1992 Russian Economic Reform

The 1992 Russian Economic Reform was a major shift from a state-controlled economy to a market-oriented one. After the Soviet Union ended, Russia introduced policies like price liberalization, privatization of state businesses, and opening up to international trade. These changes aimed to boost efficiency and growth. However, the transition caused economic instability, inflation, and hardship for many, as markets adjusted and old systems collapsed. Despite these challenges, the reforms laid the groundwork for Russia’s shift toward a more market-based economy, shaping its future economic development.