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, industry was controlled by the central planning authority of the government. This meant that the government made all decisions on what goods were produced, how much to produce, and at what price. The government also controlled the allocation of resources such as land, labor, and capital. Individual businesses did not have autonomy over their operations and were required to comply with government directives.
The Soviet Union economic system was characterized as a command economy. This means that the government had complete control over all economic activity, including production, distribution, and pricing. The government decided what goods and services were needed and set production targets for state-owned enterprises to meet. Prices were also set by the government and were not determined by market forces. Private enterprise was limited, and most industries were owned and operated by the state. The government also controlled the allocation of resources, including land, labor, and capital. In general, the Soviet command economy was characterized by a lack of economic freedom, inefficiencies, and a lack of incentives for innovation and entrepreneurship.
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