Gaidar reforms

The Gaidar reforms, implemented in Russia during the early 1990s, were a series of rapid market-oriented changes aimed at transitioning from a state-controlled economy to a free-market system. Led by economist Yegor Gaidar, these reforms privatized state-owned companies, reduced government control, eliminated price controls, and promoted foreign investment. The goal was to boost economic efficiency and create a competitive market environment. While they stimulated growth for some, the reforms also caused significant short-term hardship, including inflation, unemployment, and increased inequality, reflecting the challenge of moving from a planned economy to a market economy quickly.