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Rapid industrialization
Lessie Jones
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∙ 13y agoA five year plan was when the Soviet leadership came together and decided where and on what it was going to allocate its resources for the next 5 years. It was basically creating a budget and allocating funds for certain goods and services for the next 5 years. A similar practice is seen in communist China (the economy is free market though).
These plans were important in the closed and socialistic economy (Communist) of the Soviet Union since the government had to collect all the relevant information regarding what consumers needed (which was always impossible) and allocate funds for the foreseeable future (5 years).
The purposes of the first four Five-year plans were as follows:
First (1928 - 32) concentrated on developing heavy industry and collectivizing agriculture
Second (1933 - 37) continued the objectives of the first
Third (1938 - 42) emphasized the production of armaments
Fourth (1946 - 53) again stressed heavy industry and military buildup.
Wiki User
∙ 10y agoThe idea of central economic planning was that aggregating information to a central source would allow for more consistent economic decisions to be made by a public body representing society's interests. Central planning was to enable greater foresight and more consistent patterns of growth and development as contrasted with market economies that experience periodic business cycles.
The planning process was set to specify which resources were to be used by specific enterprises and agencies, as well as their target output requirements. It was believed that this centralized form of planning and decision-making would lead to greater efficiency and productivity compared to a decentralized system where the individual state enterprises and agencies made these decisions for themselves.
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∙ 11y agoWiki User
∙ 11y agoThey hoped to distribute wealth evenly throughout their society.
Wiki User
∙ 12y agoseeks to control what is produced and how resources are distributed and used.
Wiki User
∙ 15y agoIt was said "Word domination"
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What is the main goal of both fiscal and monetary policy?
The main goal of both fiscal and monetary policy is to stabilize the economy.
Is a centrally planned economy desirable?
As this is a question looking for an opinion, you may have dissenting answers.Answer 1 - NoThe main problem with a centrally planned economy, and from which nearly all problems with the system derive, is the inability for forecasters to properly predict what future consumption will be. This inevitably leads to shortages, when a good is more desirable than previously estimated, and overages, when a good is less desirable than previously estimated. These shortages and overages lead to price instability, which harms businesses and consumers who can no longer adequately budget for their needs in a climate of price jumps and falls. Correspondingly, people buy less than they may want in order to only get what they absolutely need and save for a rainy day. This leads to a contracted economy overall. A free-market economy is able to circumvent the problem of shortages and overages more effectively since businesses are able to increase or decrease production with realtime market information.It should not surprise anyone that every centrally planned economy has resulted in poor growth and dissatisfaction of the population.
What are the advantages of planned economic system?
There are few benefits to a centrally planned (controlled) economy. One benefit might be that the amount of funds used to manufacture a particular product can be firmly budgeted for. Thus there are no surprises or cost over runs.
What are the main players in command economy?
list the main players in command economy
What are the 4 main types of economic systems?
the 4 main types of economic systems are: a market economy, a mixed economy, a planed economy, and a traditional economy
What is the main goal of both fiscal and monetary policy?
The main goal of both fiscal and monetary policy is to stabilize the economy.
Is a centrally planned economy desirable?
As this is a question looking for an opinion, you may have dissenting answers.Answer 1 - NoThe main problem with a centrally planned economy, and from which nearly all problems with the system derive, is the inability for forecasters to properly predict what future consumption will be. This inevitably leads to shortages, when a good is more desirable than previously estimated, and overages, when a good is less desirable than previously estimated. These shortages and overages lead to price instability, which harms businesses and consumers who can no longer adequately budget for their needs in a climate of price jumps and falls. Correspondingly, people buy less than they may want in order to only get what they absolutely need and save for a rainy day. This leads to a contracted economy overall. A free-market economy is able to circumvent the problem of shortages and overages more effectively since businesses are able to increase or decrease production with realtime market information.It should not surprise anyone that every centrally planned economy has resulted in poor growth and dissatisfaction of the population.
What was the main goal of establishing a central banking authority?
To stabalize the national economy.
What are the advantages of planned economic system?
There are few benefits to a centrally planned (controlled) economy. One benefit might be that the amount of funds used to manufacture a particular product can be firmly budgeted for. Thus there are no surprises or cost over runs.
What type of economy did Georgia have?
Colonial Georgia had an economy based on agriculture. Main crops included sugar, rice, and indigo. Georgia was founded by James Oglethorpe in 1732.
What is the main objectives of environmental economy?
Securing economic development, social equity and justice, and environmental protection is the goal of sustainable development.
What is the main source of irrigation for the centrally Valley in California?
San Francisco bay
What was peter ponds main goal?
his main goal was to go to mars
What was david thompsons main goal?
his main goal was to help others
What was the north's main goal in the war?
The main goal was the restoration of he Union.
What is the main goal of a six goal implementation?
The main goal of a Six Sigma implementation is continuous improvement.
What was great Britain's main goal when it ruled the gold coast?
Great Britain's main goal when it ruled the Gold Coast was to control the region for its resources and economic benefit. They also aimed to establish a profitable trade network and maintain political control in the area.
