who was the head of the soviet union when it collapsed
Dissolution of the Soviet Union The Soviet Union was dissolved on December 26, 1991. It was a result of the declaration number 142-Н of the Soviet of the Republics of the Supreme Soviet of the Soviet Union.[1] The declaration acknowledged the independence of the former Soviet republics and created the Commonwealth of Independent States (CIS), although five of the signatories ratified it much later or did not do so at all. On the previous day, Soviet President Mikhail Gorbachev, the eighth and final leader of the Soviet Union, resigned, declared his office extinct, and handed over its powers – including control of the Soviet nuclear missile launching codes – to Russian President Boris Yeltsin. That evening at 7:32, the Soviet flag was lowered from the Kremlin for the last time and replaced with the pre-revolutionary Russian flag.[2]
Economy of the Soviet Union The economy of the Union of Soviet Socialist Republics (Russian: экономика Советского Союза) was based on a system of state ownership of the means of production, collective farming, industrial manufacturing and centralized administrative planning. The economy was characterised by state control of investment, public ownership of industrial assets, macroeconomic stability, negligible unemployment and high job security.[14]