• wellfill@lemmy.ml
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    16 hours ago

    No he typically tries to stabilize economies, thats his expertise. He tried to argue that the US should have helped russia economically. His advice was mostly ignored by soviets and later by Yelstin during the horrendous privatization.

    But he is diplomatic, so yes he filters what he says.

    • umbrella@lemmy.ml
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      11 hours ago

      “all he wanted was to spread a bit of democracy to the savages” 😩

      • ☆ Yσɠƚԋσʂ ☆@lemmy.ml
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        9 hours ago

        At least he has the decency to openly admit that what was done in the 90s was absolutely wrong, and I think he’s been an important voice denouncing US imperialism precisely because he’s seen how it works from the inside.

        • umbrella@lemmy.ml
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          9 hours ago

          sure, that doesnt mean he can be trusted. the “now a fighter for democracy” bar is very high for people who did what he did, and are what he is.

          • ☆ Yσɠƚԋσʂ ☆@lemmy.ml
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            8 hours ago

            I don’t think we have to trust him, but when he says things that are obviously correct then it’s worth sharing that. Also, the people that need convincing are more likely to listen to somebody like Sachs.

    • TranscendentalEmpire@lemm.ee
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      15 hours ago

      In 1989, Sachs advised Poland’s anticommunist Solidarity movement and the government of Prime Minister Tadeusz Mazowiecki. He wrote a comprehensive plan for the transition from central planning to a market economy which became incorporated into Poland’s reform program led by Finance Minister Leszek Balcerowicz. Sachs was the main architect of Poland’s debt reduction operation. Sachs and IMF economist David Lipton advised on the rapid conversion of all property and assets from public to private ownership. Closure of many uncompetitive factories ensued.[33] In Poland, Sachs was firmly on the side of rapid transition to capitalism. At first, he proposed American-style corporate structures, with professional managers answering to many shareholders and a large economic role for stock markets. That did not bode well with the Polish authorities, but he then proposed that large blocks of the shares of privatized companies be placed in the hands of private banks.[34] As a result, there were some economic shortages and inflation, but prices in Poland eventually stabilized.[35][independent source needed] The government of Poland awarded Sachs one of its highest honors in 1999, the Commander’s Cross of the Order of Merit.[36] He also received an honorary doctorate from the Kraków University of Economics.[21] Based on Poland’s success, his advice was sought first by Soviet President Mikhail Gorbachev and by his successor, Russian President Boris Yeltsin, on the transition of the USSR/Russia to a market economy.[37]

      Sachs’ methods for stabilizing economies became known as shock therapy and were similar to successful approaches used in Germany after the two world wars.[31] He faced criticism for his role after the Russian economy faced significant struggles after adopting the market-based shock therapy in the early 1990s.[38][39][40]