Mikhail Sergeyevich Gorbachev is a Russian and Soviet politician. The eighth and last leader of the Soviet Union, he was General Secretary of its governing Communist Party from 1985 until 1991, he was the country's head of state from 1988 until 1991, serving as Chairman of the Presidium of the Supreme Soviet from 1988 to 1989, Chairman of the Supreme Soviet from 1989 to 1990, President of the Soviet Union from 1990 to 1991. Ideologically, he adhered to Marxism-Leninism although by the early 1990s had moved toward social democracy. Of mixed Russian and Ukrainian heritage, Gorbachev was born in Privolnoye, Stavropol Krai to a poor peasant family. Growing up under the rule of Joseph Stalin, in his youth he operated combine harvesters on a collective farm before joining the Communist Party, which governed the Soviet Union as a one-party state according to Marxist-Leninist doctrine. While studying at Moscow State University, he married fellow student Raisa Titarenko in 1953 prior to receiving his law degree in 1955.
Moving to Stavropol, he worked for the Komsomol youth organisation and, after Stalin's death, became a keen proponent of the de-Stalinization reforms of Soviet leader Nikita Khrushchev. He was appointed the First Party Secretary of the Stavropol Regional Committee in 1970, in which position he oversaw construction of the Great Stavropol Canal. In 1974 he moved to Moscow to become First Secretary to the Supreme Soviet and in 1979 became a candidate member of the party's governing Politburo. Within three years of the death of Soviet leader Leonid Brezhnev, following the brief regimes of Yuri Andropov and Konstantin Chernenko, the Politburo elected Gorbachev as General Secretary, the de facto head of government, in 1985. Although committed to preserving the Soviet state and to its socialist ideals, Gorbachev believed significant reform was necessary after the 1986 Chernobyl disaster, he withdrew from the Soviet–Afghan War and embarked on summits with United States President Ronald Reagan to limit nuclear weapons and end the Cold War.
Domestically, his policy of glasnost allowed for enhanced freedom of speech and press, while his perestroika sought to decentralise economic decision making to improve efficiency. His democratisation measures and formation of the elected Congress of People's Deputies undermined the one-party state. Gorbachev declined to intervene militarily when various Eastern Bloc countries abandoned Marxist-Leninist governance in 1989-90. Internally, growing nationalist sentiment threatened to break-up the Soviet Union, leading Marxist-Leninist hardliners to launch an unsuccessful August 1991 coup against Gorbachev. Out of office, he launched his Gorbachev Foundation, became a vocal critic of Russian Presidents Boris Yeltsin and Vladimir Putin, campaigned for Russia's social-democratic movement. Considered one of the most significant figures of the second half of the 20th century, Gorbachev remains the subject of controversy; the recipient of a wide range of awards—including the Nobel Peace Prize—he was praised for his pivotal role in ending the Cold War, curtailing human rights abuses in the Soviet Union, tolerating both the fall of Marxist–Leninist administrations in eastern and central Europe and the reunification of Germany.
Conversely, in Russia he is derided for not stopping the Soviet collapse, an event which brought a decline in Russia's global influence and precipitated economic crisis. Gorbachev was born on 2 March 1931 in the village of Privolnoye, Stavropol Krai in the Russian Soviet Federative Socialist Republic, one of the constituent republics of the Soviet Union. At the time, Privolnoye was divided evenly between ethnic Russians and ethnic Ukrainians. Gorbachev's paternal family were ethnic Russians and had moved to the region from Voronezh several generations before, his parents named him Victor, but at the insistence of his mother—a devout Orthodox Christian—he had a secret baptism, where his grandfather christened him Mikhail. His relationship with his father, Sergey Andreyevich Gorbachev, was close, his parents were poor. The Soviet Union was a one-party state governed by the Communist Party, during Gorbachev's childhood was under the leadership of Joseph Stalin. Stalin had initiated a project of mass rural collectivisation which, in keeping with his Marxist-Leninist ideas, he believed would help convert the country into a socialist society.
