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President Mikhail S. Gorbachev's rise to power in the U.S.S.R. represents a transition from the old guard to the younger party leaders. However, his regime is based on a collective leadership that will undertake only modest reforms. There is little likelihood that either a more reformist or a more hard‐line regime will come to power in the next five years. No major opening to international business is likely, but some liberalization of imports may occur if domestic economic conditions improve.

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