ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It moved closer to a command system on the continuum
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It moved closer to a market system on the continuum
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It became a traditional system
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It did not change
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Detailed explanation-1: -After the collapse of the Soviet Union in 1991 and collapse of Soviet Russia’s controlled economy, a new Russian Federation was created under Boris Yeltsin in 1991. The Russian Federation had multiple economic reforms, including privatization and market and trade liberalization due to the collapse of communism.
Detailed explanation-2: -The effects of the Cold War on nation-states were numerous both economically and socially until its subsequent century. For example, in Russia, military spending was cut dramatically after 1991, which caused a decline from the Soviet Union’s military-industrial sector.
Detailed explanation-3: -Moscow loses control In 1988, Gorbachev started to lose control of two regions of the Soviet Union, as the Baltic republics were now leaning towards independence, and the Caucasus descended into violence and civil war.
Detailed explanation-4: -During 1989 and 1990, the Berlin Wall came down, borders opened, and free elections ousted Communist regimes everywhere in eastern Europe. In late 1991 the Soviet Union itself dissolved into its component republics.