BORIS YELTSIN 1 ST RUSSIAN PRESIDENT AFTER THE COLLAPSE OF THE U.S.S.R.

U.S.S.R. DISSOLUTION December 31, 1991:December 31, 1991: –Russian President Yeltsin announced dissolution

ECONOMIC REFORMS Goal: market economy Privatization: sold off gov’t owned businesses –State business became corporations –Many purchased by former party officials –Powerful newly rich men became known as “oligarchs”

ECONOMIC REFORMS (2) Cut military spending Cut social assistance Eliminated subsidies (gov’t $ assistance) Established –Stock exchange –Gov’t. reserve bank –Civil law code

ECONOMIC PROBLEMS Economy shrank to less than halfEconomy shrank to less than half –From 1992 to 1997 –Millions suffered terribly Reduced/delayed wagesReduced/delayed wages Reduced/delayed pensionsReduced/delayed pensions High unemploymentHigh unemployment

YELTSIN’S STYLE Of leadershipOf leadership –Ruled by executive decree –NOT democratically Led to bitter conflict with legislative branchLed to bitter conflict with legislative branch No agreement on democratic constitutionNo agreement on democratic constitution Possible alcohol problemPossible alcohol problem

REFERENDUM Vote on an issueVote on an issue –Rather than election of leader or representatives Yeltsin gained support of majority of votersYeltsin gained support of majority of voters –April 23, 1993

New President 2000 Vladimir Putin elected Former KGB official Censored press Jailed wealthy political opponents Russia prospers thanks to Oil revenues