Abstract
In 1990, for the first time in three hundred years, Mongolia had the opportunity to move toward independence and democracy. From 1691 to 1911, the Qing dynasty and Chinese merchants had imposed a harsh, oppressive rule on Mongolians, and from 1921 to 1990, the Soviet Union dominated the country. The collapse of the USSR offered the Mongolians a chance to chart their own course. The IMF, World Bank, Asian Development Bank, U.S. Agency for International Development, and Japan International Cooperation Agency, the Japanese International Cooperation Agency, sought to foster democracy and a market economy, conflating the two and promoting free market shock therapy. In their ardent support for privatization, liberalization of prices and trade, minimal government, a balanced budget, and austerity, they occasionally impeded the Mongolians' efforts to achieve the independence and democracy they cherished.
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