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Economic Reform in Russia

Published online by Cambridge University Press:  26 March 2020

Peter M Oppenheimer
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Abstract

Little of what has been visibly happening in the former Soviet economy over the past two years reflects the intentions of its policymakers. Central planning has been abrogated and many prices freed, but the Russian authorities are struggling to establish financial stability and to create the legal and institutional framework for extensive privatisation of large enterprises. National output has fallen sharply (as elsewhere in Eastern Europe), because the disciplines and incentives of central planning have been removed, while those of the market are not yet in existence. The economy has been kept going at a lower level with the help of a much expanded barter network among enterprises. Prospects for avoiding economic collapse and anarchy are reasonably good, but a fully-fledged market economy remains a long way off.

Type
Articles
Information
National Institute Economic Review , Volume 141 , August 1992 , pp. 48 - 61
Copyright
Copyright © 1992 National Institute of Economic and Social Research

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Footnotes

∗

This article owes much to first-hand observation and discussion on visits to various parts o f Russia over the past two years. I am particularly grateful to the Foreign and Commonwealth Office for the opportunities provided by a short-term attachment to the British Embassy in Moscow in 1991. Needless to say, neither the Embassy nor the FCO bears any responsibility for the contents of the article. I also wish to acknowledge my indebtedness to the publications listed in the bibliography. Unless otherwise stated, all statistics cited in the article come directly or indirectly from official Sovtet or Russian sources (mainly Goskomstat of the USSR or of the Russian Federation).

The Review is pleased to give hospitality to CLARE Group articles, but is not necessarily in agreement with the views expressed; responsibility for these rests with the author. Members of the CLARE Group are M.J. Artis, A.J.C. Britton, W.A. Brown, C.H. Feinstein, C.A.E. Goodhart, J.A. Kay, R.C.O. Matthews, D. Miles, M.H. Miller, P.M. Oppenheimer, M.V. Posner, W.B. Reddaway, J.R. Sargent, M.F-G Scott, Z.A. Silberston, J.H.B. Tew, S. Wadhwani and M. Weale.

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