In the last days of the Soviet Union, one of Mikhail Gorbachev’s lieutenants came to him with a plea: ditch the Soviet planned economy and open up to market reforms as China had.
“I said, ‘At the end of the day, if you don’t have any strategy, look at what China has done’,” recalled Nursultan Nazarbayev, now the president of Kazakhstan, in a recent speech.
Mr Gorbachev rejected the suggestion. But 25 years later Mr Nazarbayev is pinning his own hopes on an ambitious programme of privatisation and market reform to stave off an economic crisis.
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