The error of absolute state control of the economy

During the time of the Soviet Union the role of the state in economy was made absolute, which eventually lead to the total non-competitiveness of the economy. That lesson cost us very dearly. I am sure nobody would want history to repeat itself.

We should also be aware that for during the last months, we have been witnessing the washout of the entrepreneurship spirit. That includes the principle of the personal responsibility — of a businessman, an investor or a share-holder — for his or her own decisions. There are no grounds to suggest that by putting the responsibility over to the state, one can achieve better results.

Another thing — handling crisis must not turn into financial populism, into rejecting a responsible macro-economic policy. Unreasonable expansion of the budget deficit, accumulation of the national debt — are as destructive as an adventurous stock market game.