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Little misfortune physical copy
Little misfortune physical copy








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The price of oil temporarily spiked in the wake of Iraq’s invasion of Kuwait in August 1990, but by that point the collapse of the Soviet Union was well under way. When oil plunged from $120 a barrel in 1980 to $24 a barrel in March 1986, this vital lifeline to external capital dried up. Throughout the 1970s and ’80s, the Soviet Union ranked as one of the world’s top producers of energy resources such as oil and natural gas, and exports of those commodities played a vital role in shoring up the world’s largest command economy. Mismanagement of fiscal policy made the country vulnerable to external factors, and a sharp drop in the price of oil sent the Soviet economy into a tailspin. Wage hikes were supported by printing money, fueling an inflationary spiral. Economic stagnation had hobbled the country for years, and the perestroika reforms only served to exacerbate the problem. It was estimated that the Soviet black market economy was the equivalent of more than 10 percent of the country’s official GDP. The Iron Curtain had fallen, and the Soviet Union would not long outlast it.īy some measures, the Soviet economy was the world’s second largest in 1990, but shortages of consumer goods were routine and hoarding was commonplace. By the end of 1989 Hungary had dismantled its border fence with Austria, Solidarity had swept into power in Poland, the Baltic states were taking concrete steps toward independence, and the Berlin Wall had been toppled. In the end, Gorbachev’s reforms and his abandonment of the Brezhnev Doctrine hastened the demise of the Soviet empire. Perestroika exhibited the worst of the capitalist and communist systems: price controls were lifted in some markets, but existing bureaucratic structures were left in place, meaning that Communist officials were able to push back against those policies that did not benefit them personally. The state lost control of both the media and the public sphere, and democratic reform movements gained steam throughout the Soviet bloc. Rather than sparking a renaissance in Communist thought, glasnost opened the floodgates to criticism of the entire Soviet apparatus.

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The former was intended to foster dialogue, while the latter introduced quasi free market policies to government-run industries. When his initial attempts at reform failed to yield significant results, he instituted the policies of glasnost (“openness”) and perestroika (“restructuring”). When Mikhail Gorbachev was named general secretary of the Communist Party of the Soviet Union (CPSU) on March 11, 1985, his primary domestic goals were to jump-start the moribund Soviet economy and to streamline the cumbersome government bureaucracy. While it is, for all practical purposes, impossible to pinpoint a single cause for an event as complex and far-reaching as the dissolution of a global superpower, a number of internal and external factors were certainly at play in the collapse of the U.S.S.R. Within a year, the Soviet Union had ceased to exist. It also boasted an arsenal of tens of thousands of nuclear weapons, and its sphere of influence, exerted through such mechanisms as the Warsaw Pact, extended throughout eastern Europe. Its population numbered more than 290 million, and 100 distinct nationalities lived within its borders.

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On January 1, 1991, the Soviet Union was the largest country in the world, covering some 8,650,000 square miles (22,400,000 square km), nearly one-sixth of Earth’s land surface. SpaceNext50 Britannica presents SpaceNext50, From the race to the Moon to space stewardship, we explore a wide range of subjects that feed our curiosity about space!.Learn about the major environmental problems facing our planet and what can be done about them! Saving Earth Britannica Presents Earth’s To-Do List for the 21st Century.Britannica Beyond We’ve created a new place where questions are at the center of learning.100 Women Britannica celebrates the centennial of the Nineteenth Amendment, highlighting suffragists and history-making politicians.

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    Little misfortune physical copy