ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Beginnings of the Soviet Command Economy Soviet leaders decided on the state’s overarching social and economic goals. In order to achieve these goals, Communist Party officials assumed control over all of the country’s social and economic activities.

Detailed explanation-2: -The USSR practiced some form of central planning beginning in 1918 with War Communism until it dissolved in 1991, although the type and extent of planning was of a different nature before imperative centralized planning was introduced in the 1930s.

Detailed explanation-3: -During its nearly seven decades of existence from 1922 to 1991, the Union of Soviet Socialist Republics was one of the two major communist powers – the other being China – that followed the centralized planning model for its economy, a basic tenet of communism.

Detailed explanation-4: -The Soviet economy was characterized by state control of investment, a dependence on natural resources, shortages of many consumer goods, little foreign trade, public ownership of industrial assets, macroeconomic stability, negligible unemployment and high job security.