Gorbachev's maternal grandfather joined the Communist Party and helped form the village's first kolkhoz in 1929, becoming its chair. This farm was twelve miles outside Privolnoye village and when he was three years old, Gorbachev left his parental home and moved into the kolkhoz with his maternal grandparents; the country was experiencing the famine of 1932–33, in which two of Gorbachev's paternal uncles and an aunt died. This was followed by the Great Purge, in which individuals accused of being "enemies of the people"—including those sympathetic to rival interpretations of Marxism like Trotskyism—were arrested and interned in labour camps, if not executed. Both of Gorbachev's grandfathers were arrested—his maternal in 1934 and his paternal in 1937—and both spent time in Gulag labour camps prior to being released. After his December 1938 release, Gorbachev's maternal grandfather discussed having been tortured by the secret pol
Republics of the Soviet Union
The Republics of the Union of Soviet Socialist Republics or Union Republics were the ethnically based proto-states of the Soviet Union. For most of its history, the USSR was a centralized state. According to Article 76 of the 1977 Soviet Constitution, a Union Republic was a sovereign Soviet socialist state that had united with other Soviet Republics in the USSR. Article 81 of the Constitution stated that "the sovereign rights of Union Republics shall be safeguarded by the USSR". In the final decades of its existence, the Soviet Union consisted of fifteen Soviet Socialist Republics. All of them, with the exception of the Russian Federation, had their own local party chapters of the All-Union Communist Party. Outside the territory of the Russian Federation, the republics were constituted in lands that had belonged to the Russian Empire and had been acquired by it between the 1700 Great Northern War and the Anglo-Russian Convention of 1907. In 1944, amendments to the All-Union Constitution allowed for separate branches of the Red Army for each Soviet Republic.
They allowed for Republic-level commissariats for foreign affairs and defense, allowing them to be recognized as de jure independent states in international law. This allowed for two Soviet Republics and Byelorussia, to join the United Nations General Assembly as founding members in 1945. All of the former Republics of the Union are now independent countries, with ten of them being loosely organized under the heading of the Commonwealth of Independent States. However, most of the international community did not consider the Baltic countries to have legitimately been part of the USSR; the Baltic states assert that their incorporation into the Soviet Union in 1940 under the provisions of the 1939 Molotov–Ribbentrop Pact was illegal, that they therefore remained independent countries under Soviet occupation. Their position is supported by the European Union, the European Court of Human Rights, the United Nations Human Rights Council and the United States. In contrast, the Russian government and state officials maintain that the Soviet annexation of the Baltic states was legitimate..
Constitutionally, the Soviet Union was a federation. In accordance with provisions present in the Constitution, each republic retained the right to secede from the USSR. Throughout the Cold War, this right was considered to be meaningless. In practice, the USSR was a centralised entity from its creation in 1922 until the mid-1980s when political forces unleashed by reforms undertaken by Mikhail Gorbachev resulted in the loosening of central control and its ultimate dissolution. Under the constitution adopted in 1936 and modified along the way until October 1977, the political foundation of the Soviet Union was formed by the Soviets of People's Deputies; these existed at all levels of the administrative hierarchy, with the Soviet Union as a whole under the nominal control of the Supreme Soviet of the USSR, located in Moscow within the Russian Federation. Along with the state administrative hierarchy, there existed a parallel structure of party organizations, which allowed the Politburo to exercise large amounts of control over the republics.
