Russian Economic Reform

Russian economic reform refers to changes implemented after the fall of the Soviet Union in 1991. These reforms aimed to transition Russia from a centrally planned economy to a market-based system. Key measures included privatizing state-owned enterprises, establishing new financial institutions, and liberalizing trade. The goal was to promote efficiency, competition, and private ownership. While these reforms spurred growth and integration into global markets, they also led to economic instability, increased inequality, and the rise of oligarchs. Overall, the reforms marked a significant shift towards a capitalist economy, with mixed social and economic impacts.