Mikhail Gorbachev has died

Of course Yeltsin was a big part of the problem too.

There was such a plan, at least in the twisted minds of the people behind the Washington Consensus. They were calling it privatization or price liberalization or some other non-sense like that, thing is the common people got the very, very short stick (like my parents, who lost their jobs, their city apartment and who had to resort to literally subsistence agriculture in a matter of 4-5 years maximum; I'm not from Russia, but still from the former communist space) while some lucky ones from amongst us became entrepreneurs and business leaders. Also, most of the really juicy assets (like almost of all our banking sector, our oil resources etc) got sold to Western companies, but that was a given if we wanted to become part of the European Union and of the West more generally speaking.

Yes, I've started to become more and more bitter as the years have gone by, I'm now almost the same age as my dad was in the mid-'90s, when all hell started to economically unravel. Nobody had asked my parents, or us, who were mere kids and teenagers back then, if we were agreeing to the sacrifices that they were going to impose on us.

https://economistwritingeveryday.com/2022/03/16/the-transiti...

A lot of Russia's issues stem from the way the government sold off their state owned corporations, which created artificial monopoly/oligopoly owners overnight — often insiders/cronies to begin with. This can be contrasted with traditional market economies where large corporations start off as small companies and become dominant through innovation, growth, and generally meeting consumer demands.