State administrative organs took direction from the parallel party organs, appointments of all party and state officials required approval of the central organs of the party. Each republic had its own unique set of state symbols: a flag, a coat of arms, with the exception of Russia until 1990, an anthem; every republic of the Soviet Union was awarded with the Order of Lenin. The number of the union republics of the USSR varied from 4 to 16. In majority of years and at the decades of its existence, the Soviet Union consisted of 15 Soviet Socialist Republics. Rather than listing the republics in alphabetical order, the republics were listed in constitutional order, which by the last decades of the Soviet Union, did not correspond to order either by population or economic power; the Socialist Soviet Republic of Byelorussia, in the winter of 1919 The Lithuanian–Byelorussian Soviet Socialist Republic was proclaimed in 1919 but fell soon. The Galician Soviet Socialist Republic The Donetsk–Krivoy Rog Soviet Republic The Don Soviet Republic The Kuban Soviet Republic The Kuban-Black Sea Soviet Republic The Latvian Socialist Soviet Republic The Lithuanian Soviet Socialist Republic The Mughan Soviet Republic The Soviet Republic of Naissaar The Odessa Soviet Republic The North Caucasian Soviet Republic The Stavropol Soviet Republic The Taurida Soviet Socialist Republic The Terek Soviet Republic The Ukrainian People's Republic of Soviets The Ukrainian Soviet Republic The Black Sea Soviet Republic The Far Eastern Republic existed in 1920-1922 as a formally independent state, was de facto under Soviet control.
The Persian Socialist Soviet Republic, in what is now Iran. The Slovak Soviet Republic The Bavarian Soviet Republic The Bremen Soviet Republic The Hungarian Soviet Republic The Limerick Soviet The Chinese Soviet RepublicThe Turkestan Soviet Federative Republic was proclaimed in 1918 but did not survive to the founding of the USS
A financial crisis is any of a broad variety of situations in which some financial assets lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, many recessions coincided with these panics. Other situations that are called financial crises include stock market crashes and the bursting of other financial bubbles, currency crises, sovereign defaults. Financial crises directly result in a loss of paper wealth but do not result in significant changes in the real economy. Many economists have offered theories about how financial crises develop and how they could be prevented. There is no consensus and financial crises continue to occur from time to time; when a bank suffers a sudden rush of withdrawals by depositors, this is called a bank run. Since banks lend out most of the cash they receive in deposits, it is difficult for them to pay back all deposits if these are demanded, so a run renders the bank insolvent, causing customers to lose their deposits, to the extent that they are not covered by deposit insurance.
An event in which bank runs are widespread is called a systemic banking banking panic. Examples of bank runs include the run on the Bank of the United States in 1931 and the run on Northern Rock in 2007. Banking crises occur after periods of risky lending and resulting loan defaults. A currency crisis called a devaluation crisis, is considered as part of a financial crisis. Kaminsky et al. for instance, define currency crises as occurring when a weighted average of monthly percentage depreciations in the exchange rate and monthly percentage declines in exchange reserves exceeds its mean by more than three standard deviations. Frankel and Rose define a currency crisis as a nominal depreciation of a currency of at least 25% but it is defined as at least a 10% increase in the rate of depreciation. In general, a currency crisis can be defined as a situation when the participants in an exchange market come to recognize that a pegged exchange rate is about to fail, causing speculation against the peg that hastens the failure and forces a devaluation.
A speculative bubble exists in the event of sustained overpricing of some class of assets. One factor that contributes to a bubble is the presence of buyers who purchase an asset based on the expectation that they can resell it at a higher price, rather than calculating the income it will generate in the future. If there is a bubble, there is a risk of a crash in asset prices: market participants will go on buying only as long as they expect others to buy, when many decide to sell the price will fall. However, it is difficult to predict whether an asset's price equals its fundamental value, so it is hard to detect bubbles reliably; some economists insist that bubbles never or never occur. Well-known examples of bubbles and crashes in stock prices and other asset prices include the 17th century Dutch tulip mania, the 18th century South Sea Bubble, the Wall Street Crash of 1929, the Japanese property bubble of the 1980s, the crash of the dot-com bubble in 2000–2001, the now-deflating United States housing bubble.
