The Russian economic transformation in the early 1990s and some assessment in the West

The Russian economic transformation is a fascinating story on many grounds. When the Soviet Union disintegrated at the end 1991, the new question pervaded the West was how to integrate the post-communist Russia into the international community, politically and economically. As to the economic transformation and integration, the economists and other intellectuals produced an enormous literature on how to convert centrally planned socialist economies into capitalist market economies. Many Russian and foreigners, who have dedicated large energies to the economic transformation of Russia in its first years, argued that Russia would end up in economic growth if it followed the proposed reform packages. Although Russia realized many proposed reform packages, it ended up in economic failure. This master thesis strives to explain the Russian economic transformation between 1992-1995 and its assessment or perception in the West.