Question

Mikhail Gorbachev was the most gifted and dynamic leader Russia had seen for many years. In the light of this statement, discuss his economic reforms.

Answer 1

1. Mikhail Gorbachev, who was known as a smart and energetic leader, made big changes to the Soviet Union’s economy through his Perestroika (restructuring) policy. 
2. The goal of these changes was to get the Soviet economy moving again by lowering government control, promoting private business, and raising output.
3. He let the market work in some ways, let foreign investors come in, and tried to bring industry and farming up to date.
4. But his changes were met with opposition, weren’t always carried out, and were hampered by a bureaucracy that was difficult to change. 
5. Despite causing short-term economic chaos, shortages, and inflation, his actions ultimately led to the collapse of the Soviet economy and the dissolution of the USSR.