The Second Economy in the Soviet Union

The Soviet economy is a model for many nations that have followed the socialist form of economic development. Many of these states adopted a centrally-controlled and state dominated economy. An examination of their economies reveals that many socialist nations have followed the same pattern as the USSR. A centralised planning process, a system of fixed wages, established price controls, and extensive regulations govern the official economy. But alongside the official economy, a large unofficial economy, popularly called the second economy, 1 has arisen, adding much flexibility to the economic system. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.