What periods went through the privatization process in Russia

The essence and purpose of privatization in Russia

Privatization is the process of transferring state ownership to private ownership. Its foundation was laid in Russia in 1991. The legislative acts on the legal aspects of privatization in Russia laid down the following objectives of this process:
- ensuring equality of various forms of ownership;
- demonopolization of production facilities;
- balancing incomes of social groups;
- the creation of an effective class of owners, the redistribution of income and property;
- the formation and development of the stock market in Russia.The key objectives of privatization in Russia were not achieved - there was no serious restructuring of the economy and there was no effective property institution, and most of the resources were concentrated among a narrow circle of people.
Among the methods of privatization were determined the competitive sale of enterprises and assets,sale of enterprises through an auction, sale of blocks of shares (shares of companies), purchase of property of enterprises.

Stages of privatization in Russia

Privatization in Russia was carried out in two stages. Among them are voucher privatization (1992-1994) and monetary privatization (1995-1997). It can be said that the privatization process continues today. True, it is not passing as rapidly as in the 1990s.
The features of voucher privatization were the speed of the process, as well as the introduction of free privatization checks (vouchers). In total, in 1994, 2/3 of all trade enterprises and those working in the sphere of personal services were privatized.The main disadvantage of the voucher privatization method was its low profitability for the budget, which was replenished in 1992 with 0.04 billion rubles. Most of this money depreciated as a result of inflation.
Vouchers were distributed in 1992 to the public for a nominal fee. Their nominal value was 10 thousand rubles. Vouchers were issued for a cumulative amount of 1,400 billion rubles, which was the estimated value of all property in the Russian Federation.
According to the estimates of the head of the State Property Committee, AB Chubais voucher matched the cost of two cars "Volga".The market value of the shares that could be purchased for vouchers depended on the company and the region. For example, in the Nizhny Novgorod region a voucher could be exchanged for 2,000 Gazprom shares, and in the Moscow Region for 700 shares.
The second stage of privatization, which was called monetary, began in 1995 and continues today. He focused on the transition from gratuitous transfer of state property to its sale at market prices. According to the stated goals of privatization, it had to ensure the growth of the efficiency of enterprises.
In practice, the second stage of privatization also became a failure, since about 7.3 trillion rubles were collected in the budget. Most of these funds were received at mortgage auctions.

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