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Many critics and skeptics forecast doom for post-communist Russia when 1991 saw the end to the Soviet-Union It was believed that a collapsed economy hurt pride and rampant nationalism would all soon drive Russia to some sort of neo-communist or neo-fascist state It has been almost 10 years now since the dissolution of the Soviet-Union and this scenario has failed to arise Some experts feel pointing to the decisive defeat of the communists in the presidential election in July that at this point the predicted doom is not likely to occur at all Richard Layard and John Parker in their book The Coming Russian Boom predict that the Russian economy will soon grow by 4 a year for at least a decade While some skeptics still scoff at such optimism the authors make a good case for their prediction The factors that they list in Russias favor include a highly educated workforce exceptional natural resources a potentially huge domestic market and the fact that the Russian economy has been largely privatized with much of the financial and legal framework for commercial enterprise now in place As long as Russia maintains competent political management and a post-communist constitution it is quite likely that Russia will experience an economic boom All of this predicted success however does not to mean that the new Russian society does not have problems Often the transition from communism to capitalism has been a rocky one however despite these difficulties the future holds promise In January of 1992 The Russian Federation was recognized by the United Nations as the legal successor to the USSR The key issue for the new Russian government under Boris Yeltsin was to create multi-party competitive political system and a market economy based on privatized enterprise After the termination of the Warsaw Pact an open political and economic frontier to the West was formed As this has taken place nearly every aspect of Russian
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