ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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CRUDE OIL-Dismal Prospects

Mikhail Gorbachev at the 19th All-Union Party Conference of the CPSU will, if implemented, profoundly alter the way in which political authority is exercised, legitimised and reproduced in the Soviet Union. Perestroika, variously translated as restructuring, reform or renewal of the socialist system, has been under way in the economy over the last three years. The changes go beyond the 1965 Kosygin reforms or the earlier Krushchev reforms but basically centre on an increasing role for the market. The logic of plan has not been superseded by the logic of the market, although there is a conflict between the two. Also, in a relatively egalitarian society the operation of the market would be quite different from what it is in capitalist economics, OS the developed or underdeveloped variety.

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