Privatization in Russia
From The Art and Popular Culture Encyclopedia
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"Then, the privatization plan kicked in. Every Russian was given vouchers to buy shares in the privatized companies, but desperate for cash, they simply sold their vouchers to ruthless businessmen for a fraction of their worth. And a new elite began to emerge who snapped off vast sections of Russian industry. They became known as the 'oligarchs'. --The Trap, Part 3. 'We Will Force You To Be Free' (2007) by Adam Curtis |
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Private ownership of enterprises and property had essentially remained illegal throughout the Soviet era, with Soviet communism emphasizing national control over all means of production but human labor. Under the Soviet Union, the number of state enterprises was estimated at 45,000.
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See also
- Economic history of the Russian Federation
- State-owned enterprises in Russia
- History of post-Soviet Russia
- Business oligarch
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