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Russia' Economic Transition
In August of 1991, the collapse of the communist system in the USSR and
it's neighboring republics occurred. Out of the smoke emerged fifteen new
republics and a union known as the Commonwealth of Independent States. These new
regimes faced formidable obstacles. The collapse brought massive inflation which
in turn forced the economy into a spiraling decline and a state of almost
worthless value. Many people were quick to point the finger at their communist
past, and even more eager to lay blame. Traditional communist ideology was to
"provide for every individual an equal ....
Word count: 2425 - Page count: 9
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