Economic Reform in Russia

Paper Summary:

This paper looks at the reforms taken on by the Russian government in the past decade which have been named "Economic Shock Therapy." It provides background information about the Soviet economy before the reforms and examines whether these had any impact on growth in the markets. It also looks at how similar reforms were performed in Poland and compares the results.

From the Paper:

"Since 1992, Russia has undergone a complex process of economic transition. It is a process that has been made more difficult due to the lack of theoretical and practical guidelines on the problem of transforming a communist command economy into an open capitalist one. All the existing theories on such a transformation tended to focus on the reform of rural subsistence economies, rather than on an industrially developed one, such as Russia. Yet, despite the absence of an effective economic blueprint, the state of the Russian economy, at that time, was such that the Yeltsin government was required to take action quickly, in order to save the country from economic ruin."

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• Comparison Essay # 13849 : "Industrialization & Reform in Russia"

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