The CCP’s fear was that political liberalization would empower a nascent capitalist class which could lead to economic disaster. I don’t think they were necessarily wrong in this regard as that’s exactly what happened to Russia only a few years later.
I would call that class in Russia a nascent criminal class, not capitalist class. But if you’re inclined to think from the left, perhaps you equate these classes.
You’re right that that group indeed caused a catastrophe in Russia’s liberalization attempt. Some sources claim that Putin has absolutely no interest (and therefore, probably, knowledge) in economic matters, which might be one of the reasons why he failed. Argentina and Milei will perhaps show us soon if liberalization will work better if the person leading it is interested in economics. Argentina’s and Russias GDP per capita has been roughly similar after Argentina’s crash in early 2000s, so the countries are at least in some ways comparable.
I would call that class in Russia a nascent criminal class, not capitalist class. But if you’re inclined to think from the left, perhaps you equate these classes.
You’re right that that group indeed caused a catastrophe in Russia’s liberalization attempt. Some sources claim that Putin has absolutely no interest (and therefore, probably, knowledge) in economic matters, which might be one of the reasons why he failed. Argentina and Milei will perhaps show us soon if liberalization will work better if the person leading it is interested in economics. Argentina’s and Russias GDP per capita has been roughly similar after Argentina’s crash in early 2000s, so the countries are at least in some ways comparable.