Demise of the Command Economy. Economic Crisis In Soviet Union. Soviet Economy to the mid-1960s. Command economy directed from a central planning commission. Most advanced nation in rocketry in mid fifties.
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Demise of the Command Economy
Economic Crisis In Soviet Union
Rigid economic system not open to rapid technological changes.
Complex annual planning.
Lack of innovation for plant managers.
Lack in planning led to shortages.
Prices poorly reflected cost or demand
“Soft” budget constraints.
Quantity over quality.
Growth through oppression and not technological progress.
Access to commodities became a struggle for consumers, whereas party elites enjoyed imported products.
(nonexistent unemployment, higher than ever standard of living, free healthcare and education, inexpensive housing, political freedom, etc……..)