Last modified on 27 April 2012, at 01:34


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Perestroika (Russian: перестройка), which means "restructuring", was a new policy introduced by Mikhail Gorbachev in the Soviet Union to allow the people to own small businesses. Gorbachev tried to transform the stagnant, inefficient command economy into a decentralized, market-oriented economy. Under perestroika, open elections were held, and industrial managers were granted greater autonomy. It also contributed to the complete collapse of the Soviet Union. See also glasnost, its social and cultural counterpart.