failure of economic reform 1990-91 - Gorbachev Flashcards
(4 cards)
1
Q
transformation
A
Gorbachev and Yeltsin commissioned two Soviet economists to make a plan for economic transition to minimise the problems during the transition to market economy
result was the 500 day plan
2
Q
political problems
A
he initially supported it
with pressure from the senior hardline communists he backed down
persuaded it should happen at a slower pace
3
Q
final reforms
A
Supreme Soviet introduced private property
people could own land and factories that had been illegal since 1920’s
trade stocks and shares
4
Q
final reforms - failures
A
oil production fell 9%
steel and tractor production fell 12%
economy was headed towards catastrophe
by summer 1991 the government were effectively bankrupt - had no economic power to govern