The 2000s sparked a real estate bubble where housing prices were increasing as an asset good. When a country that maintains a fixed exchange rate is forced to devalue its currency due to accruing an unsustainable current account deficit, this is called a currency crisis or balance of payments crisis; when a country fails to pay back its sovereign debt, this is called a sovereign default. While devaluation and default could both be voluntary decisions of the government, they are perceived to be the involuntary results of a change in investor sentiment that leads to a sudden stop in capital inflows or a sudden increase in capital flight. Several currencies that formed part of the European Exchange Rate Mechanism suffered crises in 1992–93 and were forced to devalue or withdraw from the mechanism. Another round of currency crises took place in Asia in 1997–98. Many Latin American countries defaulted on their debt in the early 1980s; the 1998 Russian financial crisis resulted in a devaluation of the ruble and default on Russian government bonds.
Negative GDP growth lasting two or more quarters is called a recession. An prolonged or severe recession may be called a depression, while a long period of slow but not negative growth is sometimes called economic stagnation; some economists argue. One important example is the Great Depression, preceded in many countries by bank runs and stock market crashes; the subprime mortgage crisis and the bursting of other real estate bubbles around the world led to recession in the U. S. and a number of other countries in late 2008 and 2009. Some economists argue that financial crises are caused by recessions instead of the other way around, that where a financial crisis is the initial shock that sets off a recession, other factors may be more important in prolonging the recession. In particular, Milton Friedman and Anna Schwartz argued that the initial economic decline associated with the crash of 1929 and the bank panics of the 1930s would not have turned into a prolonged depression if it had not been reinforced by monetary policy mistakes on the part of the Federal Reserve, a position supported by Ben Bernanke.
It is observed that successful investment requires each investor in a financial market to guess what other investors will do. George Soros has called th
Perestroika was a political movement for reformation within the Communist Party of the Soviet Union during the 1980s and 1990s and is associated with Soviet leader Mikhail Gorbachev and his glasnost policy reform. The literal meaning of perestroika is "restructuring", referring to the restructuring of the Soviet political and economic system. Perestroika is sometimes argued to be a significant cause of the dissolution of the Soviet Union, the revolutions of 1989 in Eastern Europe, the end of the Cold War. Perestroika allowed more independent actions from various ministries and introduced some market-like reforms; the goal of perestroika, was not to end the command economy but rather to make socialism work more efficiently to better meet the needs of Soviet citizens. The process of implementing perestroika arguably exacerbated existing political and economic tensions within the Soviet Union and is blamed for furthering the political ascent of nationalism and nationalist political parties in the constituent republics.
Perestroika and its associated structural ailments have been cited as major catalysts leading to the dissolution of the Soviet Union. In May 1985, Gorbachev gave a speech in Leningrad in which he admitted the slowing of economic development, inadequate living standards; this was the first time. The program was furthered at the 27th Congress of the Communist Party in Gorbachev's report to the congress, in which he spoke about "perestroika", "uskoreniye", "human factor", "glasnost", "expansion of the khozraschyot". During the initial period of Mikhail Gorbachev's time in power, he talked about modifying central planning but did not make any fundamental changes. Gorbachev and his team of economic advisors introduced more fundamental reforms, which became known as perestroika. At the June 1987 plenary session of the Central Committee of the Communist Party of the Soviet Union, Gorbachev presented his "basic theses", which laid the political foundation of economic reform for the remainder of the existence of the Soviet Union.
In July 1987, the Supreme Soviet of the Soviet Union passed the Law on State Enterprise. The law stipulated that state enterprises were free to determine output levels based on demand from consumers and other enterprises. Enterprises had to fulfill state orders, but they could dispose of the remaining output as they saw fit. However, at the same time the state still held control over the means of production for these enterprises, thus limiting their ability to enact full-cost accountability. Enterprises bought input from suppliers at negotiated contract prices. Under the law, enterprises became self-financing. No longer was the government to rescue unprofitable enterprises; the law shifted control over the enterprise operations from ministries to elected workers' collectives. Gosplan's responsibilities were to supply general guidelines and national investment priorities, not to formulate detailed production plans; the Law on Cooperatives, enacted in May 1988, was the most radical of the economic reforms during the early part of the Gorbachev era.
