Infographic titled economic transition in post Soviet Russia. Sources : inflation dot eu and Russia's Transition toward the world economy; Kushnirs dot org.
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After the fall of the Soviet Union, Russia's economy took time to adapt to a free market economy. In what year did inflation start to drop in Russia?

Violence escalated in the late 1960s as extremists on both sides turned to terrorism. The Irish Republican Army (IRA) attacked Protestants, while armed Protestant groups targeted Catholics. The violence raged for three decades. After Britain sent troops to Northern Ireland, IRA terrorists attacked sites in Britain. Finally, in 1998, both sides signed a peace accord, known as the Good Friday Agreement. Protestants and Catholics set up a power-sharing government in 2007. Although isolated acts of violence have occurred, most people expected that peace would be permanent.

Shifts in Global Power

After the breakup of the Soviet Union, the United States remained the world's sole superpower. Russia struggled economically and was sidelined for a time in foreign affairs. In 2014, Russia hosted the Olympic Games, determined to showcase its return to the world stage as a great power. Despite tensions, the two Cold War rivals cooperated at times while each faced its own issues.

Russia Rebuilds

After the breakup of the Soviet Union, Russian president Boris Yeltsin shifted to a market economy. Economic reforms, especially the privatization of many state-run industries and collective farms, brought severe hardships to many Russians as unemployment and prices soared. A financial crisis wiped out the savings of millions. In 1998, Russia barely avoided financial collapse. It defaulted, or failed to make payments, on much of its foreign debt. A few Russians, however, grew rich, buying up old Soviet industries at bargain prices. They formed a new wealthy and powerful class.

Since 2000, Vladimir Putin has dominated Russian politics. As president, he helped rebuild the economy. Russia benefited from its vast natural resources, especially oil and gas. Rising prices for these exports boosted earnings and gave Putin a powerful tool because Russia was a major supplier of energy to Europe. In 2011, Russia joined the World Trade Organization, the international body that supervises world trade. Even though critics accused Putin's government of corruption and trampling on civil liberties, many Russians supported his policies.

As Russia rebounded, it strongly defended its interests in Europe and around the world, which sometimes caused tensions with the West. It denounced a U.S, plan to build anti-missile sites in Eastern Europe, which it saw as a threat. Despite UN sanctions against Iran, Russia helped Iran with its nuclear energy program.

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Table of Contents

World History Topic 1 Origins of Civilization (Prehistory–300 B.C.) Topic 2 The Ancient Middle East and Egypt (3200 B.C.–500 B.C.) Topic 3 Ancient India and China (2600 B.C.–A.D. 550) Topic 4 The Americas (Prehistory–A.D. 1570) Topic 5 Ancient Greece (1750 B.C.–133 B.C.) Topic 6 Ancient Rome and the Origins of Christianity (509 B.C.-A.D. 476) Topic 7 Medieval Christian Europe (330–1450) Topic 8 The Muslim World and Africa (730 B.C.-A.D. 1500) Topic 9 Civilizations of Asia (500–1650) Topic 10 The Renaissance and Reformation (1300–1650) Topic 11 New Global Connections (1415–1796) Topic 12 Absolutism and Revolution Topic 13 The Industrial Revolution Topic 14 Nationalism and the Spread of Democracy (1790–1914) Topic 15 The Age of Imperialism (1800–1914) Topic 16 World War I and the Russian Revolution (1914–1924) Topic 17 The World Between the Wars (1910–1939) Topic 18 World War II (1930–1945) Topic 19 The Cold War Era (1945–1991) Topic 20 New Nations Emerge (1945–Present) Topic 21 The World Today (1980-Present) United States Constitution Primary Sources 21st Century Skills Atlas Glossary Index Acknowledgments