- Consulting Editors
- Modernization and the Russian Economy: Three Hundred Years of Catching Up
- Command Economy and its Legacy
- Russia’s Economic Transformation
- Transformational Recession
- Growth Trends in Russia After 1998
- Institutional Performance
- Corporate Governance in Russia
- The Russian Tax System
- The Unofficial Economy in Russia
- Russian Corruption
- Russia’s Dependence on Resources
- The Russian Oil Sector
- The Russian Natural Gas Sector
- The Russian Electricity Market: Variants of Development
- The Economics of Mineral Resources
- The Challenge of Reforming Environmental Regulation in Russia
- Economics of the Military-Industrial Complex
- Science, High-Tech Industries, and Innovation
- Blame the Switchman? Russian Railways Restructuring After Ten Years
- Russian Agriculture and Transition
- Russian Banking as an Active Volcano
- Financial and Credit Markets
- Russian Trade and Foreign Direct Investment Policy at the Crossroads
- Economic Geography of Russia
- Russian Fiscal Federalism: Impact of Political and Fiscal (De)centralization
- Regional Challenges: the Case of Siberia
- Labor Market Adjustment: is Russia Different?
- Higher Education Reform and Access to College in Russia
- Russia’s Health Care System: Difficult Path of Reform
- Poverty and Inequality in Russia
- Recent Demographic Developments in the Russian Federation
Abstract and Keywords
When Mikhail Gorbachev became General Secretary of the Communist Party of the Soviet Union in March 1985, the Soviet economic system was petrified with minimal growth. Gorbachev launched a frenetic attempt at economic revival with a mixture of disciplinary actions, technical improvements, and an attempt at a socialist market economy. Key steps were legalizing private enterprise in the form of cooperatives, liberalizing foreign trade, and passing command over state enterprises to their managers. The actual outcome, however, was a fiscal and systemic collapse of the communist system amid shortages, sharp output fall, competitive money emission, and rising inflation in 1991. In January 1992, Russian President Boris Yeltsin attempted a radical transition to a market economy. Its essence was price and trade liberalization, privatization, and fiscal stabilization. The financial stabilization did not succeed until after the financial crash of 1998, when Russia entered a decade of high and sustained economic growth.
Anders Aslund is a Senior Fellow at Peterson Institute for International Economics, and an Adjunct Professor at Georgetown University, Washington, D.C. His research focuses on economic policy in Russia, Ukraine and Eastern Europe.
Access to the complete content on Oxford Handbooks Online requires a subscription or purchase. Public users are able to search the site and view the abstracts and keywords for each book and chapter without a subscription.
If you have purchased a print title that contains an access token, please see the token for information about how to register your code.