Perestroika

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Perestroika

A series of political and economic reforms in the Soviet Union in the late 1980s. Perestroika saw the introduction of multi-candidate elections for some offices and the separation of some government functions from the Communist Party. It also allowed state-owned companies to determine outputs based on consumer demand, at least within certain limits, and, for the first time in decades, permitted privately owned businesses in some sectors. Perestroika is thought to have contributed to the fall of the Soviet Union and its transition to a capitalist economy.
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