Yeltsin oversaw economic shock therapy from "summary" of A People's Tragedy by Orlando Figes
Yeltsin, determined to push through market reforms, oversaw a radical program of economic shock therapy. This involved the abrupt introduction of free-market policies, such as price liberalization and privatization, in an attempt to rapidly transition Russia from a centrally planned economy to a market economy. The idea was to create a shock to the system that would break with the past and allow for a rapid transformation of the economy. Yeltsin's economic shock therapy was met with significant resistance and hardship. Prices soared, leading to hyperinflation and a sharp decline in living standards for many Russians. State-owned enterprises were privatized, often in a corrupt and chaotic manner that enriched a few at the expense of the many. Unemployment rose as industries collapsed under the pressure of competition. The economic shock therapy implemented by Yeltsin was based on the belief that a quick and decisive break from the past was necessary to jumpstart Russia's economy. However, the rapid pace and abrupt nature of the reforms led to widespread suffering and discontent among the population. Many Russians felt left behind and marginalized as the country underwent rapid and often chaotic changes.- The reforms led to social upheaval and economic instability. The legacy of Yeltsin's policies continues to shape Russia's economy and society to this day, highlighting the complexities and challenges of transitioning from a centrally planned economy to a market economy in a post-Soviet context.
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