The economic crisis of 1998–1999 in Russia
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- Market ‘Reforms’ Exacerbate
Crisis, Struggle In Russia
- By Jack Barnes, Militant, Book of the Week
Column, 20 March 1998. An excerpt from
“Imperialism's march toward fascism and war”
from the Marxist magazine New International
no. 10. The promises by the imperialist bourgeoisie that
capitalist market “reforms” would bring better
living and working conditions have rapidly shown themselves
to be lies.
- Kagarlitsky testimony
- To the Banking Subcommittee, 10 September 1998. Tt would
be highly inappropriate to characterize IMF credits to
Russia as “aid”. So far Russia has in general
followed the instructions of the IMF and other international
financial institutions. The basic principles and advice of
the IMF resulted in the current chaos which has led to the
total collapse of the Russian economy.
- Russian Aid Package Abandoned
- Associated Press, 14 January 1999. The International
Monetary Fund has scrapped a massive aid program to help
Russia dig itself out of its economic crisis—and there
are no promises the two sides will be able to draw up a new
- Market reform in Russia brings ‘dire
- By Nick Beams, World Socialist Web Site, 1 November
1999. A report by the global management consultant firm
McKinsey has highlighted the devastating economic collapse
which has taken place in Russia since the introduction of
“market reform” and privatisation in 1992.
- Russian Economy Shows Signs of Life
- By David Hoffman, Washington Post, Wednesday
29 March 2000. Soaring oil prices have swelled budget
coffers, foreign currency reserves are higher than at any
time since the 1998 ruble devaluation, and domestic industry
is showing signs of life.