ENTREPRENEURSHIP AND THE GLOBAL ECONOMY
CULTURAL DIFFERENCES AND ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Market Economy
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Mixed Economy
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Command Economy
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None of the above
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Detailed explanation-1: -The socialist economic system and socialist ownership of the means of production, which come in two forms: state property and cooperative and collective-farm property, form the basis of the republic’s economy.
Detailed explanation-2: -Since collapse of the Soviet Union in 1991, Russia has tried to develop a market economy and achieve consistent economic growth. In October 1991, Yeltsin announced that Russia would proceed with radical, market-oriented reform along the lines of “shock therapy", as recommended by the United States and IMF.
Detailed explanation-3: -Forced industrialisation. Compared to Western Europe, Russia was poor and agrarian. The Bolsheviks saw industrial power as the foundation of the modern state, and pursued it at all costs. Their policies made a clear difference: in a few years, the country became much more industrialised.