Boris Yeltsin

Real World Example

Boris Yeltsin was the first President of Russia, serving from 1991 to 1999, and played a key role during the turbulent transition from Soviet rule to a more democratic and capitalist society. During his presidency, Yeltsin implemented significant economic reforms, known as "shock therapy," which rapidly moved Russia from a state-controlled to a market economy. His actions mattered because they set the foundation for Russia's economic and political landscape, though they also led to challenges like high inflation and unemployment. Today, Yeltsin's efforts to introduce democracy and free markets still resonate, as seen in the relatively open political debates and economic opportunities that exist in Russia. For example, young Russian entrepreneurs building their own tech companies can trace some of their business opportunities back to the economic freedoms introduced during Yeltsin's time.