When the greatest threat to the Western World finally collapsed, many cheered. Some cheered celebrating the end of the Cold War that had been going on for too long. Some cheered for the promised freedom that they hoped had finally arrived. But others, others were silenced by the idea of what the collapse of the Soviet Union had unleashed. They felt in their guts that the destruction of the system that had been governing all of the Soviet Republics for so long could only bring devastation and suffering. Many fled, but even more stayed, not because they believed in happy endings, but because they had no means to abandon the land they called home.
The fall of the Soviet Union transformed the region it used to cover into fifteen independent states. If before each of those republics was like an organ in a body, together functioning as a whole, then separated by their political ambitions for independence they became entangled in even deeper economic problems. This forced now independent fifteen republics to seek allies beyond the iron curtain, welcoming western open market economy, western products, western ideology and most of all, western investors.
The fall brought huge shift of power towards USA. If before the world was bipolar then after the fall of Soviet Union the only other superpower than USA ceased to exist, so starting a new era of unipolar world. Even up to this day there is no country that could match USA in it’s economic or military power. Though USA did profit from the collapse of Soviet Union, it failed to fully materialize all the economic opportunities in post Soviet countries. This created enough space to operate for other powerblocks as the European Union.
Many opportunities arose with the fall of the Soviet Union. Eventually the European Union expanded into former Soviet controlled satellite states in Europe. The large Soviet resources became reachable to resource hungry European Union, which made it possible for European Union to grow stronger and gain even more power in the world of global politics, becoming one of the biggest economies in the world.
In the last years of its existence, the Soviet Union was experiencing severe economic problems, which let nationalists gain even more power, so resulting in the collapse. But the fall of the Soviet Union brought even more economic problems and so all fifteen of the Soviet Republics and Soviets satellite states in Europe experienced even deeper economic fall. Different republics choose different approaches. Some choose to rapidly implement Western open market economy which resulted in a rapid economic decline but eventually resulted in stable economic growth. While others choose to gradually implement the open market economy, which resulted in lighter economic decline but eventually resulted in an economic growth just as well.
Today most of the Former Soviet Republics have fully or at least partially recovered from the collapse of Soviet Union. They managed to overcome most of the economic, but also political hardships. While many didn’t not develop into democracies, some did and even more are on their way.