Economy of the Soviet Union

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The economy of the Soviet Union was based on state ownership of the means of production, collective farming, and industrial manufacturing. An administrative-command system managed a distinctive form of central planning. The Soviet economy was second only to the United States and was characterized by state control of investment, prices, a dependence on natural resources, lack of consumer goods, shortages of goods and services, little foreign trade, public ownership of industrial assets, macroeconomic stability, low unemployment and high job security. A 1986 study published in the American Journal of Public Health citing World Bank data claimed that the Soviet model provided a better quality of life and human development than most market economies at comparable levels of economic development. Beginning in 1928, the course of the economy of the Soviet Union was guided by a series of five-year plans. By the late 1930s, the Soviet Union had rapidly evolved from a mainly agrarian society into...

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