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Putin's Opinion of Market Intervention

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skyline

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http://online.wsj.com/article/SB123317069332125243.html

It appears that Russia's leader has become a bigger free market advocate than the elected leaders of the US. This is one of the most ironic events of my lifetime. Here's the interesting part of V. Putin's recent speech....

Excessive intervention in economic activity and blind faith in the state's omnipotence is another possible mistake.

True, the state's increased role in times of crisis is a natural reaction to market setbacks. Instead of streamlining market mechanisms, some are tempted to expand state economic intervention to the greatest possible extent.

The concentration of surplus assets in the hands of the state is a negative aspect of anti-crisis measures in virtually every nation.

In the 20th century, the Soviet Union made the state's role absolute. In the long run, this made the Soviet economy totally uncompetitive. This lesson cost us dearly. I am sure nobody wants to see it repeated.

Nor should we turn a blind eye to the fact that the spirit of free enterprise, including the principle of personal responsibility of businesspeople, investors and shareholders for their decisions, is being eroded in the last few months. There is no reason to believe that we can achieve better results by shifting responsibility onto the state.

And one more point: anti-crisis measures should not escalate into financial populism and a refusal to implement responsible macroeconomic policies. The unjustified swelling of the budgetary deficit and the accumulation of public debts are just as destructive as adventurous stock-jobbing.
 

dun

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I do believe this is the cruxt of the whole deal including the principle of personal responsibility of businesspeople, investors and shareholders for their decision
 

skyline

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dun":35gvedv2 said:
I do believe this is the cruxt of the whole deal including the principle of personal responsibility of businesspeople, investors and shareholders for their decision

Yep.
 

john250

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Isn't that ironic! Lessons on economics from the old Soviets.
Putin has strongarmed oil companies in Russia, and I would guess big checks are being deposited in his Swiss accounts. You know he doesn't want to share anything.
Still, he's right.
 

brandonm_13

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Considering what Russia wen through in the 80's, I think he has a better understanding of what America is doing than America does.
 

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