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What were the main challenges for Russia to adopt market reforms?

What were the main challenges for Russia to adopt market reforms?

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Answer #1

The main challenges for Russia to adopt market reforms were :

  • Transition from centrally planned communist economy to a market based capitalist economy was very difficult due to the required changes in ideological beliefs and mindset.
  • Nationalization of key sectors such as oil and other natural resources
  • Rampant corruption in bureaucracy
  • The Asian financial crisis in the 90s effected the Ruble, and Russia defaulted on its debt
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