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Economy In Transition Essay

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Below is an essay on "Economy In Transition" from Anti Essays, your source for research papers, essays, and term paper examples.

Transition Economy

In this assignment we had to find and research a country which is in transition and identify the problems the country has faced in transition using economic indicators to prove it. I chose the country Russia which is in transition from the year the Soviet Union dissolved in 1991 to the present day. The indicators that I am going to use in this essay to show the effect of the transition going from a centrally planned economy to a free market economy are: GDP (Gross Domestic Product), which means the total value of all final goods and services within a single country over a given time period, which is one calendar year, GDP per capita, next I will discuss inflation, which simply means that prices of goods and services rise, after that unemployment, population, external debt, and finally exports and imports. All of these indicators I will use in a table to show the different years and how it is developing. The following, I will discuss with some pieces of information: HDI (Human Development Index), which measures money, education, medication, literacy and is measured from a scale of 0 to 1. Finally, I will end the discussion with a prediction about the future.
Since the breakdown of the Soviet Union, the Russian federation never really adapted itself to a free market economy. In 1991, the whole GDP went collapsing and basically the move to a free market based economy from a planned economy brought many problems. After the collapse of the communist regime, there had to be a price control reform, which resulted, in 1992, to inflation rates being up to 2,520 %.When you compare it to the current inflation, which is about 11.9%, it seems like a huge difference and shows the improvement that Russia has made adapting to the free market system. First, I will discuss the gross domestic product. The 1994 Russian GDP was about US$678 billion, making the Russian economy approximately 10 percent of the United States economy.


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