BAM, BOOM, BUST - ANALYSIS OF A RAILWAYS PAST, PRESENT, AND FUTURE

Analyzes, from an international perspective, reasons behind the boom and bust history of the Baykal-Amur Mainline (BAM) railway. BAM, a pet project of Brezhnev, was viewed as both a lasting legacy to his memory and a means for "quick profit.' Ultimately, the decision to construct the railroad and develop its hinterland reflected a gross misunderstanding of the long-range cyclical nature of the resource markets. The likely future of BAM is assessed in light of the fact that it will not be a paying proposition until after the year 2000. -from Author