Long-Term Economic Weaknesses (Edexcel A-Level History): Flashcards
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Command economy definition
Command economy definition
Gov't controls all economic decisions (production, allocation)
Soviet economic growth rate by 1980
Soviet economic growth rate by 1980
0.6% (declined from 7.1% in mid-1950s)
Number of major structural problems in Soviet economy
Number of major structural problems in Soviet economy
Five
Gosplan's role
Gosplan's role
State Planning Committee controlling Soviet economic planning
% of Soviet machinery produced that was never used (1986)
% of Soviet machinery produced that was never used (1986)
12%
American farm productivity vs Soviet farms
American farm productivity vs Soviet farms
Six times more productive
Soviet defence spending as % GDP by mid-1980s
Soviet defence spending as % GDP by mid-1980s
17% (vs 6% in US)
Centralization in Soviet economy
Centralization in Soviet economy
All economic decisions concentrated in Moscow gov't hands
Hayek's key argument about planned economies
Hayek's key argument about planned economies
Central planners can't match collective market knowledge
Sakwa vs Gregory: was Soviet collapse inevitable?
Sakwa vs Gregory: was Soviet collapse inevitable?
Sakwa: yes (systemic). Gregory: no (stable until reforms)