Remnick points out that despite of the slow political development in Russia, the country’s economic progress was considerably impressive. Russia began its transition to market economy, from a controlled economy, as soon as the Soviet Union dissolved. Yeltsin administration realized the fact that the country’s survival and long-term stability cannot be ensured without changing policies concerning its economy. As a result of this, the government removed certain restrictions from foreign trade, liberalized the currency and ended subsidizing certain non-performing corporations and industries. Russia’s Deputy Prime Minister, Yegor Gaidar, was a liberal economist and one of the biggest supporters of radical economic reforms. He not only developed policies for economic liberalization but also adopted certain additional measures such as reduced price control. It should however be noted that Russia’s attempts to liberalize the market failed when the economy was hit by a hyperinflation. In fact, Russian economists overlooked the impact of liberating a previously strictly controlled economy. In the days of Soviet Union, the government solely controlled prices as well as the supply of goods. As a result of this, Soviet Union suffered from shortage of supplies and lack of funds. When Yeltsin administration tried to reverse the whole system, the overall economic system of the country collapsed, hence exposing the country to severe crisis. Economists believe that the hyperinflation was a result of Soviet Union’s past attempts to control prices and to unrealistically reduce inflation. The situation was worsened when the country’s central bank printed additional money in order to finance government’s expenditures and debts.

Russia ended up in a difficult economic situation because of several reasons. Corruption, unwillingness of certain political players to accept capitalism and policy errors exposed the country to continuous social and economic instability. As a result of this, the government began to face resistance and opposition from those who were most affected by economic reforms. This led to the development of trade unions, pressure groups and political parties, which were against the adopting of a capitalistic system.

It should be

Some topics in this essay:
Boris Yeltsin, Soviet Union’s, Russian Federation, Soviet Union, Russia Government’s, Yegor Gaidar, Union Russia, Struggle Russia”, Washington Post’s, Pulitzer Prize, soviet union, yeltsin administration, fall soviet, fall soviet union, post-communist russia, political development, russian federation, developments post-communist russia, country’s economic, military power, post communist, privatization process, extremely difficult task, proved extremely difficult,