Soviet Economic Policy

Soviet economic policy was centered on state control and planning, aiming to rapidly industrialize and modernize the country. The government set production targets and allocated resources through central plans, often focusing on heavy industry and agriculture. Private enterprise was largely abolished, with the state owning most means of production. This approach aimed to eliminate inequality and ensure economic stability, but it also led to inefficiencies, shortages, and limited innovation. Overall, Soviet economic policy prioritized collective goals over individual profit, focusing on building a self-sufficient, industrialized socialist economy.