Answer:
Mongolia had an underdeveloped, stagnant economy based on nomadic animal husbandry. Farming and industry were almost nonexistent; transportation and communications were primitive; banking, services, and trade were almost exclusively in the hands of foreigners. Most of the people were either illiterate nomadic herders or monks. Property in the form of livestock was owned primarily by aristocrats and monasteries; ownership of the remaining sectors of the economy was dominated by foreigners. Mongolia's new rulers thus were faced with a daunting task in building a modern, socialist economy. [Source: Library of Congress, June 1989 *]
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