Mongolia abandoned communism in 1990 and turned to international financial agencies to substitute for its formerly, almost exclusive dependence on the USSR for trade, technical assistance, and investment. The ensuing shock therapy of immediate change to a market economy has led to what Fortune magazine portrayed as a "wild ride to capitalism." This presentation describes this policy, including State assets, minimalist government, liberalization of trade and prices, austerity, and dependence on mining, and its ramifications on income inequality, rapid increase in corruption, health, education, welfare, the pristine environment, and culture of the country. The lecture concludes with an appraisal of possible future trends.
Born in Alexandria, Egypt, Morris Rossabi (Ph.D. Columbia University) teaches Chinese and Mongolian History at the City University of New York and Columbia University. Author or editor of twenty-five books, including Modern Mongolia; Khubilai Khan; and Voyager from Xanadu, and numerous chapters in books and articles, he has collaborated on exhibits at the Metropolitan Museum of Art, the Los Angeles County Museum of Art, and the Asian Art Museum. He served as Chair of the Arts and Culture Committee of the Open Society (Soros Foundations) and has traveled extensively in East Asia, the Middle East, and Europe.
Sponsor(s): Center for Chinese Studies, Program on Central Asia, APC