Club Meeting 11th March 2024

President Ted opened the meeting and welcomed members and today’s speaker Marsha Lees.

After the completion of the usual club business, The president introduced today’s speaker Marsha Lees whose talk was entitled “Oligarchs”. Marsha started by giving a brief history of the leadership of the Soviet Union post Khrushchev up to the time of Mikhail Gorbachev. Marsha explained the origins of Oligarchs from the Greek for “wealth and power in the hands of a few people” to the current version where the distribution of State assets allowed people prepared to take risks to make a lot of money. This took place following the collapse of the Soviet Union after 70 years of an inefficient system of a planned economy.

Gorbachev’s political and economic reforms (Glasnost) led to a transition from a Planned Economy to a Market Economy and from this emerged a number of opportunists only too eager to embrace Capitalism and make their fortunes with state approval. Marsha then gave details of the first Oligarchs, their history and what happened to them, especially as Vladimir Putin came to power. This was followed by a list of the new Oligarchs who are now called “Managers”.

Throughout the years of the new Russia corruption has been rife, and whilst fortunes are still being made the lot of the ordinary people has not really improved and Marsha finished her impressive talk with an overview of the power of the State.

Following questions from the floor Nigel Hewston gave the vote of thanks and members showed their appreciation with a round of applause.