Economic reforms in the USSR: The last act (1985—1991). On the 40 th anniversary of perestroika

Perestroika (restructuring) was the last of three large-scale attempts to reform the Soviet economy on the basis of market principles. Similar to the previous two attempts (the NEP and the Kosygin economic reform of 1965), it failed to produce a sustainable result but led to the aggravation of political problems. However, unlike the previous two, perestroika ended with the collapse of the entire Soviet system. The paper deals with the processes of unfolding of the economic crisis, objective problems of the Soviet model and mistakes of economic policy in 1985—1991. The author discusses the principal possibility of implementation of market reforms while remaining within the framework of the Soviet political system. Special attention is paid to the logic and consistency of socio-economic policy, the correlation of macroeconomic, institutional, and structural transformations. The sources of the systemic crisis and the first programs to overcome it are considered as well.