Reform and Collapse, 1991

• Supreme Soviet introduced private property as an important step towards a free market.
• In April 1991, law passed to allow citizens to trade stocks and shares.
• The economy continued to decline, with oil production falling by 9%, and steel and tractor production falling by 12%.
• Official government report stated that the economy was moving towards complete catastrophe.
• By 1991, the Soviet Government were bankrupt.
• Gorbachev announced a program of full marketisation in 1991.