In 1988, during "Glasnost", the Soviet government cleared Rakovsky and his co-defendants of all charges. His rehabilitation came in February, coinciding with that of Bukharin, as well as with those of Ukrainian official and former People's Commissar for Agriculture Mikhail Alexandrovich Chernov, former People's Commissar for Foreign Trade Arkady Rosengolts, and other five officials. Bukharin, Rakovsky, Rozengolts, and Chernov were posthumously reinstated to the Communist Party on June 21, 1988. His works were given "imprimatur", while a favorable biography was published by the Ukrainian Academy of Sciences (late 1988).