The major effect of declining Cold War industries is that by the end of the war, the European economy had collapsed and 70% of the industrial infrastructure was destroyed.
The Cold War had many effects on nation-states and targeted them in many economical and social ways.
In Russia, military spending was cut dramatically. Millions of soldiers were died in the wars, mostly in Southeast Asia. The breakdown of state control in many areas were ruled by the Communist governments etc.
Decline in Cold War industries also impacted the Soviet Union's military-industrial sector as well.
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