For the first time since Vladimir Lenin's New Economic Policy was abolished in 1928, the law permitted private ownership of businesses in the services and foreign-trade sectors. The law imposed high taxes and employment restrictions, but it revised these to avoid discouraging private-sector activity. Under this provision, cooperative restaurants and manufacturers became part of the Soviet scene. Gorbachev brought perestroika to the Soviet Union's foreign economic sector with measures that Soviet economists considered bold at that time, his programme eliminated the monopoly that the Ministry of Foreign Trade had once held on most trade operations. It permitted the ministries of the various industrial and agricultural branches to conduct foreign trade in sectors under their responsibility, rather than having to operate indirectly through the bureaucracy of trade ministry organizations. In addition and local organizations and individual state enterprises were permitted to conduct foreign trade.
This change was an attempt to redress a major imperfection in the Soviet foreign trade regime: the lack of contact between Soviet end users and suppliers and their foreign partners. The most significant of Gorbachev's reforms in the foreign economic sector allowed foreigners to invest in the Soviet Union in the form of joint ventures with Soviet ministries, state enterprises, cooperatives; the original version of the Soviet Joint Venture Law, which went into effect in June 1987, limited foreign shares of a Soviet venture to 49 percent and required that Soviet citizens occupy the positions of chairman and general manager. After potential Western partners complained, the government revised the regulations to allow majority foreign ownership and control. Under the terms of the Joint Venture Law, the Soviet partner supplied labor, a large domestic market; the foreign partner supplied capital, entrepreneurial expertise, in many cases and services of world competitive quality. Gorbachev's economic changes did not do much to restart the country's sluggish economy in the late 1980s.
The reforms decentralised things to some extent, although price controls remained, as did the ruble's inconvertibility and
Privatization in Russia
Privatization in Russia describes the series of post-Soviet reforms that resulted in large-scale privatization of Russia's state-owned assets in the industrial and financial sectors. Most privatization took place in the early and mid-1990s under Boris Yeltsin, who assumed the presidency following the dissolution of the Soviet Union. Private ownership of enterprises and property had remained illegal throughout the Soviet era, with Soviet communism emphasizing national control over all means of production but human labor. Under the Soviet Union, the number of state enterprises was estimated at 45,000. In the years of the Soviet Union, Mikhail Gorbachev relaxed restrictions on private property and introduced initial market reforms. Privatization shifted Russia from the Soviet planned economy towards a market economy, resulted in a dramatic rise in the level of economic inequality and a collapse in GDP and industrial output. Privatization facilitated the transfer of significant wealth to a small group of business oligarchs and New Russians natural gas and oil executives.
This economic transition has been described as katastroika and as "the most cataclysmic peacetime economic collapse of an industrial country in history". A few "strategic" assets, including much of the Russian defense industry, were not privatized during the 1990s; the mass privatization of this era remains a contentious issue in Russian society, with many Russians calling for revision or reversal of the reforms. In the late 1980s, as part of the perestroika reformation movement, legislation championed by Mikhail Gorbachev—who pledged to build a "mixed socialist economy"—effectively transferred some controlling rights over enterprises from the government to the employees and management. In 1987, over the opposition of some of his allies, Gorbachev succeeded in passing a "law on state enterprise" through the Supreme Soviet of the Soviet Union, which granted work collectives a greater role in running enterprises. In 1988, the Law on Cooperatives legitimized "socialist cooperatives," which functionally operated as private companies and were permitted to directly deal with foreign companies, reduced reliance on central planning.
That year, private Soviet farmers were permitted to rent land from the state, purchase equipment, hire workers, a significant step away from mandated collective farming following decades of dominance by state-owned agricultural concerns. The new regulations were seen as an effort to break state farms into smaller units and address critical food shortages in the Soviet Union; the legislation enabled these enterprises to withdraw from associations on their own, which led to the process of so-called spontaneous privatization in which control over some industrial assets was acquired by their managers. However, this accounted for only several thousand enterprises, a small fraction of the Soviet industry. In September 1990, the Soviet parliament granted Gorbachev emergency privatization powers, including the authority to transform state enterprises into joint-stock companies with shares offered on stock exchanges. One of the largest privatization efforts during the Soviet era was the transformation of the Ministry of Fuel and Energy into a joint stock company known as Rosneftgaz in September 1991.
