Last month, Russian president Boris Yeltsin sacked deputy prime minister and leading reformer Anatoly Chubais. The immediate dispute was over Chubais’s rigorous approach to macroeconomic stabilization: the project to which he and his aides have devoted themselves in recent months. But Chubais’s greater legacy to Russia is the privatization programme he masterminded, one of the largest and most controversial anywhere in the world. Arguments over its merits and faults will run and run.
If volume were the only measure of success, Russia’s reformers would have a record to be proud of – they privatized 15,000 small and medium-sized enterprises in two years from mid-1992 to mid-1994 before turning their attention to larger companies last year.
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