Failure Of Economic Reform In Russia
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|Failure of Economic Reform In Russia
Thomas J Milone-Clapp
Formerly the preeminent republic of the Union of Soviet Socialist Republics, Russia has been an independent nation since the dissolution of the Soviet Union in 1991. Because of its great size, its natural resources, and its political domination, the Russian Federation played a leading role in the economy of the Soviet Union. In the years preceding the disintegration of the union in 1991, the economy of Russia and the union as a whole was in decline. In 1992, immediately after the separation, the Russian government implemented a series of radical reforms. Price controls were abolished as the beginning of a transition from a centrally controlled economy to a market economy. An immediate series of sharp price increases caused extreme hardships for the Russian people.
Inventor of the fictional five-year plan,
The fake harvest,
Russia introduced another novel economic concept in 1996. It wa...
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