WORLD HISTORY

Detailed explanation-1: -Mikhail Sergeyevich Gorbachev (2 March 1931 – 30 August 2022) was a Soviet and Russian politician who served as the eighth and final leader of the Soviet Union from 1985 to the country’s dissolution in 1991.

Detailed explanation-2: -On 25 December, Gorbachev resigned and turned over his presidential powers-including control of the nuclear launch codes-to Yeltsin, who was now the first president of the Russian Federation. That evening, the Soviet flag was lowered from the Kremlin and replaced with the Russian tricolor flag.

Detailed explanation-3: -Gorbachev’s reforms were gradualist and maintained many of the macroeconomic aspects of the command economy (including price controls, inconvertibility of the ruble, exclusion of private property ownership, and the government monopoly over most means of production).

Detailed explanation-4: -A policy of Soviet leader Mikhail Gorbachev to grow the Soviet economy by opening it up to free market economy, private businesses, and less price control. November/December 1989.