Latvia regained its independence from the former Soviet Union in August 1991. Since then, it has begun the slow and arduous path of replacing the centrally-planned, socialist system with an economic structure based on free-market principles. Latvia began this transition "in a difficult environment characterized by macroeconomic imbalances inherited from four decades of central planning and disruptions caused by a sharp contraction of trade with Russia and other states of the former Soviet Union."
"Privatization At The Crossroad Of Latvia's Economic Reform,"
ILSA Journal of International & Comparative Law: Vol. 1
, Article 8.
Available at: http://nsuworks.nova.edu/ilsajournal/vol1/iss1/8