Economy of the Soviet Union

The economy of the Soviet Union was based on a system of state ownership and administrative planning. The Soviet Union forged the modern world's first centrally planned economy; and from a notably undeveloped position at the time of the Bolshevik Revolution, the Soviet economy developed into the most powerful in the world after that of the United States. From 1928 to 1991 the entire course of the economy was guided by series of ambitious five-year plans. The nation became among the world's three top manufacturers of a large number of basic and heavy industrial products, but lagged behind in the output of light industrial production and consumer durables. Since the dissolution of the Soviet Union (1991), all but a handful of the 15 former Soviet republics have dismantled their Soviet-style economies (see Transition from economic planning in the former Soviet Union).

Related Topics:
Soviet Union - Centrally planned economy - Bolshevik Revolution - United States - 1928 - 1991 - Five-year plans - Consumer durables - Transition from economic planning in the former Soviet Union

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