At the end of 1991 the USSR disintegrated into fifteen independent nations. Russia’s president, Boris Yeltsin, launched economic reforms that privatized much of the economy but in the process allowed politically connected cronies to acquire vast wealth from what was once state property. The economy spiraled downward and by 1999, 40 percent of Russians were living in poverty. Rates of drug use, crime, and corruption rose, while health care deteriorated and life span declined. Russia’s population fell by more than 500,000 people each year, as death rates far exceeded birth rates. President Vladimir Putin, who took office in 1999, attempted to reduce corruption and the power of the economic oligarchs. With majority public support, Putin renationalized a number of major energy companies. He was accused of shifting government back toward authoritarianism, but some observers thought his actions were necessitated by the nature and scope of the problems his nation faced.

What It Means

This is a placeholder explanation generated by the low-overhead model. It interprets "At the end of 1991 the USSR disintegrated into fifteen independent nations. Russia’s president, Boris Yeltsin, launched economic reforms that privatized much of the economy but in the process allowed politically connected cronies to acquire vast wealth from what was once state property. The economy spiraled downward and by 1999, 40 percent of Russians were living in poverty. Rates of drug use, crime, and corruption rose, while health care deteriorated and life span declined. Russia’s population fell by more than 500,000 people each year, as death rates far exceeded birth rates. President Vladimir Putin, who took office in 1999, attempted to reduce corruption and the power of the economic oligarchs. With majority public support, Putin renationalized a number of major energy companies. He was accused of shifting government back toward authoritarianism, but some observers thought his actions were necessitated by the nature and scope of the problems his nation faced." in the context of "James DeFronzo, Revolutions and Revolutionary Movements (2018), p. 70" to mean that wisdom is timeless.