In 1998, President Boris Yeltsin's government defaulted on Russia's debts                  and the country experienced a financial meltdown that brought its people to the                  brink of disaster. In No Precedent, No Plan, Martin Gilman offers an insider's view                  of Russia's financial crisis. As the senior representative of the International                  Monetary Fund in Moscow beginning in 1996, Gilman was in the eye of the storm. Now,                  he tells the dramatic story of Russia's economic evolution following the collapse of                  the Soviet Union and analyzes the 1998 crisis and its aftermath. Gilman argues that                  the default and collapse, although avoidable, actually spurred Russia to integrate                  its economy with the rest of the world's and served as a harbinger of the recent                  global economic crisis. Gilman details the IMF's involvement and defends it against                  criticism by economist Joseph Stiglitz and others. In the 1990s, the collapse of the                  Soviet Union left Russia in chaos, with a barely functioning government and no                  consensus on the path toward a democratic and economic transformation. The smooth                  transition to a market economy that had been accomplished in other countries in                  Eastern Europe was impossible. Gilman describes the ordeal of the 1998 crisis and                  argues that the IMF helped Russia avoid an even greater catastrophe. He recounts                  Russia's emergence from the IMF's tutelage and explains how the shell-shocked                  Russian public turned to Vladimir Putin in search of stability after the trauma of                  1998. No Precedent, No Plan offers a definitive account--the first from an insider's                  perspective--of Russia's painful transition to a market economy.

No Precedent, No Plan: Inside Russia's 1998 Default PDF

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