Answer:
Privatization of Industry decreases wealth and equality
Explanation:
Boris Nikolayevich Yeltsin was president of the Russian Federation, a position he held between 1991 and 1999. On July 11, 1990, during the celebration of the XXVIII Congress of the Communist Party of the Soviet Union, Boris Yeltsin announced his resignation in the CPSU. In the presidential elections of June 1991, Boris Yeltsin, standing as an independent, was elected president of the Soviet Federative Socialist Republic of Russia with 57% of the votes.
In August 1991, Yeltsin won international applause by promoting himself as a democrat and by challenging the August 1991 coup attempt carried out by hard-line communists in the Soviet government and in the KGB. After the dissolution of the Soviet Union in December 1991, Yeltsin undertook to transform Russia's socialist economy into a free market economy and implemented economic shock therapy, liberalization of prices and privatization programs. Due to the privatization method, a large part of the national wealth fell into the hands of a small group of oligarchs.
The Yeltsin era was marked by widespread corruption, economic collapse, two wars in Chechnya and huge social and political problems that affected Russia and other former states of the Soviet Union. During the first years of his presidency, many of Yeltsin's political supporters turned against him and Vice President Aleksandr Rutskoi denounced the reforms as an "economic genocide." Constant confrontations with Parliament culminated in the Russian constitutional crisis of October. of 1993, when the Parliament tried to remove Yeltsin from his post and this, in response, besieged the Russian White House, which killed hundreds of people. Yeltsin got rid of the current Constitution, temporarily banned political opposition and continued with his economic experimentation. He then introduced a new Constitution with a strong presidential power and which was approved by a controversial referendum before the end of the year.
On December 31, 1999, Yeltsin made a surprise announcement of his resignation, leaving the presidency in the hands of his successor, the then prime minister, Vladimir Putin. Yeltsin left the position being widely unpopular among the Russian population. According to some estimates, their approval ratings upon leaving office were as low as 2%.
