USSR Planned Economy

Paper Summary:

This paper discusses the government management of the economy in the Soviet Union, through a State planning system. The defining features of the system are outlined, and the strengths and weaknesses of the Soviet planning system are presented. A comparison is provided of the Soviet market to other markets. The privatization of the banks is also explained. The paper examines the fall of the State central system in the USSR and describes the transition to the market system.

From the Paper:

"Economic planning was, in the Soviet Union, a pioneering form of economic management by the state, which became indispensable both during the transition from capitalism to socialism and in a socialist society. The Soviet government held that planning was based on a profound knowledge and application of objective socialist economic laws and that it was independent of all desires of individuals. The basic laws of this system defined the aim of economic production as the "fullest satisfaction of the constantly rising material and cultural requirements of the population, using advanced technology to achieve continued growth and improvement of production" (Lavigne, p. 114). State central planning was viewed by the Soviet Union as the conscious application of economic laws designed to benefit the people through effective use of all natural resources and productive forces."

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