1988 Law on Cooperatives

1988년 협동조합법

Adopted by the USSR Supreme Soviet on 26 May 1988, this law granted legal status to private enterprise and wage labor for the first time since the end of NEP. It authorized the creation of production and consumer cooperatives, gave them autonomy over pricing and wages, and opened channels for de facto private capital accumulation through transactions with state enterprises and bank credit. The most radical legislative act of perestroika's economic reforms, it spawned tens of thousands of cooperatives and the Soviet Union's first 'perestroika millionaires.'