To compete better in the global economy, the privatized industries of Russia laid off workers.

Name: To compete better in the global economy, the privatized industries of Russia laid off workers.
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After the fall of the Soviet Union, Russia transitioned from a centrally planned economy to a more market-based one. This involved privatizing many state-owned enterprises, which often sought to become more competitive and efficient by reducing their workforce, leading to layoffs.

To Compete Better in the Global Economy, the Privatized Industries