Original sentence: Following the  dissolution of the Soviet Union in December 1991, Yeltsin, vowing to transform Russia's Communist planned economy into a capitalist market economy, endorsed a programme of "shock therapy," cutting Soviet-era price controls and introducing drastic cuts in state spending.Hyperinflation wiped out a lot of personal savings, and tens of millions of Russians were plunged into poverty.The reforms devastated the living standards of much of the population, especially the groups dependent on Soviet-era state subsidies and welfare programs
Edited sentence: Following the  dissolution of the Soviet Union in December 1991, Yeltsin, vowed to transform Russia's Communist planned economy into a capitalist market economy, and endorsed a programme of "shock therapy," cutting Soviet-era price controls and state spending.Hyperinflation, usually blamed on the Central Bank of Russia's loose monetary policy, wiped out personal savings in banks, and tens of millions of Russians were plunged into poverty.Living standards of much of the population plunged, especially the groups dependent on Soviet-era state subsidies and welfare entitlement programs.The reforms were enacted very slowly, and a tiny "elite" or "oligarchy" used corrupt bureaucrats to gain control of the bulk of Russia's economy