The Russian Economy
Alexander Keller
So here is what basically happened : Russia became an independent nation after the collapse of the Soviet Union in 1991. As the Soviet Union began to disintegrate, the president, Boris Yeltsin, began to institute an economic theory called "shock therapy." Shock therapy rapidly changes the economy from communism to capitalism, regardless of the fact that such rapid change causes massive immediate consequences. After being painfully initiated into a market economy and joining the world economy as such, Russia's entire economy has been running on the high price of oil and natural gas. With the Russian economy being precariously perched on a nonrenewable, unreliable substance such as oil, the whole country is in a volatile state. A major swing in the price of oil and/or natural gas would bring the entire economy and country into crisis.
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The Russian economy, so this pertains to Russians, but also affects the world since Russia is such a large country geographically, militarily, and politically.
The economy which is incredibly unstable due to it's lack of diversity in investments, and the lack of effectiveness of shock therapy.
The Russian Federation.
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When did this happen?
1991 when the Soviet Union collapsed and Yeltsin began instituting capitalist policies.
Has this happened before?
Shock therapy has, but not the institution of this kind of capitalism in Russia.
What is the long term impact of this event?
A dangerous economy for Russia, and the effects of an unstable economy in such an influential economy on the world.

Sources - Shock Therapy,9171,974758,00.html - Shock Therapy - Russians' videos