In the 1990s, Russian reformers adopted a radical economic program. It devastated ordinary Russians and created a new class of oligarchs. And it explains the rise of Putin — and the leader he is today.
— used them at auctions to buy up stocks in newly private companies. By all accounts, many of these enterprises were shockingly undervalued — and those who were able to get large chunks of lucrative enterprises became fabulously wealthy in a very short period of time. Between 1992 and 1994, aboutBy 1994, when the voucher program ended, around 70 percent of the Russian economy had been privatized. But some of the biggest, most valuable industries remained in the government's hands.
"Chubais never advertised it publicly — he attempted to keep the goal obscure so as not to alarm the opposition— but loans for shares should really have been called 'tycoons for Yeltsin,'" writes David Hoffman, the former Moscow bureau chief for."Chubais was willing to hand over the property without competition, without openness, and, as it turned out, for a bargain price, but in a way that would keep the businessmen at Yeltsin's side in the 1996 reelection campaign.
Despite waving the banner of free markets and democracy, the reformers of the 1990s — perhaps ironically — did much of their reforms undemocratically, often by presidential decrees that were hammered out through backroom deals with the rich and powerful. Thanks in no small part to the oligarchic beneficiaries of these deals, Yeltsin beat the odds and won reelection. Russian-style crony capitalism was here to stay.that he and six other Russian oligarchs controlled half of Russia's economy.
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