Economic reforms in the former Soviet Union

Economic reforms in the former Soviet Union, mainly during the late 1980s and early 1990s, aimed to transition from a centrally planned economy to a market-based one. This involved reducing state control, privatizing state-owned companies, introducing private ownership, and encouraging competition. The goal was to create a more efficient and flexible economy, but the shift caused economic instability, inflation, and social hardships. These reforms laid the groundwork for the modern economies of successor states, though outcomes varied widely across regions.