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Continuities And Changes In The Russian Economy

279 Words2 Pages

The Russian economy has changed drastically throughout the years. After the collapse of the the Soviet Union in 1991, Russia’s economy underwent a profound transformation from a centrally planned economy to a more market-based system. In recent years, it would seem that economic reform and growth has stalled, and Russia seems to be staying predominantly a statist economy with an abundant amount of wealth in the officials’ hands. The profound transformation that occurred in their economy after 1991 is due to reforms that privatized many industries. There are exceptions though; energy, transportation, banking, and defense-related sectors all remain in the hands of the state. It would seem that property rights are not strong, and state interference

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