One word that the world has become familiar with since the Russian invasion of Ukraine is "oligarchs". These oligarchs are the Russians who got extremely wealthy following the end of Communism and the Soviet Union.
But what the west has to remember is that these oligarchs are the product of capitalism. The west encouraged and advised Russia to embrace capitalism, which it did. The first post-Soviet president, Boris Yeltsin, even wore a cowboy hat.
The transition to capitalism meant privatization of post-Communist state-owned industries. The Russian Government set up programs to help sell off these industries to private buyers. That is where the oligarchs come in.
A few people got extremely rich in a short time. But they moved much of their wealth outside Russia. Oligarchs bought so many expensive properties in London that it became known as "Londongrad".
The oligarchs are now reviled. They are being sanctioned and their assets seized. But let's not forget that they are the products of the capitalism that the west encouraged Russia to accept.
No comments:
Post a Comment