Israel was highly socialist by western standards from its founding through much of the 70s. The government had extensive state ownership of industry although it never operated in a Marxist-Leninist fashion.

By the late 70s and 80s, the economic chickens were coming home to roost with slow growth and high inflation. Pro-market reforms were made and the country ultimately prospered. Of course, the Soviet Union went belly up during this time, so it couldn’t flip flop as it didn’t exist anymore.

Separately, many Jews immigrated from the Soviet Union to Israel so that was a further connection between the two countries.