Page 1 - MM- End of Bipolarity

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Chapter- The End of Bipolarity ]

 It lead to the virtual disappearance of entire industries.
 The value of the 'Ruble' the Russian currency declined  The USSR came into being after the Socialist Revolution

dramatically. in Russia in 1917.

 The old system of social welfare was systematically  The Soviet political system centred around the Communist

destroyed. Party and no other party or opposition was allowed.

 The Soviet Union become a great power after the Second

World War.

 State ownership was the dominant form of ownership :
land and productive assets were owned and controlled by
the Soviet State.
 The soviet system became very bureaucratic and authoritarian.

The model of transition in Russia, Central

Asia and East Europe that was influenced
by the world Bank and the IMF came to be
known as 'shock therapy'.
The End of
Bipolarity  A coup took place in 1991, that was encouraged by Communist
Party’s hardliners.
 Boris Yeltsin emerged as a national hero in opposing this coup
 The end of Cold War.  In 1991, under the leadership of Yeltsin Russia, Ukraine and
 The power relations in world politics changed. Belarus, declared that the Soviet Union was disbanded.
 The end of the Soviet Bloc.  Russia was now accepted as the success or state of the Soviet Union.
 Russia accepted all the international treaties and commitments
of the Soviet Union.
 1991, December 25 Gorbachev resigns as the President of the Soviet
Union.

 India has maintained good relationship with all
post-communist countries.  Internal weaknesses of Soviet political and economic institutions, which failed
 More than 80 bilateral agreements have been to meet the aspiration of the people, were responsible for the collapse of the system.
signed between India and Russia as part of the  The Soviet Union had become stagnant in an administrative and political sense as well.
Indo–Russian Strategic Agreement of 2001.