Abstract:
Riga today is a curious mix of the remnants of the past with a new, totally primitive capitalism. Those with hard currency ride in imported cars and run shops selling the most incredible assortment of western goods, both quality things and absolute junk; those without hard currency face inflation, uncertainty over services, possible unemployment in the future. With the liberalization of money-exchange there are money exchanges on every street corner, even operating out of little cars driven up onto footpaths. Lots of people try to sell things on the streets – their own clothes, household goods, single packets of cigarettes or single cigarettes, and bananas, which previously were an unknown luxury item! There is a depressing feeling that you are seeing a rerun of Bangkok or Caracas in 1961, but without any certainty that things will improve very quickly or very much. The currency stands at about 180 Latvian roubles to the US dollar, and a university lecturer earns around 5,000 roubles a month. The only consolation is that the bum seems to have dropped out of the Russian rouble (it is now around 300) and so far the Latvian rouble is holding steady.
Details / PDF:
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