Russia's economic transition process in response to the economic crisis and its research
|School||Nanjing Normal University|
|Keywords||Russia economic transition economic crisis response|
Russia’s economic transition has gone through of two decades. Russia embarked on a late 20th century from a planned economy to a market economy, the road through the privatization of state-owned economic transformation and reconstruction of economic management system, establish the institutional framework of market economy. However, early in the transition economies have the political and economic role of the multiple crises into the brink of collapse, the 1998 financial crisis, the Russian economy more will be exhausted onto the bottom. Severe economic crisis and the resulting hyperinflation, soaring prices, social unrest, so that the majority of the people suffered great pain. Can be said that the Russian economy under Yeltsin, the process of transition, accompanying flame of power, social conflict, conspiracy and bloodshed, a sharp decline in GDP, the people living into widespread poverty. Putin came to power, to "heavy penalties in times of trouble" approach quietly achieved political control, economic development, social stability changes. Success in politics as the core of the President built a strong system of governmental authority; weakened the local authority to crack down local protectionism; purge oligarchy, to achieve political stability, economic transition has created a stable political environment. Economically through the establishment of a healthy and orderly financial system, stability of the financial situation and reduce inflation; through tax reform, easing the burden on individuals and businesses; by increasing wages and pensions, to increase social assistance to expand domestic demand, stable social situation. More importantly, the Putin government through changes in the international energy market conditions favorable opportunity, the establishment of a national stabilization fund to improve the international balance of payments, enhancing the national economic strength, in response to the U.S. subprime mortgage crisis has laid a solid economic foundation. Medvedev took over of the token of Putin, is still firmly implement his ideas of ruling and governing, Russian’s economy maintained steady growth,and has entered the power country in the world ranks.