Policy Proposal for Economic Reform in Russia

Policy recommendations for Russian economic reform Despite the economic recovery resumed after the collapse of the market in 1998, Russia is still emphasized by numerous reservations in the communist era, and it is impossible for the economy to use free market reform . In short, since Russia has not yet discovered it, it is not prospering under the capitalist regime. To that end, the Russian government has to undertake substantial reforms in several important areas, such as improving the rule of law, establishing stable monetary policy, and closing the uneven distribution of specific companies.

The Soviet economic policy proposed by Vladimir Lenin explains it as the evolution of 'state capitalism' within the Soviet worker's nation. Lenin described the "state capitalism" of 1923 and his new economic policy as an economic system including "free market and state-controlled capitalism", but socialized state enterprises "on a profit basis" Run. The new economic policy represented a more capitalistic economic policy that was considered necessary for promoting the country's economy, which was almost ruined after the Russian Civil War from 1917 to 1922. The complete nationalization of the industry established during the war was partially canceled. And we introduced a mixed economic system allowing small and medium enterprises to posses privatization, and the state continued to dominate banks, foreign trade and large enterprises.

After decades of economic social stagnation of the Soviets, inadequate reforms in the 1990s failed to cope with tightly controlled financial systems and anti-commercial regulatory systems that led to a decline in GDP did. In this century Russia turned to the authoritarian rule of governance led by President Putin. His regime is seeking legitimacy through controlled elections, populist appeals, and foreign policy aimed at strengthening the geopolitical influence of Russia. Growth on commodity bases has restrained the economic recession period, but growth has again been sluggish as energy prices have declined. The illegal consolidation of the Russian Crimea and the occupation of eastern Ukraine brought economic sanctions and capital flight in the west.