How the Soviet Collapse Enriched a Few and Destroyed Millions

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Milton Friedman-style “shock therapy” allowed a few oligarchs to buy off the Soviet bloc’s wealth for cheap, as hundreds of millions suffered from economic depression along with the kind of extreme inequality that continues to this day.

Journal of People

Telesur | 06 September, 2016

To mark the 25th anniversary of the collapse of the Soviet Union, teleSUR looks at how the biggest selloff in human history destroyed the lives of millions.

Historians and economists on the left and right might argue over whether the Soviet Union’s state-controlled economy was better for its nearly 300 million citizens, but the facts cannot be denied: “shock” therapy, designed with close guidance by Western economists, allowed a few oligarchs to buy off the bloc’s wealth for cheap as hundreds of millions suffered from economic depression along with the kind of extreme inequality that continues to this day.

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