Russia For Everyman

In the old Soviet Union, the only capitalist was the state. It owned everything from the ice-cream kiosks on city streets to town-size tank factories. One of Russian President Boris Yeltsin's toughest challenges has been to transform the government's monopoly into a free market, and to do it equitably. "We need millions of property owners," he says, "and not just a handful of millionaires."

Marking the first anniversary of the aborted hard-line coup in Moscow, Yeltsin announced that he will begin by giving each of the country's 147.3 million people a share in the national wealth. "All residents of Russia," he said, "will get free of charge a check for 10,000 rubles." These vouchers -- worth about $62 at the current exchange rate, or more than $9 billion in all -- are to be issued on Oct. 1. They will entitle the recipient to buy stock in businesses the state owns.

Like the latest list of bargain airfares in the U.S., this offer comes with a lot of footnotes. The government has not yet decided exactly which enterprises will be up for sale, though by 1994 the program will cover most small industries and most housing. Many major holdings, like defense plants, collective farms, nuclear power stations, oil wells, mines and forests, will be excluded.

^ Besides, 10,000 rubles is not a lot of money these days. "We cannot give more than we have," says Yeltsin. But any Russian who decides not to invest directly can sell the voucher for cash or exchange it for shares in one of the mutual funds that the government and private companies plan to set up.