Question

How did Gorbachev hope to restructure the Soviet economy through perestroika?

Answer 1

He introduced economic renovation and liberalization.

Explanation:

Perestroika means reconstruction in Russian and Gorbachev's policies were aimed at renovating the Soviet economy.

Cooperatives were given freedom in their managing for the first time since Lenin's NEP(New Economic policy) and state companies were given autonomy. They were free to determine output levels based on consumer demand though the state still controlled the production means of those companies.

Private ownership was reintroduced for small businesses which was a revolutionnary step. His policies were extremely unpopular and people in Russia still have resentment for that historic figure, some associated him with the devil because of his birthmark.