My Papa Joe Stalin thread got me thinking about this topic. even sven noted correctly that many Russians don’t see the modern so-called capitalist era as being as good as the old days under Stalin. Rather than hijack that thread on what is a great topic in and of itself, I thought I’d ask why is capitalism failing, or perceived as failing, in Russia?
I wonder if the old Communist belief that all capitalism is gangsterism has affected the way people have gone about implementing the system?
I believe that capitalism requires governmental oversight to work. Capitalists, if left alone, will collude to avoid price competition, violate contracts, deceive, engage in croneyism, and commit crimes - like any group of humans - if there is not the right mix of fair and predictible oversight. Furthermore, there needs to be support from educational institutions and capital providers in a way that simply does not exist in Communism.
You can’t just create advanced entrepreneurial capitalism from nothing. Sometimes we forget how many layers of civilization are necessary to accomplish the seemingly smallest thing.