Money Matters: An IMF Exhibit -- The Importance of Global Cooperation

Globalization and Integration (1989-1999)

Part 2 of 8


Conflict &
(1871 - 1944)

Destruction &
(1945 - 1958)
The System
In Crisis

(1959 - 1971)
the System
(1972 - 1981)
Debt &
(1981 - 1989)
Globalization and Integration
(1989 - 1999)

Collapse of the Soviet Union

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The revolutions in Eastern and Central Europe also shook the U.S.S.R. Soviet debate on economic reform began in 1986, but produced only minor palliatives. Growth stagnated, and foreign debt doubled between 1986 and 1991.


Toy store in Latvia

Russia November 1998


Economic reform proved to be the final issue that drove the old Soviet empire apart. In 1990, the Baltic Republics – Estonia, Latvia and Lithuania – declared their independence. By late 1991, the Soviet Communist Party voted itself out of existence, and soon the U.S.S.R. itself was replaced by 15 independent republics. Progress in establishing a market economy has varied from country to country in the former Soviet Union. Western aid, loans, and investment have speeded the transition.


Transition to the Free Market Collapse of the Soviet Union Recovery From Debt Progress in Africa
Asia in the 1990s European Economic Unity The New Millennium Looking to the Future

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