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Yeltsin: Chaos and Criminality Many things changed after the fall of the Soviet Union. But as society was rapidly transformed, it became obvious that there had been no moral revolution in Russia. Communist society had taken it for granted that the individual was expendable; postcommunist Russia did as well, often to an even greater degree. Yeltsin was a hero to many Russians after he successfully led the resistance to the August 1991 pro-communist coup. But neither Yeltsin nor the “young reformers” whom he put in charge of Russia’s transformation showed any understanding of the need to establish the rule of law and the habits of respect for the individual. For Yeltsin and the reformers, the goal was to reach a “point of no return,” beyond which it would be impossible to restore socialism regardless of the will of the people. Property had to be put into private hands as quickly as possible, and this was done with little regard for who received the property or on what basis. Capitalism was created. But by carrying out the largest peaceful transfer of property in history without the benefit of law, the reformers created the conditions for the criminalization of the whole country. The new society that emerged had three outstanding characteristics: an economy dominated by a criminal oligarchy, an authoritarian political system, and, perhaps most important, a moral degradation that subverted all legal and ethical standards and made real civil society impossible. Their interaction set the stage for Russia’s drift into a regime of aggression and terror.
The Less You Know, the Better You Sleep
David Satter
Mergers and acquisitions can be very good or very bad but, on average, disappoint. The odds are best for combinations of related businesses done at reasonable prices. Philip Morris had more success with its acquisitions than Reynolds, which may be why it continued to diversify even as Reynolds was going back to basics. Spin-offs go against the normal empire-building tendency, and as a result are often fantastic opportunities for investors.
Big Money Thinks Small
Joel Tillinghast
I cannot pretend I am without fear. But my predominant feeling is one of gratitude. I have loved and been loved; I have been given much and I have given something in return; I have read and traveled and thought and written. I have had an intercourse with the world, the special intercourse of writers and readers. Above all, I have been a sentient being, a thinking animal, on this beautiful planet, and that in itself has been an enormous privilege and adventure.
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