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Yegor Gaidar, 1992
All the burden of
responsibility for the
country, for rescuing its
ruined economy, for the
lives and fortunes of millions
of people was on my
shoulders... The picture
that came to light proved
the bitter truth: there
were no resources that
could mitigate the social
expenses of launching the
new economic management
mechanism. Two or three
more months of doing
nothing, and we would
face economic and political
catastrophe, the country’s
collapse, and a civil war.
This is my strong
belief.
Gaidar
In November 1991, Gaidar was
appointed to the position of Deputy
Prime Minister and the Minister of
Economy and Finance, becoming
thus responsible for all economic and
financial issues for a country in turmoil.
Having examined the latest data on the
real situation in the economy, Yegor
Gaidar came to a firm conclusion:
only decisive action was possible.
In January 1992, ignoring political
opponents’ protests, the government
liberalized prices for industrial and
agricultural products. Soon after,
decrees on free trade and privatizing
state enterprises were adopted. A free
market economy emerged on the
ruins of the Soviet command economy.
The threat of nation-wide hunger was
eliminated as the commodity stock
grew very quickly. However, this led
to double-digit monthly inflation. The
government had no other choice but
to cut public spending, restrict prices
subsidizing from retail, and introduce
the value-added tax.
These measures made it possible
to stabilize the macroeconomic
situation, but triggered political
upheaval and mass dissatisfaction
among the general population.
As a compromise by the presidential
team to the opposing Supreme Soviet,
Yegor Gaidar resigned from high
governmental posts in December
1992. However, it soon became clear
that indulging the Supreme Soviet’s
policy meant cancelling all the results
of the reforms at once and still not
reaching political reconciliation.
In September 1993, Gaidar
returned to the government as First
Deputy Prime Minister. This was
a time of dramatically aggravated
political crisis. In these conditions,
Yegor Gaidar acted resolutely and
called upon citizens to collectively
protect the power of the elected
President and assure the adoption
of the new Russian constitution.
Overcoming the dual power’s
deadlock had a high price: heated
debates resulted in bloody clashes.
But after these tragic events, it
became clear that the worst was past.
In 1993, Yegor Gaidar was
elected to the first convocation of
the State Duma. Gaidar was among
the founders of the “Choice of
Russia” block that backed continuing
economic reforms and headed the
largest parliamentary block in the
1st Duma. Later, Yegor worked as
Chairman for the “Democratic Choice
of Russia” party and co-chaired the
“Union of Right Forces” block.
In 1994, he left his position in the
Government of the Russian Federation
and concentrated on parliamentary
activities and scientific research at
the Institute of Transition Economy.
He continued studying cases of social
and economic transformation, emerging
new institutes, and specific features of
economic growth with relentless zeal.
Yegor Gaidar lived in a turbulent
period of epoch-making changes and
became a genuine icon of those times.
Until his very last day, he was devoted
to the highest cause – doing everything
possible to promote economic stability
and prosperity in Russia.
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