The economic reforms of the early 1990s that occurred in the former Soviet Union and Eastern Europe resulted in:
A) The formation of the Council for Mutual Economic Assistance
B) Multinational firms refusing to operate in these nations
C) A movement from centrally-planned economies toward market economies
D) A movement from market economies toward centrally-planned economies

Question

Quizplus · Accepted Answer

The economic reforms in the former Soviet Union and Eastern Europe in the early 1990s resulted in a movement from centrally-planned economies toward market economies. These reforms included privatization of state-owned enterprises, deregulation of markets, and opening up to foreign investment. The Council for Mutual Economic Assistance was dissolved in 1991 as part of these reforms, making Option A incorrect. Option B is also incorrect as multinational firms were actually eager to invest in these newly opened markets. Option D is also incorrect as there was a clear shift away from centrally-planned economies towards market economies.

The Economic Reforms of the Early 1990s That Occurred in the Former