Russia

Economic facts

1945

The economy of the Soviet Union was based on state ownership of the means of production, collective farming, and industrial manufacturing.

Nuclear Arms Race

Mar 5, 1946

In a speech, Winston Churchill declares “an Iron Curtain has descended across the Continent” and the Cold War grows as the Soviets promote revolution in China, Asia and the Middle and Near East. In 1949, the Soviets explode a nuclear bomb, hastening the nuclear arms race.

Economic facts 2/3

1950

By the 1950s, the Soviet Union had rapidly evolved from a mainly agrarian society into a major industrial power.
Its transformative capacity meant communism consistently appealed to the intellectuals of developing countries in Asia.

Political changes

1950

Soviet Union and China sign 30-year alliance treaty.

Political changes

1953

March - Stalin dies and is succeeded by Georgi Malenkov as prime minister and by Nikita Khrushchev as first secretary of the Central Committee of the Communist Party.

Political Changes

1955

Warsaw Treaty Organisation, or Warsaw Pact, set up.

Cuban Missle Crisis

1962

: The 13-day Cuban Missile Crisis leads Americans to fear nuclear war is at hand with the installation of Soviet nuclear missiles in Cuba. Soviet Leader Nikita Khrushchev eventually agrees to remove the missiles, while President John F. Kennedy agrees to not invade Cuba and remove U.S. missiles from Turkey.

Economic facts 3/3

1970

A major strength of the Soviet economy was its enormous supply of oil and gas, which became much more valuable as exports after the world price of oil skyrocketed in the 1970s.

Current political status of Russia

2021

Federal republic
Semi-presidential system
Constitutional republic

Current economic status of Russia

2021

Russia’s economy is ranked moderately free for the second year in a row after more than a decade in the mostly unfree category. Until the rule of law is strengthened considerably, the investment code is liberalized, and government pursuit of corrupting statist and protectionist economic policies ceases, however, further expansion of economic freedom in Russia will be difficult.