Yeltsin By Desiree, Annie, Katie, Veronica, Ian, Mariela, Alec, Grayson, and Audrey

Who is Yeltsin? First president of the Russian Federation. Mandated new parliamentary elections and a referendum on a new constitution, which passed by a narrow margin in December 1993. Radical economic reforms confronted Russians with an increasingly uncertain future marked by declining real wages, high inflation, and rising crime. Though a Communist Party member for much of his life, he eventually came to believe in both democratic and free market reforms, and played an instrumental role in the collapse of the Soviet Union.

Significant economic/public policy developments Yeltsin established a program of radical economic reforms two months before the official collapse of the Soviet regime. Laid out a number of measures to achieve stabilization, called for sharp reductions in government spending to reduce government budget deficit, focused on imposing new taxes and controlling inflation. In January 1992, most prices were liberalized, queues disappeared and goods reappeared in stores. By mid-1994, almost 70 percent of the Russian economy was in private hands. In 1995, with the help of the International Monetary Fund, Russia stabilized the ruble. Shock therapy policy and privatization were meant to transit the country to a market economy, but, in the end, left the country running poor. During his first term, Yeltsin failed to set up coherent and effective decision making process on foreign and security policy Policy during this time was often marked by improvisation and ad hoc responses Under his watch, a stock exchange, commodities exchanges and private banks all came into being. Boris Yeltsin's primary aim in foreign policy, like Mikhail Gorbachev's before him, was to create a non-threatening external environment that would be most conducive to his country's internal economic and political development

Why Democracy Failed under Yeltsin Increased inflation rates and the rising cost of living led many Russians into poverty His economic plan destroyed the mechanisms of central planning He did not create a strong foundation for democracy and succumbed to popular belief that he should respect the Soviet Constitution His decision to appoint Putin as his heir-apparent, led to the failure of democracy Putin, a secret policeman, had secretly eliminated the democracy Yeltsin had built

Timeline December 1991- 11 republics declared independence, Gorbachev resigned and Yeltsin took office. January 1992- Begins to dismantle 75 years of Communist economics by lifting price controls on most goods. April 1993- wins referendum on his rule and reforms December 1993- a new constitution is approved giving Yeltsin sweeping powers and guaranteeing private property, free enterprise and individual rights. December 1995- Suffers political setback when the Communists win parliamentary elections and hold a majority together with other hard-liners

TimeLine Continued February 1996- Says he will seek a second term as president, despite his unpopularity. Starts an energetic campaign pitting him and his reforms against the Communist Party leader, who promises to restore the Soviet Union and its policies. July 1996- Wins re-election despite being too ill to show up at his polling station August 1998- Dismisses entire Russian government again amid economic crisis; selects Foreign Minister Yevgeny Primakov as prime minister.

Timeline continued May 1999- Easily survives an impeachment vote in the lower house of parliament. May 1999- Fires Primakov's government; appoints Interior Minister Sergei Stepashin as prime minister. December 1999- resigning before his term expires in March 2000 and names Vladimir Putin, his prime minister and a former KGB agent, as acting president.

Yeltsin’s Legacy Boris Yeltsin left behind a complicated legacy as Russia's president. He pushed for democratic reforms, such as free speech, the right to own property, and hold elections.But his haste to advance economic reforms had disastrous effects on the Russian people. Prices for goods dramatically increased, leaving many to struggle to survive. Other economic missteps led to workers waiting months to be paid. Critics also noted that he was slow to act against corruption and that the privation of businesses created great wealth in the hands of a few.

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Interesting Fact Boris Yeltsin was the first freely elected leader in Russia’s 1,000-year history.

The real yeltsin https://www.youtube.com/watch?v=cRysHHzLAmM