Question

What is economic transition? As an example consider the current challenges facing Russia in terms of economic growth in 500 words

Answer 1

Answer:

A transition economy or transitional economy is an economy which is changing from a centrally planned economy to a market economy. Transition economies undergo a set of structural transformations intended to develop market-based institutions.

Explanation:

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Answer 2

Changing a nation's fundamental economic organization and creating entirely new free market institution. Stabilizing the economy, reducing budget deficits, and expanding credit availability. Allowing prices to reflect supply and demand.