In the months before the dissolution of the Soviet Union in December 1991, soon-to-be president Boris Yeltsin began assembling a team of economic reformers led by Yegor Gaidar a young reformist economist, including Anatoly Chubais. The reform team considered Swedish social democracy as a model for Russia, but Gaidar opted instead to study Hungary as a template and was influenced by Poland's use of shock therapy. Both Gaidar and Chubais were convinced that despite Russia's uniquely non-capitalist economic history, a market economy could take hold in the country. Following the August 1991 coup d'état attempt, the economic situation in the country worsened and an acute food shortage emerged. In October, Yeltsin delivered a speech in which he declared that price controls would be lifted on January 1, 1992, over Gaidar's recommendation that no specific date for the freeing of prices be given. Privatization took place on a much wider scale in the early 1990s, when the government of Russia deliberately set a goal to sell its assets to the Russian public.
Upon the Soviet Union's collapse, the new government was forced to manage the huge and inefficient state enterprise sector inherited from the Soviet economy. Privatization was carried out by the State Committee for State Property Management of the Russian Federation under Chubais with the primary goal being to transform the state-owned enterprises into profit-seeking businesses, which would not be dependent on government subsidies for their survival. To distribute property and to win over popular support, the reformers decided to rely on the mechanism of free voucher privatization, earlier implemented in Czechoslovakia; the Russian government believed that the open sale of state-owned assets, as opposed to the voucher program, would have resulted in the further concentration of ownership among the Russian mafia and the nomenklatura, which they sought to avoid. Contrary to the government's expectations, insiders managed to acquire control over most of the assets, which remained dependent on government support for years to come.
From 1992 to 1994, ownership of 15,000 firms was transferred from state control via the voucher program. Thus, although several of the initial objectives had not been achieved by the end of the vouchers program, a great deal of assets did fall into private ownership remarkably and worked
A market is one of the many varieties of systems, procedures, social relations and infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services in exchange for money from buyers, it can be said that a market is the process by which the prices of goods and services are established. Markets facilitate enable the distribution and resource allocation in a society. Markets allow any trade-able item to be priced. A market emerges more or less spontaneously or may be constructed deliberately by human interaction in order to enable the exchange of rights of services and goods. Markets supplant gift economies and are held in place through rules and customs, such as a booth fee, competitive pricing, source of goods for sale. Markets can differ by products or factors sold, product differentiation, place in which exchanges are carried, buyers targeted, selling process, government regulation, subsidies, minimum wages, price ceilings, legality of exchange, intensity of speculation, concentration, exchange asymmetry, relative prices and geographic extension.
The geographic boundaries of a market may vary for example the food market in a single building, the real estate market in a local city, the consumer market in an entire country, or the economy of an international trade bloc where the same rules apply throughout. Markets can be worldwide, see for example the global diamond trade. National economies can be classified as developed markets or developing markets. In mainstream economics, the concept of a market is any structure that allows buyers and sellers to exchange any type of goods and information; the exchange of goods or services, with or without money, is a transaction. Market participants consist of all the buyers and sellers of a good who influence its price, a major topic of study of economics and has given rise to several theories and models concerning the basic market forces of supply and demand. A major topic of debate is how much a given market can be considered to be a "free market", free from government intervention. Microeconomics traditionally focuses on the study of market structure and the efficiency of market equilibrium.
However, it is not always clear how the allocation of resources can be improved since there is always the possibility of government failure. A market is one of the many varieties of systems, procedures, social relations and infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services in exchange for money from buyers, it can be said that a market is the process by which the prices of goods and services are established. Markets enables the distribution and allocation of resources in a society. Markets allow any trade-able item to be priced. A market sometimes emerges more or less spontaneously or may be constructed deliberately by human interaction in order to enable the exchange of rights of services and goods. Markets of varying types can spontaneously arise whenever a party has interest in a good or service that some other party can provide. Hence there can be a market for cigarettes in correctional facilities, another for chewing gum in a playground, yet another for contracts for the future delivery of a commodity.
