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Contrasts Between The Socialist And Capitalist Russian Economy

1099 words - 4 pages

A long term study of the international market reveals that the Russian financial system is unique due to its many economic changes throughout its historic existence. It is well documented that up and until 1990, Russia operated as a socialist economy. In contrast, during contemporary times it is conducted as a capitalist economy. During its socialistic era, there was a constant battle between the poor and those who privately owned their lands, fields, factories, corporations, and various other enterprises, As such there was a great disparage found in Russia’s economy. This was true even though the peasants and those who privately owned their fields acted symbiotically with one another. Many differences between the two social groups came about. Wegren beautifuly relays, “produced for commercial purposes“(369), alluding to the ability for large fields to create various staples to meet Russia’s requirements, which even the poor bought to survive their daily life durint the socialistic run economy. On the other hand, during the above mentioned socialistic era, Russian peasants who owned their land still had to relinquish all of their profits to the socialist government, such as the pre-1990 led Union of Soviet Socialist Republic, or as more commonly referred to as the U.S.S.R. Describing the laws of Russia before it became a capitalistic society, Wegren writes in a simple yet straight forward matter that, “private ownership was illegal” (370). In contemporary times, Russia adheres to the ideology of a capitalist run economy allowing any and all individuals to own any type of land. Moreover, people do not have to transfer over the land itself and any byproducts. For instance, during the collectivization in the 1930’s all different fruits, vegetables, and grain of the land even people livestock was given over to the government.
On June 12th 1991, the future of Russia seemingly forever changed with the election of President Boris Yeltsin. Indeed, many controversial reforms were codified and put into place by former President Boris Yeltsin during his term as President that lasted until 1999. Amazingly, throughout Russia’s many economic evolutions, it remained without any fiscal deficit. To understand the depth and the numerous ideas which Yeltsin enacted, one must delve into the main factor in Russia which the former President tried to effect. During his reform proposal he faced an excess of political conflict from his adversaries. One of the many key factors that led to a strong political opposition against his reforms, arouse from the reality which Robinson documents in which, “the bulk of the economy, that is most of its manufacturing industries became demonetized.”(436), thus stopping a demand for metal and energy which the factories used to produce numerous products along with money. Furthermore, Robinson explains that the following were crucial components of Russia’s economy, “linked with Russia’s commercial banks from the mid-1990’s to create a...

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