r. Boris Yeltsin (10 июл 1991 г. – 31 дек 1999 г.)

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Boris Yeltsin was a radical reform Communist who was elected parliamentary leader of the Russian Soviet Republic. He declared Russia’s independence from the Soviet Union and oversaw its dissolution.

Yeltsin wanted to create conditions that would prevent a return to communism and right the faltering economy. Russian reformers opted for economic shock therapy, rapid liberalization. Russians abolished price controls on most consumer goods, launched a rapid privatization program, and encouraged investment in newly-privatized companies’ stocks. However, prices soared and production fell. Shock therapy failed because powerful state monopolies became powerful private monopolies that cut production and raised prices and because the government granted subsidies to corporate managers and bureaucrats to buy political allegiance. Oligarchs, the new capitalist elite, acquired great wealth and power while common people struggled. They maintained control with corrupt business practices and cronyism. Savings became practically worthless. Yeltsin became increasingly unpopular.

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