![]() ![]() ![]() ![]() In May 1988, Gorbachev introduced a new policy that allowed for the creation of limited co-operative businesses within the Soviet Union, which led to the rise of privately owned stores, restaurants and manufacturers. It was a move that rankled many high-ranking officials who had previously headed these powerful central committees. This incentivized them to aim for profits, but it also went against the strict price controls that had been the bedrock of Soviet economic policies. Gorbachev’s perestroika program loosened centralized control of many businesses, allowing some farmers and manufacturers to decide for themselves which products to make, how many to produce, and what to charge for them. Russian Capitalism After Communism What Is Perestroika? ![]()
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