The End of Bipolarity
The Russian Revolution of 1917 led to the formation of USSR. The Soviet political system centered on the Communist Party and no opposition was allowed. The economy was planned and controlled by the State. As a positive development Soviet Union became a great power after the Second World War. It ensured a minimum standard of living for all citizens. As a negative development of Soviet system it became bureaucratic and authoritarian, making life of the people miserable. It lagged behind the West in technology and infrastructure.
Gorbachev’s reforms were not welcomed. In 1991, a coup took place. Boris Yeltsin emerged as a national hero. The Communist Party of the Soviet Union was banned. Disintegration of the USSR took place and Commonwealth of Independent States (CIS) was formed. Absence of consumer goods, Massive government debt, Nationalities issue both within and outside party apparatus, Resource diversion into the military and Bureaucratic system became the main reasons of its disintegration. As a consequence of disintegration the Cold War rivalry and arms race stopped and power relations in world politics changed furthermore there is emergence of many new countries.
Shock Therapy refers to the influence of the World Bank and the IMF in Russia, Central Asia and East Europe that was to bring about process of transition from an authoritarian socialist system to a democratic capitalist system. Consequence of shock therapy was that Structural reorganization of economy and then monetary privatization did not result in creation of "middle class". On the contrary, it resulted in the arbitrariness of governmental officials, illegal privatization and wild outburst of organized crime. The value of the Ruble (the Russian currency) declined dramatically. The withdrawal of government subsidies pushed people into poverty. Indo- Russia relations are marked by stability and continuity.
Bolsheviks are members of the radical political faction that staged the Bolshevik Revolution and in 1918 formed the Russian Communist Party (Bolshevik).
Glasnost means "openness" applied in the Soviet Union beginning in the mid-1980s to official permission for public discussion of issues and public access to information. Perestroika means "restructuring" applied in the late 1980s to an official Soviet program of revitalization of the communist party, economy and society.