Immediately after the dissolution of the Soviet Union, Yeltsin took many steps to change the economy of the Soviet Union from a socialist economy to a capitalist economy. For example: he cut the payment of grants to money-losing farms and industries; he also removed control over prices; he took steps for convertibility of the Russian rouble. He also allowed many people close to his circle, and other business people, to take possession of the businesses and industries earlier owned by the government, and to run them as private enterprises. The planners and economists had thought that these changes would lead to a faster economic development. However, nothing of this sort happened.