Final answer:
Privatization in Russia refers to the transition from a state-controlled economy to a market-based economy in the 1990s. It had a significant impact on the majority of the Russian people, leading to the concentration of wealth in the hands of a few oligarchs and negative consequences for the population.
Step-by-step explanation:
Privatization refers to the transfer of ownership, control, and management of state-owned assets to the private sector. In the context of Russia, it specifically refers to the transition from a state-controlled economy to a market-based economy in the 1990s.
When Russia shifted to privatization, it had a significant impact on the majority of the Russian people. While some individuals benefited from new economic opportunities, there were also negative consequences for many others. The privatization process led to the concentration of wealth in the hands of a few oligarchs, while the majority of the population faced economic hardships, unemployment, and a decline in living standards.