Sale of the Century: Russia's Wild Ride from Communism to Capitalism
Always something of an enigma to Westerners, Russia has become a veritable paradox in the decade following its transformation from communism to capitalism. InSale of the Century, journalist Chrystia Freeland offers a riveting bird's-eye view of this conversion that should prove fascinating to everyone still hoping to do business there, and to anyone intrigued by the erstwhile superpower. Be forewarned, though: Freeland, who began reporting on the country in 1995 as Moscow bureau chief for theFinancial Times, describes a nation of troubling extremes. The nation has evolved into a giddy utopia for some of its citizens, but one unable so far to handle its sudden affluence. The author portrays trendy Versace boutiques and bustling Mercedes-Benz dealerships lining Moscow's fashionable streets, whose sidewalks are patrolled by machine-gun-toting policemen trudging through the corrosive chemical waste used for melting the snow.In well-written first-person accounts, Freeland goes on to describe how scrappy entrepreneurs made overnight fortunes and then lost them just as quickly to widespread corruption and the 1998 Russian stock market crash.  By the end of the 1990s, the economy was half what it had been at the start of the decade, producing less than Belgium and only 25 percent more than Poland. Meanwhile, power blackouts, wildcat strikes, and water shortages had become commonplace. Additionally, the ordinary citizen often grew worse off than before the fall of communism, while a powerful few came to own nearly everything. This cautionary tale ends with a more "workaday economy" emerging from the wreckage, and the author's hope that Russia's economic leaders can stay this new, more-balanced course. All signs to date, however, leave her decidedly pessimistic.--Howard Rothman