Poor Richard's Podcast

In August of 1991, hard-liners opposed to Soviet President Mikhail Gorbachev initiated a coup attempt to overthrow him. The rebellion occurred in part because of financial strife as the Soviet Union transformed quickly from a statist to a market-based economy. Long lines formed for essential goods including medicine and fuel, and grocery shelves were empty. Inflation rates rocketed upward as the winter approached, leading to factories lacking the funds to pay their employees. The economic crisis reflected badly on Gorbachev’s leadership and encouraged resistance to the regime. The coup was led by members of the Communist Party of the Soviet Union (CPSU). They held Gorbachev at his country home, demanding that he either resign or declare a state of emergency. However, following heavy civil resistance, the coup attempt ended unsuccessfully a few days after it began. Although the takeover ultimately failed, the attempt signaled an end to the Soviet era and contributed to the dissolution of the USSR at the en