To revive the falling economy of the Soviet Union and bring out political reforms Michael Gorbachev introduced several ideas.
<u>Explanation:</u>
He put forward the concept of perestroika which literally meant restructure’. He intended to bring economic and political reforms within the Soviet Union. According to perestroika he loosened control over enterprises and businesses allowing businessmen and entrepreneurs more freedom to decide prices and production amount.
In 1988 Gorbachev introduced a new policy that permitted the creation of limited co-operative businesses within the union. This led to the rise of privatization in the Soviet Union. Gorbachev also relaxed trade restrictions and encouraged foreign investment. To ensure transparency within the government he called for democratic elections which was the first truly democratic elections since the Russian revolution in 1917.
