USA HISTORY

Detailed explanation-1: -During the international oil crisis, growth in the Soviet Union and the Eastern Bloc halted abruptly and stalled for a longer period than in the West causing the economy to begin stagnating. One explanation, according to Harrison, is that the Soviet economy could not sustain its extensive growth patterns.

Detailed explanation-2: -The Soviet Union maintained itself as the world’s second largest economy in both nominal and purchasing power parity values throughout the Cold War, when Japan’s economy exceeded $3 trillion in nominal value.

Detailed explanation-3: -In the late 1960s, the Soviet Union entered a period of decreased economic growth and increasing poverty known as the Era of Stagnation. Soviet leader Mikhail Gorbachev, who came to power in the second half of the 1980s, argued that the solution to this stagnation was to liberalize the Soviet economy.

Detailed explanation-4: -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 sovereignty on 26 December 1991.