The statement that best explains the effects of the emancipation over time is:
"The emancipation boosted social reform and economic development, but it failed to address Russia’s long-term weaknesses."
This reflects the historical context of the Emancipation Reform of 1861, which indeed abolished serfdom and initiated some social reforms, but many of the underlying issues in Russian society and governance remained unresolved, leading to continued challenges in the years that followed.