Sale of the Century: Russia's Wild Ride from Communism to Capitalism

One benefit of a book is that it can act as a document for when an author is confident enough to make a prediction. Case in point: Chrystia Freeland’s Sale of the Century, which covers Russia’s political and economic events from 1991 to 2000. Near the end of the book, she ponders what type of leader Vladimir Putin will be. Amazingly, she was prescient on several ruminations. (Sorry, no spoilers here; you’ll have to read the book to find out more.)

However, Putin plays a small role in Freeland’s—then an editor for the Financial Times, now a successful Canadian politician—examination of Russia’s economic crisis. She mainly focuses her objective lens on the two warring factions, the reformers and the oligarchs. It’s a show more fascinating story with more drama than a bestselling thriller. The chapter alone on the loans-for-shares scheme is enough to justify for the price of this book.

Unfortunately, Sale of the Century is out of print, but it’s well worth the time and effort to track down. A true gem in the mine of economics/politics books for armchair intellectuals. show less

This is the first account of Russia's second revolution - the country's dramatic, wrenching transition from communist central planning to a market economy. Written by one of the finest writers on contemporary Russia, it is told by interweaving high politics with glimpses of the revolution's impact on the lives of ordinary people. Beginning with a sharp portrayal of the dismal living conditions in the Soviet Union, she moves on to the romantic early days of the capitalist transformation. This was the height of market euphoria when, despite the chaos of everyday life, a prosperous future seemed within easy reach. Woven through the book are remarkable stories - of Yeltsin's use of popular psychics, of the might of the 'robber barons' who show more form alliances with criminal mafia gangs, of Machiavellian politicians who 'have dealt with the devil and believe they have made a good bargain'. In the final stage of the book, Freeland chronicles the end of the first wave of Russia's capitalist revolution, detailing the economic crisis currently rumbling through the country. show less