was under advice from the west, right? I mean, really weird things haveo in russia.

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