Soviet Economy
The Soviet economy was a centrally planned system where the government controlled production, distribution, and pricing of goods and services. Unlike market economies, where supply and demand dictate economic activity, the state set targets and quotas for industries, aiming for rapid industrialization and self-sufficiency. Agriculture was collectivized, merging individual farms into large state-run entities. While this led to significant achievements in certain sectors, it often resulted in inefficiencies, shortages, and a lack of innovation. The economy ultimately struggled to adapt to consumer needs and technological changes, contributing to its decline and the dissolution of the Soviet Union in 1991.
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The Soviet economy was a state-controlled system where the government made all decisions about production and distribution of goods. It aimed to eliminate social classes and provide for everyone equally. The economy was based on central planning, using five-year plans to set targets for various industries. While it achieved rapid industrialization and significant advancements in certain areas, it struggled with inefficiencies, shortages, and lack of innovation. The system ultimately faced challenges in the 1980s, contributing to its decline and the eventual dissolution of the Soviet Union in 1991.