Soviet Union economy

The Soviet Union's economy was centrally planned, meaning the government controlled production, distribution, and prices rather than market forces. Industries and agriculture were owned collectively by the state, aiming to achieve full employment and rapid development. The government set economic goals and allocated resources accordingly, often leading to efficient allocation of resources on paper but also causing inefficiencies, shortages, and lack of innovation. This system focused on heavy industry and military production, often at the expense of consumer goods. Overall, the economy was characterized by state control and planning, which achieved rapid industrialization but struggled with responsiveness and consumer satisfaction.