Alexei Bayer, independent Russian economics analyst based in New York, writing in the Moscow Times:
In the mid-1960s, there were pundits on both sides of the Iron Curtain who predicted that the Soviet and U.S. systems would eventually become identical. The Soviet Union was then in a relatively liberal phase, whereas the United States, with President Lyndon Johnson’s Great Society program full speed ahead, seemed to be moving toward social democracy.
By the 1970s, such talk ceased when the Kremlin tightened the ideological reins. But economic similarities did emerge in one aspect: The formidable U.S. economy, stifled by government intervention and overly bureaucratic corporations, began to stagnate almost as badly as its Soviet counterpart. The 1980s then became a period of renewal for both countries, even though the responses — and results — were very different, underscoring the contrast between the two political systems.
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