"There was no place for private ownership, nor for the market. The only method of coordinating economic activity was government command and bureaucratic allocation. The result was a prolonged crisis, marked by stagnation or decrease of production, by inflation, ecological disaster (because of wasteful use of all types of resources—energy, water, forests, etc.), by falling standards of living, and by widespread public frustration and social pathology. This crisis, coupled with political developments including the rise of organized opposition, brought about the revolutionary changes we witnessed in 1989."
January 1, 1970