TRANSITION FROM SOCIALISM TO A MARKET ECONOMY: ASSESSMENT OF ECONOMIC CONSEQUENCES IN THE REPUBLIC OF ARMENIA

Abstract

The main geopolitical and regional phenomenon of the early 90s of the 20th century and the first two decades of the 21st century was the transition from the socialist system (socialism) to free market relations. The transition from socialism to free market relations (capitalism) in about 30 countries of the world was carried out in conditions of greater uncertainty, as a result of which several countries made this transition quite quickly and with small socio-economic costs, and some countries went through a rather difficult path, paying for it high economic and social cost. In these countries, the situation in the labor market was especially difficult, which was accompanied by a high degree of social vulnerability and poverty of the population. The article examines the experience of the Republic of Armenia in the transition from socialist to free market relations, the authors compare the growth rates of the two most important macroeconomic indicators of the long socialist period with the corresponding macroeconomic indicators of the period of independence of the republic.