Yegor Gaidar (1956-2009) Soviet and Russian economist, served as the first Vice-Premier of the Russian Government and Minister of Economics from 1991 until1992 and was appointed as acting Russian Prime Minister by President Boris Yeltsin in 1992. Gaidar has been both praised and criticized as the architect of Russia’s market reforms in the early 1990’s.
Yegor Gaidar (1956-2009) Soviet and Russian economist served as the first Vice-Premier of the Independent Russian Government, Minister of Economics from 1991 until 1992 and was appointed as acting Russian Prime Minister by President Boris Yeltsin in 1992. Gaidar has been both praised and criticized as the architect of Russia’s market reforms in the early 1990’s or what became known as “Shock Therapy.” Following the collapse of the Soviet Union in December of 1991 Gaidar quit the communist party to support Boris Yeltsin. His role in the Yeltsin government was short, 1991 to 1994. He advocated for free market economic reform, abolishing price regulation by the state in January of 1993, which resulted in large price increases. Russians blamed Gaidar for mass poverty, hyperinflation and much lower standard of living that they believed was the result of his shock therapy on the way to creating a market economy. In the 1993 Russian Duma election, Gaidar’s pro-Yeltsin party, Russia’s Choice, did poorly, he resigned from government in 1994. Photo shows Gaidar answering media questions in the hallway of the Russian Duma in central Moscow in August of 1993. Original color image.
Size: 3450px × 3450px
Location: Moscow, Russia
Photo credit: © jbcn / Alamy / Afripics
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