Achievements and Crisis

The Soviet economy from the time of the first five year plan of 1928, the post-Second World War Eastern European economies, and the Chinese socialist economy of the 1950s and 1960s, were all generally characterised as centrally planned economies. In order to make clear the causes and the significance of the failure of the centrally planned socialist economies we have to review their economic system and their basic conditions of functioning. 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.