The former Soviet economy was predicated upon
A)alignment with multinational corporations
B)centralized economic planning
C)laissez-faire capitalism
D)import substitution industrial growth
E)a strong emphasis with globalization

Question

Quizplus · Accepted Answer

The former Soviet economy was based on a centrally planned economy where the government controlled all economic activities. This included the production, distribution, and pricing of goods and services. Private ownership and entrepreneurship were restricted or banned, and the government owned most of the resources, industries, and businesses. This economic model was meant to promote social equality, eliminate market inefficiencies and inequalities, and allocate resources based on the needs of the society rather than profit incentives. However, this system had many drawbacks, including shortages, corruption, inefficiencies, and low productivity. It eventually led to the collapse of the Soviet Union and the transition to a market-based economy.

The Former Soviet Economy Was Predicated Upon