ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The Russian economy has passed through a long and wrenching depression. Official Russian economic statistics indicate that from 1990 to the end of 1995, Russian GDP declined by roughly 50%, far greater than the decline that the United States experienced during the Great Depression.

Detailed explanation-2: -The dissolution of the Soviet Union was the process of internal disintegration within the Soviet Union (USSR) which resulted in the end of the country’s and its federal government’s existence as a sovereign state, thereby resulting in its constituent republics gaining full independence on 26 December 1991.

Detailed explanation-3: -The struggle for the center of power in Soviet Russia following the collapse of the Soviet Union and for the nature of the economic reforms culminated in a political crisis and bloodshed in the autumn of 1993. Yeltsin, who represented a course of radical privatization, was opposed by the Supreme Soviet.

Detailed explanation-4: -The Soviet Union finally collapsed in 1991 when Boris Yeltsin seized power in the aftermath of a failed coup that had attempted to topple reform-minded Gorbachev.