ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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The Russian Economic Crisis

Michael Ellman Robert Scharrenborg Since the end of the 1980s an attempt has been made to implement a liberal revolution in the former Soviet Union. One of the first results was the dissolution of the USSR into 15 independent states, which have pursued a variety of policies. In Russia, during 1991-98 policy initiatives by nominally liberal politicians and their international backers had considerable influence, despite their limited elite and popular support. In the short run the liberal revolution in Russia failed in its economic goal of establishing a civilised market economy. Instead it created a mutant economic system, which was severely shaken by the crisis of May- August 1998 and remains in deep decline.

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