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According to the scholar Marcel H. Van Herpen, the end of the Soviet Union marked the end of the last European empire, and some authors called it the death of Russian colonialism and imperialism. [181] As the Soviet Union began to collapse, social disintegration and political instability fueled a surge in ethnic conflict. [182]
The collapse of the Soviet Union, 1985–1991 (Routledge, 2016). Matlock, Jr. Jack F., Autopsy on an Empire: The American Ambassador's Account of the Collapse of the Soviet Union, Random House, 1995, ISBN 0-679-41376-6; Oberdorfer, Don. From the Cold War to a New Era: The United States and the Soviet Union, 1983–1991 (2nd ed. Johns Hopkins UP ...
Even so, the Soviet Union had the second largest economy in the world from the end of World War II until the mid-1980s. A major strength of the Soviet economy was its enormous supply of oil and gas, which became much more valuable as exports after the world price of oil skyrocketed in the 1970s.
The collapse of the Soviet Union, and the breakdown of economic ties which followed led to a severe economic crisis and catastrophic fall in the standards of living in the 1990s in post-Soviet states and the former Eastern bloc. [165] [166] Even before Russia's financial crisis of 1998, Russia's GDP was half of what it had been in the early ...
Nikolai Ryzhkov, a former Soviet prime minister who presided over botched efforts to shore up the crumbling national economy in the final years of the USSR, has died. During his six-year tenure ...
The "Era of Stagnation" (Russian: Пери́од засто́я, romanized: Períod zastóya, or Эпо́ха засто́я Epókha zastóya) is a term coined by Mikhail Gorbachev in order to describe the negative way in which he viewed the economic, political, and social policies of the Soviet Union that began during the rule of Leonid Brezhnev (1964–1982) and continued under Yuri Andropov ...
Predictions of the Soviet Union's impending demise were discounted by many Western academic specialists, [7] and had little impact on mainstream Sovietology. [8] For example, Amalrik's book "was welcomed as a piece of brilliant literature in the West" but "virtually no one tended to take it at face value as a piece of political prediction."
Expectations that Russia's economy will struggle are misplaced, and multiple factors should keep the nation resilient, three economists said.