Glazyev: The formation of real economic relations differs from the abstract tenets of neoclassical economic theory
13:00, 19 August
Soyuz.by archives
Sergey Glazyev, State Secretary of the Union State, in a commentary for *Rossiyskaya Gazeta*, reflects on the causes and consequences of economic transformations in Russia and the post-Soviet space at the end of the 20th century, comparing them with the events that led to the revolution of 1917.
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"The transformation of the Russian economy and society that occurred in connection with the transition from a command-administered economy to a market economy can, in terms of the depth of change, be regarded as a revolution no less significant than the socialist revolution of 1917," commented the State Secretary of the Union State. "Their similarity is traced not only in the scale of demographic losses and socio-economic upheavals, but also in the leading role of ideological doctrines that guided the actions of the revolutionaries. Although these doctrines were opposite in meaning, they are united by the utopian nature of their constituent dogmas, the consequences of whose practical implementation turned out to be very far from what was expected," noted Sergey Glazyev.
In his view, the mechanisms of transitional economies in reality differ significantly from the abstract tenets of neoclassical economic theory, and the practical results of implementing theoretical models taken from textbooks do not meet the expectations of the reformers.
