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A study was conducted on the dimensions of Russia's industrialization from 1992 to 1998, with emphasis on growth and structural changes in production and changes in property ownership and organizational forms. The economic indices in Russia were also analyzed to examine the regional differences in industrial transformation. Results indicate that the economic climate in Russia during its industrial transformation was plagued with a fast but diminishing inflation and constant political instability.

Economic study of the Soviet Union by Westerners was largely successful, although some areas of disagreement existed. Western economists used standard principles and concepts to analyze the Soviet economy, even though the system was centrally planned and not market-driven. During 40 years of study, economists debated the nature of the Soviet economic system, rates of economic growth and comparative size of the economy.

An analysis of the economic development of former Soviet Republics reveals a general fall in national income and production after two years of independence. Rapid inflation has caused a drop in living standards. The task of building national integration and unity has relegated economic change to the background. Non-Russian states have attempted to redefine relations with Russia.

The challenges involved in implementing economic reforms and the political growth of Vladimir Zhirinovsky in Russia are the two most significant problems besetting the Commonwealth of Independent States (CIS). These problems arose because the disintegration of the USSR was not gradual and the CIS was hurriedly organized. The rest of the world should comprehend the complexities and follow a creative diplomacy to help the CIS.

The Soviet-type economy of the eastern bloc nations was analyzed using the theories of economist Ludwig von Mises. Slow economic growth, poor dynamic efficiency, low living standards and uneven income distribution were the results of 40 years with this type of economy despite numerous attempts at reform. This phenomenon was caused by the imprecise analysis of factors of production and an inaccurate system of incentives. The change to a market type economy currently poses massive socio-economic problems for reformers.