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The transformation of Russia into a market economy has been damaged by controversy in both Russia and the West Things took a drastic turn with the events that happened in the Soviet Union on August 19-21 1991 These three days ended the era of communism in the USSR Three big transitions were made simultaneously in those three days the emergence of Russia as a free state the building of democracy and the transition to a market economy For seventy years its communist government sheltered the economy of Russia but with the dissolution of the Soviet Union the economy was left without the guidance for which it relied so heavily Control of the economy was thrust into the inexperienced hands of the general population who had lived for three generations under a system in which they had no need to make decisions about business Aslund 1995 In July 1990 leaders of the Group of Seven industrial nations and the president of the European Community asked the International Monetary Fund IMF and other United Nations economic agencies to study the Russian economy and propose a more effective method of reform for their economy The committee strongly suggested that the Russians immediately release price controls on almost all goods instantly creating a free market in which the people could learn capitalism first hand The IMF study also addressed the problem of Russias deficit suggesting cuts in price subsidies and low-priority expenditures such as administration The Russian government set a target deficit of two and one half to three percent of the gross domestic product This level has not yet been met but progress is being made LoBue 1997 Russia is beginning to see signs of stability in the major macroeconomic indicators But the stabilization of the macroeconomy does not automatically bring economic growth Russia must now build on the achievements of its stabilization policies which are aimed at alleviating the economic confusion immediately following
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