Wednesday, June 07, 2006


When Michael Gorbachev came to power in 1985, USSR was already on its way to collapse. He publicly announced that the Soviet economy was in deep trouble and needed immediate reorganisation. Although the ex-Russian President employed a number of reforms during 1985-91 in order to transform the stagnating, inefficient Russian economy into more decentralized market oriented economy, he could not save USSR from disintegrating. After the August Coup of 1991, his most famous plans of peresetroika and glasnost eclipsed and proved to be a disastrous failure.

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