The end of Soviet economic planning created a violent rush for profitable industries and resources…, quickly creating a new class of wealthy men. Wild privatization was not at all the same thing as a market economy… Markets require the rule of law… Americans, taking the rule of law for granted, could fantasize that markets would create the necessary institutions. This was an error. It mattered whether newly independent states established the rule of law, and above all whether they managed a legal transition of power through free elections.
—Timothy Snyder, The Road To Unfreedom
#oligarchy #russia
—Timothy Snyder, The Road To Unfreedom
#oligarchy #russia