5. Shock Therapy Economics
The 1990s brought “shock therapy” reforms: sweeping price liberalization, subsidy cuts, and currency devaluation. Hyperinflation devoured savings, and factories shuttered, leaving millions jobless and impoverished almost overnight. Yet, amid the turmoil, a shrewd minority exploited the volatility—profiting from currency speculation, asset stripping, and insider deals. This economic freefall widened the gap between ordinary Russians and the emerging oligarch class, entrenching profound social and financial divides (via Brookings).
