For about 60 years, the Russian economy and the rest of the Soviet Union operated on the basis of a centrally planned economy. After the collapse of the Soviet Union and the collapse of Russia's controlled economy, a new Russian Federation was created under Boris Yeltsin in 1991. The Russian Federation had multiple economic reforms, including privatization and market and trade liberalization, due to collapse of communism. Though the economy is much more stable compared to the early 1990s, inflation still remains an issue for Russia. During the 21st century, Russia made a huge leap to reform its market into a mixed economy instead of a centrally planned economy. This transition has been positive but challenging for Russia's economy.