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What is more, the benefits that were generated were distributed very disproportionately. In fact, such
disproportions could be seen between layers of the population in individual countries and even in highly
developed countries, as well as between different countries and regions of the world.
For a significant part of mankind, comfortable housing, education and qualitative medical care are still
inaccessible. And the world upsurge of recent years has not radically changed this situation.
And last, but not least – this crisis was triggered by elevated expectations. The appetites of corporations
in regard to growing demand were unjustifiably encouraged. The race of stock market indices and capitalisation
obviously began to dominate over raising productivity and the real efficiency of companies.
Unfortunately, elevated expectations existed not only in the business medium. They prompted a rapid
growth of standards of individual consumption – first of all, in the developed countries. And this growth, we
must directly admit, was not backed up with real possibilities.
This was a well-being that was not earned. This was a well-being in debts that will have to be paid off by
future generations.
Sooner or later, this “pyramid of expectations” had to come crashing down – which is actually
something that we have witnessed with our own eyes.
* * *
Dear colleagues,
It is common knowledge that during times of crises there is a strong temptation to seek simple and
popular recipes. But if one treats only the symptoms of an illness, then in the final count, one can receive much
graver complications.
Understandably, the governments of all countries, the leaders of business must act with maximal
resoluteness. Nonetheless, even in these force majeure circumstances, it is important to avoid taking steps for
which we may be sorry in the future.
That is why I would like to begin with what in our opinion, should not be done. And what we in Russia
intend to refrain from doing.
One must not allow oneself to skid down to isolationism and unbridled economic egoism. At the “Big
20” Summit, the leaders of the foremost economies of the world agreed to refrain form setting up barriers in
the way of world trade and movement of capital. Russia shares these principles.
Even if amid crisis a certain strengthening of protectionism becomes inevitable, we will still need to keep
the sense of proportion.
The second possible mistake would be excessive interference into the economic life of the country. And
the absolute faith into the all-mightiness of the state.
Of course, the role of the state becomes more direct during crises – it is a natural response to the faults of
the market. However, instead of improving market mechanisms there is always a temptation to enlarge the
sphere of the immediate interference of the state in the economy.
The flip side of the anti-crisis measures in almost every country is the concentration of the excessive
assets in the hands of the state.
During the time of the Soviet Union the role of the state in economy was made absolute, which
eventually lead to the total non-competitiveness of the economy. That lesson cost us very dearly. I am sure
nobody would want history to repeat itself.
We should also be aware that for during the last months, we have been witnessing the washout of the
entrepreneurship spirit. That includes the principle of the personal responsibility – of a businessman, an investor
or a share-holder – for his or her own decisions. There are no grounds to suggest that by putting the
responsibility over to the state, one can achieve better results.
Another thing – handling crisis must not turn into financial populism, into rejecting a responsible macro-
economic policy. Unreasonable expansion of the budget deficit, accumulation of the national debt – are as
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