What policy initiated by Mikhail Gorbachev aimed at restructuring the social and economic systems in Russia?

The policy initiated by Mikhail Gorbachev that aimed at restructuring the social and economic systems in Russia is known as perestroika. This term translates to "restructuring" in Russian and refers to the reforms introduced in the 1980s to revitalize the struggling Soviet economy.

Perestroika involved various measures, including decentralizing economic controls and encouraging more autonomy for state enterprises. The policy aimed to introduce elements of market economics to improve efficiency and spur growth. It sought to address the systemic inefficiencies of the centrally planned economy, promote innovation, and increase productivity by allowing greater flexibility and some degree of private enterprise.

While glasnost, another key policy of Gorbachev, focused on increasing transparency and freedom of information within the Soviet Union, its primary aim was not the restructuring of economic systems but rather to foster open discussion and criticism of the government. Democratization refers to the broader movement toward implementing democratic practices, and socialism is a political and economic theory that was already in place in the Soviet Union prior to Gorbachev's reforms.