Statesman.
The author of the “Shock Therapy” plan of economics in Russia after the fall of the Soviet Union. He was hated by many to have caused massive suffering and hailed by some to have saved Russia from the worst.
Background
Lived: 1956-2009.
Yegor Timurovich Gaidar was the son of a military correspondent. His grandfather was the writer Arkady Gaidar. Yegor Gaidar was married to the daughter of Arkady Strugatsky.
Career
Gaidar studied economics at the Moscow State University and was invited to Boris Yeltsin’s government in 1991. He served as both a Minister of Economics and Finance in 1991 and 1992. He was Russia’s Prime Minister from June-Dec 1992.
Shock Therapy
Yegor Gaidar was the believer in the western free market economy. After the collapse of the Soviet Union he advocated the “Shock therapy” treatment of economics. First he abolished price regulations of state, reduced budget deficit and cut industrial subsidies.
The result was hyperinflation as prices rose considerably. People lost their savings and had a shortage of food and consumer goods. Unemployment and criminal activity boosted. Massive privatization enabled a small number of oligarchs to benefit from state revenue.
Fall from power
After six months Gaidar lost support and was replaced by Viktor Chernomyrdin as a compromise candidate. Gaidar later played a decisive role in the Constitutional Crisis of 1993. He made a presentation on TV and urged people to protect the White House and Yeltsin. With growing disappointment of the public, Gaidar had to resign in 1994.
Death
Yegor Gaidar died unexpectedly of pulmonary edema while at home in 2009.
Yegor Gaidar
Statesman.
The author of the “Shock Therapy” plan of economics in Russia after the fall of the Soviet Union. He was hated by many to have caused massive suffering and hailed by some to have saved Russia from the worst.
Background
Lived: 1956-2009.
Yegor Timurovich Gaidar was the son of a military correspondent. His grandfather was the writer Arkady Gaidar. Yegor Gaidar was married to the daughter of Arkady Strugatsky.
Career
Gaidar studied economics at the Moscow State University and was invited to Boris Yeltsin’s government in 1991. He served as both a Minister of Economics and Finance in 1991 and 1992. He was Russia’s Prime Minister from June-Dec 1992.
Shock Therapy
Yegor Gaidar was the believer in the western free market economy. After the collapse of the Soviet Union he advocated the “Shock therapy” treatment of economics. First he abolished price regulations of state, reduced budget deficit and cut industrial subsidies.
The result was hyperinflation as prices rose considerably. People lost their savings and had a shortage of food and consumer goods. Unemployment and criminal activity boosted. Massive privatization enabled a small number of oligarchs to benefit from state revenue.
Fall from power
After six months Gaidar lost support and was replaced by Viktor Chernomyrdin as a compromise candidate. Gaidar later played a decisive role in the Constitutional Crisis of 1993. He made a presentation on TV and urged people to protect the White House and Yeltsin. With growing disappointment of the public, Gaidar had to resign in 1994.
Death
Yegor Gaidar died unexpectedly of pulmonary edema while at home in 2009.
Viktor Chernomyrdin