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Today Russia is in a state of political and economic rebuilding in a capitalist system When the Soviet Union officially split apart on December 26 1991 one day after Gorbachev resigned from the leadership of the Communist party and the USSR Yeltsin took the role of president During a meeting in July of 1990 leaders of the group of seven industrial Nations and the president of the European Community asked the International Monetary Fund and other United Nations economic agencies to study the economy of Russia and propose a more effective method of reforming the Russian economy When the study was released in December it recommended that the Russians immediately release price control on almost all goods instantly creating a free market in which the people could learn capitalism first-hand They also recommended an auction of all government-owned corporations beginning with smaller easier to value companies and they emphasized the need to lift restrictions on foreign trade The International Monetary Fund study also addressed the problem of Russias deficit suggesting cuts in price subsidies and low-priority expenditures such as administration The government of Russia set a target deficit of two and a half to three percent of the gross domestic product They have not accomplished this yet but progress is being made The transition of the economy of Russia has thrown the value of the ruble into intense fluctuation In 1989 one United States dollar was worth approximately 23 of a ruble Hoffman in 1993 it was close to 1000 Famighetti and at the end of 1996 it was over 5000 These comparisons translate into more than a 350 annual inflation rate Many Russian business owners will not accept the ruble as payment They prefer the stable American and European currency Many of the Russian people thought that with the fall of the Soviet Union in 1991 the wealth and prosperity possessed by the inhabitants of many of the Western countries could be
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