Open AccessOne Step Forward, Two Steps Back: Boris Yeltsin and the Failure of Shock Therapy
Author(s) -
Christopher Huygen
Publication year - 2012
Publication title -
constellations
Language(s) - English
Resource type - Journals
ISSN - 2562-0509
DOI - 10.29173/cons16287
Subject(s) - shock therapy , prosperity , democracy , state (computer science) , shock (circulatory) , politics , economic collapse , political economy , communism , great depression , soviet union , political science , socialism , development economics , economic history , sociology , economics , law , medicine , algorithm , computer science
The collapse of the Soviet Union created unprecedented dilemmas for the leaders of the new independent Russia. Shedding the communist past, Boris Yeltsin embarked on an ambitious program to reorganize Russia‟s political and economic systems. Known as „shock therapy,‟ Yeltsin advocated a rapid transition from state planning to a market economy while simultaneously introducing democracy to Russia. Expecting a short period of hardship as economic reforms opened Russia to world markets, followed by prolonged growth and prosperity, Yeltsin‟s societal upheaval left Russia a prostrate state, mired in a depression that left many longing for a return to socialism.