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Agonizing journey to free market
MOSCOW. Jan 5: Boris Yeltsin has planted the seed of a market economy tn the new commonwealth by lifting price controls on most goods. But even before it takes root, weeds are flourishing, reports AP.
Last Thursday's price reform was a painful but unavoidable step to save the economies of the Commonwealth of Independent States (CIS). Artificially low prices under Communist rule had skewed nearly every aspect of the Soviet economy leaving stores empty and the government sinking in debt.
Yeltsin's government, the commonwealth's strongest, hoped that Idling prices float according lo supply and demand would prod producers to make more goods, people to work harder, bosses to pay better and stores to sell more.
But under political pressure, Yeltsin didn I lift all controls, didn't replace the old distribution system, and didn't coordinate the step rationally with other stales whose economies arc entangled with his.
And only a decision by most other stales to raise their prices as well prevented the young alliance from reaching the breaking point. The price increases discouraged Russian bargain-hunters from flooding into other areas.
Yeltsin's compromises likely will Impede efforts 10 replace the crippled Communist system with a
market economy. Although still early to Judge, the first three days provided little encouragement.
Shelves tn state stores were Just as empty on Saturday as they were last month, despite predictions by Yeltsin's economic advisers that goods would start appearing quickly because of tow demand.
Prices remained high in the ex pensive private farmers markets. One private milk merchant said Friday she didn't expect the situation to change until Yeltsin followed through with his next reform: privatization of slate stores.
"No miraplc has occurred." the Tass news agcix-y wrote. "January 2, 1992. the first day on which prices were set free in Russia, produced nothing to gladden shoppers In Moscow or any other place across the vast country.”
In addition, preservation of stale-set prices on necessities will ensure the livelihood of black marketers. Instead of legitimizing their businesses for lire good of the economy, the suites will k-l the black market continue lo funnel goods mostly lo well-heeled and well-connected consumers.
Still, there was some ground for hope.
Yeltsin's sell-off of stores, factories and businesses will help bury the remains of the state system and let businesses flourish. He has promised to start privatization by Summer, although Russian today put about as much faith in promises as in the nearly
worthless ruble.
The decision by other State* to raise prices, albeit out of self-lnlrests. preserves the commonwealth for the lime being and leaves open the opportunity for cooperation on other steps such as privatization and currency reform.
Yeltsin's own political prestige also was reaffirmed, for now. because he took the forceful step that Mikhail Gorbachcve had delayed repeatedly: freeing prices. People interviewed In recent days said they admired Yeltsin most for taking the action that others merely promised.
It is Impossible to know whether people's patience will last until conditions improve something Yeltsin has promised In a year. Most people's private slocks of food and goods will have run out long before then, and so far salaries and production haven't risen enough lo compensate.
Russia's own stockpiles also are limited. The government grain committee said Saturday it only has four months' worth of reserves, and that a shortage of hard currency was making it difficult to purchase more from abroad.
But the Russian government apparently was confident the price reforms, and the subsequent steps, would succeed. Russian Economic Minister Yegor Gaidar told Tass that Yeltsin's government as of Saturday had "no alternative plan if the free market prices bring no results."