There can be black markets, where a good is exchanged illegally, for example markets for goods under a command economy despite pressure to repress them and virtual markets, such as eBay, in which buyers and sellers do not physically interact during negotiation. A market can be organized as an auction, as a private electronic market, as a commodity wholesale market, as a shopping center, as a complex institution such as a stock market and as an informal discussion between two individuals. Markets vary in form, scale and types of participants as well as the types of goods and services traded; the following is a non exhaustive list: Food retail markets: farmers' markets, fish markets, wet markets and grocery stores Retail marketplaces: public markets, market squares, Main Streets, High Streets, souqs, night markets, shopping strip malls and shopping malls Big-box stores: supermarkets and discount stores Ad hoc auction markets: process of buying and selling goods or services by offering them up for bid, taking bids and selling the item to the highest bidder Used goods markets such as flea markets Temporary markets such as fairs Physical wholesale markets: sale of goods or merchandise to retailers.
Premier of the Soviet Union
The Premier of the Soviet Union was the head of government of the Union of Soviet Socialist Republics. Twelve individuals became Premier during the time span of the office. Two of the twelve Premiers died in office of natural causes, three resigned and three had the offices of party secretary and Premier simultaneously; the first Premier was Lenin, inaugurated during 1922 after the Treaty on the Creation of the Soviet Union. Ivan Silayev spent the briefest time in office at 126 days during 1991. At more than fourteen years, Kosygin spent the longest time in office and became the only premier to serve in more than two government cabinets, he died soon after his resignation during 1980. The Council of People's Commissars was established on 8 November 1917 by the Russian Soviet Federative Socialist Republic Government. Article 38 of the 1924 Soviet Constitution stated that the Council's powers and duties were given to it by the Central Executive Committee which supervised the Council's work and legislative acts.
The Council of People's Commissars published decrees and decisions that were binding throughout the USSR. During 1946, the Council of People's Commissars was transformed into the Council of Ministers at both all-Union and Union Republic levels. After the ousting of Khrushchev in 1964, a plenum of the Party's Central Committee forbade any single person to hold the two most powerful jobs in the country and Kosygin was placed in charge of economic administration in his role as Premier of the Council of Ministers of the USSR. However, Kosygin's prestige was weakened when he proposed the economic reform of 1965. Under the 1977 Soviet Constitution, the Premier of the Council of Ministers was the head of government of the USSR; the Premier was the chief of the executive branch and head of the Soviet government as a whole, the premiership was the most powerful governmental office in the USSR by influence and recognition until the establishment of the presidency during 1990. The Premier was responsible and accountable to the Supreme Soviet and during the period between sessions of the Supreme Soviet he was accountable to the Presidium of the Supreme Soviet.
The Premier was tasked with resolving all state administrative duties within the jurisdiction of the USSR to the degree which were not the responsibility of the Supreme Soviet or the Presidium. The Premier managed the national economy, formulated the five-year plans and ensured socio-cultural development; when Nikolai Ryzhkov was replaced as premier by Valentin Pavlov, the Council of Ministers was renamed the Cabinet of Ministers. The premier's title was changed to Prime Minister of the Soviet Union, though most non-Soviet sources had referred to the job as "Premier" or "Prime Minister" for some time before then. After the failed August coup of 1991 and the revelation that the majority of the cabinet members endorsed the coup, the Cabinet of Ministers was dissolved and replaced by the Committee on the Operational Management of the Soviet economy during 1991; the Operational Management Committee was renamed the Inter-Republican Economic Committee of the USSR and it was replaced by the Interstate Economic Committee.
The IEC was known as the Economic Community. Deputy Premier of the Soviet Union First Deputy Premier of the Soviet Union List of heads of state of the Soviet Union List of leaders of the Soviet Union