The Longest Road to Capitalism

“It was only on 2 April 1991 that a law was adopted ‘on the general principle of entrepreneurship by citizens’, which finally allowed individuals to trade (‘buy, sell, and deal in bonds’) and to employ others. So for the first time since 1930 private trade ceased to be punishable ‘speculation’ , and private employment no longer noxious ‘exploitation’.”(Nove, An Economic History of the USSR: 1917-1991, p.417)

“As a bitter quip asserted, ‘Socialism proved to be the longest road from feudalism to capitalism.'” (p.411)

 

About Joseph Burke

Economist
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