Soviet economy
Centralized command system
Soviet economy refers to the centrally planned economic system of the Soviet Union (1922–1991), in which the state owned virtually all means of production and government agencies set output targets, prices, and resource allocation rather than markets.
The term often implies inefficiency, shortages of consumer goods, and heavy emphasis on military and industrial production: The Soviet economy collapsed under the weight of its own contradictions.
- shortagesInsufficient quantities available
- empty shelvesStorage with nothing stored
- bread linesHungry people waiting
- state ownershipGovernment possession of assets
- central planningGovernment directs all production
collectivization · black markets · factory · five-year plans · industrialization · heavy industry · inefficiency · queue · stagnation · perestroika · ration · ruble · forced labor camps · resource allocation · bread · trade unions · consumer goods · blat
Soviet economymarket economy
Commerce-based economic system
free market economy · free market · capitalism · free enterprise · laissez-faire economics
Soviet economyReaganomics
Supply-side fiscal philosophy
Thatcherism · Austrian economics · classical liberalism · capitalism · free enterprise
soviet, economy, economies, economic, economical, economically, economics, economist, economists