2. Voucher Privatization: The Great Asset Giveaway
In the early 1990s, Russia launched a mass privatization program, distributing vouchers to every citizen. These vouchers could be exchanged for shares in state-owned companies, but with widespread poverty, most people sold them for cash—often at a fraction of their value. A handful of ambitious individuals and shadowy investors rapidly snapped up these vouchers, gaining control of massive industries for pennies on the dollar. This controversial process led to staggering wealth disparities and helped create Russia’s first generation of oligarchs (via The Guardian).
