In the former Soviet unions command economy, Industry was controlled by whom? Of the three economic systems (market, command, traditional), how was the Soviet union system characterized?
Controlled by central government, it was a command economy.
In the former Soviet union’s command economy, the industry was controlled by the state. The government owned and operated all the industries and businesses, and made all the economic decisions regarding production, allocation of resources, and distribution of goods and services. This type of economic system is also known as a planned economy, where the state controls every aspect of the economy, including employment, prices, and production levels.
Of the three economic systems (Market, Command, Traditional), the Soviet Union’s economic system was characterized as a command economy. In a command economy, the government has complete control over the economic decision-making process and the allocation of resources. Prices are fixed, and the production of goods and services is determined by government plans, rather than by the free market forces of supply and demand. This system was adopted by the Soviet government as they believed it was necessary for achieving their desired socialist goals of building a strong, industrialized nation with a robust economy. However, this led to economic inefficiencies, resource misallocation, and shortages of essential goods and services.
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