Default of August 1998 Viewed by Population
In this paper the author shows what was happening to the living standard of the Russians after August 1998, the way they were coping with crisis conditions and how such shocks were reflected in mass consciousness. N. Bondarenko distinguishes several stages that the Russian society has passed after the default: the first stage beginning from August 1998 till 2000 is characterized as «a pit»: dramatic deterioration of the majority of the Russians' living standards took place accompanied by the feelings of mass shock. The following stage is marked by a certain stabilization of the situation, then the evaluations somewhat improved but the confidence of the Russians in the future was restoring slowly enough. The traces of the shock experienced still persist in mass consciousness: according to the data of national Russian surveys during recent years from 45% to 55% of the Russians consider the repetition of the crisis similar to that of 1998 quite probable. The main conclusion from the experience acquired is connected with the fact that in their practical life people became more careful and rational in their expectations and plans having realized that they live in the risk society. The Russians are gradually adjusting their behavior and expectations to new economic practices and institutions.