After the collapse of the Soviet Union in 1991 and collapse of Soviet Russia's controlled economy, a new Russian Federation was created under Boris Yeltsin in 1991. The Russian Federation had multiple economic reforms, including privatization and market and trade liberalization because of collapse of communism. The economy is much more stable than in the early 1990s, but inflation still remains an issue for Russia. Historically and currently, the Russian economy has differed sharply from major developed economies in terms of a weak legal system, underdevelopment of modern economic activities, technological backwardness, and lower living standards.
