ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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STOCK MARKET-Buoyant Yet

explaining that the crop though bumper "will hardly be fully harvested" because "for some reason the collective farmers couldn't bring it into the state granaries". The Soviet president. Mikhail Gorbachev, himself has publicly disowned more or less the Ryzbkov line. He has tilted strongly towards the Yeltsin line, namely, of making a radical sharp break with the past, though possibly not as sharp as is suggested in the 500-day programme that Yeltsin is pushing for. Interestingly, Stanislav Shatalin, the economist from Moscow's Central Mathematical Economic Institute, himself believes that his programme is much more moderate than what is being attempted already in Poland and Czechoslovakia. "Economic shock therapy might be useful", he notes, "but in a political sense it is impossible", Shatalin does not elaborate but it is clear that he is worried whether the deprivations resulting from such therapy in the form of growing unemployment and inflation, particularly for the vast proportion already below the poverty line, estimated at almost one-third of the population, will be politically acceptable Shatalin has divided his programme into four phases: the first 100 days would be devoted to creating a legislative framework for private ownership, stock markets, banking, taxation and social security; next 150 days will concentrate on privatisation and the sale of housing and agricultural land

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