ISET

ISET Economist Blog

A blog about economics in the South Caucasus.
Nov
12

Thinking Forward through the Past

Under the Soviet system, farmers worked under strong central control; everyone knew what to do. Important economic decisions were not left to the market, or decided by self-interested individuals. Instead, the government, which owned or controlled much of the economy’s resources, decided what, when and how to produce. Along with providing necessary inputs, the state ensured that farmers had access to markets for their goods. After the collapse of the Soviet Union, state-provided coordination was abolished. The newly shaped market system brought a lot of ...
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Mar
20

All the Roads Lead to Tskaltubo

FROM BADEN-BADEN “Roulette until six in the evening. Lost everything”, notes Leo Tolstoy on July 14, 1857. He did not pen these words in Moscow or St Petersburg”, writes Elizabeth Neu. “It was in Baden-Baden that Tolstoy closed his diary with a sigh that night.” “Tolstoy was not the only literary genius to have travelled thousands of miles from Russia to take the waters and enjoy the thrill at the roulette tables… and to leave with empty pockets. They all flocked here: the great realist Ivan Goncharov and the enthusiastic young ballad rhymer Vasili Zhuko...
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